CSSF COVID-19 reportings relating to investment fund managers end on 30 July 2021

On 10 March 2020, the CSSF implemented a specific monitoring of the largest investment fund managers (“IFM”) by collecting data on significant developments/issues as well as large redemptions for the investment funds they manage. The scope of the ad hoc reporting installed in that context was extended on 2 June 2020 (Launch of the IFM notification on fund issues and large redemptions via eDesk).

In April 2020, the CSSF launched, in addition, a weekly questionnaire to investment fund managers with the aim to cover financial data (total net assets, subscriptions and redemptions) and information on governance arrangements (Launch of a new weekly questionnaire to investment fund managers – updates on financial data and governance arrangements).

These reportings allowed the CSSF to continue ongoing supervision of the investment fund sector during the period of market turbulence experienced last year. The collected information also served the CSSF for the discussions at a European and International level with other authorities and with market players to identify issues at an early stage and to assist with the resolution of these.

In view of the evolution of financial markets in general and investment funds/IFM more specifically since the March/April episode, the CSSF decided, at the current juncture, to end these ad hoc reportings at the end of July 2021. On this basis, the relevant IFM have to provide the last reportings for the reference date 30 July 2021 (IFM notification on fund issues and large redemptions), respectively the reference week from 26 July to 30 July 2021 (Weekly IFM Questionnaire).

At the same time, the reporting “Early Warning on large redemptions”, which is only applicable to a limited number of UCITS that have in the past been contacted directly by the CSSF, will be reinstated with effect from 2 August 2021. The CSSF will reach out to the concerned IFM separately with more specific instructions.