Legal reporting for AIFM

Legal reporting encompasses all the periodic and ad hoc information to be transmitted to the CSSF for prudential supervisory purposes by the Alternative Investment Fund Managers (AIFMs) under its supervision, observing the file transport and data protection instructions.

The supervised entities are required to transmit periodic data relating to their activities to the CSSF, on a quarterly, half-yearly or annual basis, depending on the circumstances.

The instructions of the CSSF only concern the prudential reporting (tables SG and AIF(M)), for which the CSSF is responsible.

The page File transport and data protection provides additional technical details regarding the transmission channels for reporting.

Please refer to the pages for “Investment funds and vehicles” for instructions relating to information that internally managed alternative investment funds must provide to the CSSF.

In accordance with Circulars CSSF 15/633 and 10/467, AIFMs must report financial information to the CSSF on a quarterly basis (final version “N”).

In addition, AIFMs must report financial information on an annual basis to the CSSF (final version “D”).

The annual financial information concerns the audited accounts as at financial year-end which does not necessarily match with the calendar year-end. If the financial year-end does not match with a calendar quarter-end or year-end, the audited accounts must be reported on either 31 March, 30 June, 30 September or 31 December, whichever date is the closest. AIFMs shall communicate these accounts one month after the ordinary general meeting that approved the annual accounts was held.

The reporting obligation starts from the authorisation date of the AIFM even if it does not manage any funds.

The information to be submitted is detailed in the above-mentioned Circulars and should be sent via the transmission channels or via email in Excel format.

In accordance with Article 22 of the Law of 12 July 2013 on alternative investment fund managers, CSSF-supervised AIFMs must report financial information to the CSSF on a quarterly, half-yearly or yearly basis.

On 19 December 2012, the European Commission published Commission Delegated Regulation (EU) 231/2013 supplementing alternative investment fund manager Directive 2011/61/EU (“AIFMD”), which provides details on the reporting obligations to national competent authorities under Articles 3 and 24 of the AIFMD. Annex IV of the Regulation includes a reporting template that AIFMs have to use to comply with their reporting obligations.

On 8 August 2014, the European Securities and Markets Authority (ESMA) published the Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD. In addition, ESMA published further details and technical supporting material (a consolidated reporting template, detailed IT guidance for filing of the XML and the XSD schema).

The CSSF reminds all AIFMs that they are required to complete an initial self-assessment and ongoing self- monitoring of their reporting duties, taking into account their status and the value of assets under management for all AIFs managed. The AIFM is responsible for informing the CSSF prior to any changes with regard to its reporting duties.

Non-EU AIFMs that are authorised to market AIFs to professional investors in Luxembourg must, on their own initiative, comply with the reporting requirements.

The information to be submitted corresponds to the common European reporting as developed by ESMA and should be sent via the transmission channels in XML format.

For the instructions relating to the information to be provided by the AIFMs, reference is made to Circular CSSF 14/581. Further explanations are provided in the FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers.

In accordance with Circulars CSSF 15/633  and CSSF 10/467, AIFMs which have one or more branches must report financial information to the CSSF on the registered office (accounting version “L”), head office and branches (accounting version “N”) and each individual branch (accounting version “S”, one for each branch).

In the same way as for National prudential reporting above, AIFMs which have one or more branches must report financial information to the CSSF on a quarterly (final version “N) and annual (final version “D”) basis.

The reporting obligation starts from the authorisation date of the AIFM even if it does not manage any funds.

The information to be submitted is detailed in the above-mentioned Circulars and should be sent via the transmission channels or via email in Excel format.

The legal publication of accounts of Luxembourg-registered AIFMs is governed by the Law of 10 August 1915 relating to the commercial companies, as amended and the Law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings.

Article 69ter of the Law of 19 December 2002 stipulates that “[…] the annual accounts […] are drawn up and published […].”

In addition, Circular CSSF 18/698 stipulates that “[…] closing documents to be provided yearly […] within one month after the ordinary general meeting that approved the annual accounts of the IFM and seven months following the closing date of the financial year of the IFM at the latest : audited annual report of the IFM.”

All legal and regulatory documents (including FAQs) can be found in the Regulatory framework section.

All forms can be found in the Publication and Data section.