Reporting to be submitted by UCIs

The following provisions apply to:

• undertakings for collective investment in transferable securities (UCITS) subject to Part I of the Law of 17 December 2010 (hereinafter the “UCI Law”);
• undertakings for collective investment subject to Part II of the UCI Law (Part II UCIs);
• specialised investment funds (SIFs) governed by the Law of 13 February 2007 (hereinafter the “SIF Law”);
• investment companies in risk capital (SICARs) governed by the Law of 15 June 2004 (hereinafter the “SICAR Law”).

This page outlines the various information that UCIs are required to submit to the CSSF. Certain obligations apply to all UCIs, while others concern certain UCIs in particular.

As a reminder, other ad hoc data collections may be put in place for certain types of  funds due to  market stress (for example, the eDesk notification system for IFMs on UCI problems and major redemptions, which was activated during the COVID-19 crisis or in the first few months of the Ukraine-Russia conflict).

Depending on regulatory requirements, information must be transmitted on a monthly, quarterly, semi-annual, annual or ad hoc basis.

^{M=monthly; Q=quarterly; S=semi-annual; A=annual}

^{1 self-managed investment companies}

^{2 internally managed alternative investment funds}

^{3 Please refer to the Reporting to be submitted by IFMs pages for instructions relating to the information that self-managed investment companies (SIAGs) and internally managed alternative investment funds (FIAAGs) must transmit.}

^{Please refer to the Reporting to be submitted by IFMs pages for instructions relating to the information that an alternative investment fund manager (AIFM) must transmit for the alternative investment funds (AIFs) that it manages.}

The CSSF’s instructions apply only to prudential reporting for which it is responsible. The instructions relating to statistical reporting (S tables), which are the responsibility of the BCL, can be consulted directly on its website. Certain tables (O, U and S) mentioned above are shared between the CSSF and the BCL.

In accordance with Circular CSSF 23/833, depending on the approach or reporting concerned, professionals can use the following means of exchange:

• eDesk;
• API interface provided by the CSSF;
• MFT;
• external transmission channels (currently e-file and SOFiE).

To be noted that some information is transmitted by email.

The technical document “Identifiers of UCI/SIF/SICAR” presents the identifiers of the UCIs, compartments and share/unit classes to be used for the transmission of information.

• Content: UCI financial information
• Frequency: monthly
• Submission deadline: within 10 calendar days of the end of the month
• Format: XML
• Transmission: eDesk procedure “U1.1 Reporting – Financial Reporting” or API (S3) channel
• Legal/regulatory reference: Circular CSSF 15/627 (as amended by Circular CSSF 25/871)

• Content: documents to be submitted by investment vehicles and their managers
• Frequency: quarterly, semi-annual or annual, depending on the document type
• Submission deadline: depending on the document
• Format: PDF-text or Excel depending on the document
• Transmission:
  • eDesk procedure “OPC – Regulatory Documents and Reports” for prospectus (PC), key information documents (KIDs), articles of incorporation (AI) and management regulations (MR);
  • e-file or SOFiE for other documets.
• Legal/regulatory reference: sectoral laws, Circulars CSSF 19/708, 18/698, 11/512, and common Circular BCL 2014/237 – CSSF 14/588
• Additional information: the Annex to CSSF Circular 19/708 is the reference for the list of documents to be transmitted, the related nomenclatures and the technical specifications.

• Content: self-assessment questionnaire, separate report, management letter and follow-up letter on modified audit opinion issued by the approved statutory auditors (réviseurs d’entreprises agréés, REA) in the context of the statutory audit of UCIs
• Frequency: annual
• Submission deadline:
  • Self-assessment questionnaire (SAQ): within three months after the end of the financial year for UCITS and within four months after the closure of the financial year for UCIs subject to Part II of the UCI Law, SIFs and SICARs;
  • Separate report (SR):within five months after the end of the financial year for UCITS and six months after the end of the financial year for UCIs subject to Part II of the UCI Law, SIFs and SICARs;
  • Management letter (ML): within four months after the end of the financial year for UCITS and within six months after the end of the financial year for UCIs subject to Part II of the UCI Law, SIFs and SICARs;
  • Follow-up letter on modified audit opinions (LMO): within one month after the publication of the annual report (knowing that UCITS must publish an annual report, pursuant to Article 150 of the UCI Law, within four months after the end of their financial year. UCIs subject to Part II of the UCI Law, SIFs and SICARs must publish an annual report, pursuant to Article 150 of the UCI Law, Article 52 of the SIF Law and Article 23 of the SICAR Law, within six months after the end of their financial year).
• Transmission: eDesk procedure “Collective Investment Sector Reporting Tool” or API channel (S3) (SAQ)
• Legal/regulatory reference: Circular CSSF 21/790
• Additional information:
  • Follow-up letter of modified audit opinions (LMO):
    • Circular CSSF 21/790 also provides that UCIs must spontaneously communicate to the CSSF, in accordance with section 2.2. of the circular, specific information in the event that the REA issues a modified audit opinion in the context of the statutory audit of the annual report of a UCI;
    • the minimum specific information which the management of the UCIs must provide to the CSSF, each time the audit report issued by the REA contains a modified audit opinion at the level of one or more compartments of the UCI and/or of the UCI as a whole, is set out in the support document below “Follow-up on modified audit opinions issued by the approved statutory auditors in the context of the statutory audit of annual accounts of UCIs”.

• Content: summary report by the Responsable du Contrôle (RC) on the activities and operations over the past year
• Frequency: annual
• Submission deadline: within five months of the end of the financial year
• Transmission: eDesk procedure “AML/CFT Summary report RC (SRRC)” or API (S3) channel
• Legal/regulatory reference: Article 42(7) of CSSF Regulation No 12-02, Circular CSSF 24/854
• Additional information:
  • the submission of the summary report applies to all Luxembourg investment fund managers, including registered alternative investment fund managers, Luxembourg branches of foreign investment fund managers and Luxembourg investment funds supervised by the CSSF for AML/CFT purposes;
  • pursuant to Article 42(7) of CSSF Regulation No 12-02, the submission of the summary report to the CSSF is not applicable “for Luxembourg investment funds which have appointed a Luxembourg management company which submits this annual report“. Consequently, these funds do not fall within the scope of application.

• Content: detailed information in the event of a material error in the calculation of the net asset value, a failure to comply with the investment rules or other errors as specified in Circular CSSF 24/856
• Submission deadline: the notification period is a maximum of four to eight weeks from the date of detection of the error or of non-compliance
• Transmission: eDesk procedure “UCI notification in accordance with Circular CSSF 24/856” or API (S3) channel
• Legal/regulatory reference: Circular CSSF 24/856

• Content: detailed information of where the investment fund manager activates or deactivates the liquidity management tools
• Submission deadline: within a reasonable timeframe before activation or deactivation of side pockets; without delay before activation or deactivation of other liquidity management tools
• Transmission: eDesk procedure “Liquidity Management Tool (LMT)”
• Legal/regulatory reference: Article 12(1) and (2), and Article 28(5) of the Law of 17 December 2010; Article 28(5) of the Law of 13 February 2007; and Article 15-1 of the Law of 12 July 2013

• Content: financial information concerning the audited accounts
• Frequency: annual
• Submission deadline: within 10 days of the end of the financial year
• Format: EDIFACT
• Transmission: e-file or SOFiE
• Legal/regulatory reference: Circular CSSF 24/866

• Content: financial information on money market fund managers
• Frequency: quarterly or annual depending on assets under management
• Submission deadline: within 30 days of the end of the quarter or year, depending on frequency
• Format: XML
• Transmission: eDesk procedure “Management of MMF reports” or API (S3) channel
• Legal/regulatory reference: Article 37 of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds
  Circulars CSSF 20/734, 20/736 and 26/911
  
• Additional information:
  • in Commission Implementing Regulation (EU) 2018/708 of 17 April 2018, the European Commission lays down the implementing technical standards regarding the template to be used by money market fund managers for the reports to the competent authorities provided for in Article 37 of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds;
  • the European Securities and Markets Authority (ESMA) has published guidelines on “Money market fund reporting – technical reporting instructions“, relating to the technical reporting instructions, validation rules and XSD reporting schemes to be adopted (Ref. ESMA65-8-6480);
  • in addition, a specific version of the auth.093.001.001 ISO20022 message definition must be used by money market fund managers;
  • In addition, on 19 July 2019, ESMA published the “Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation (Ref. ESMA/34-49-168)“.

• Content: specific information on funds offering a formal guarantee of repayment to their investors in their prospectus (the “guaranteed funds“)
• Frequency: monthly
• Submission deadline: within 10 calendar days of the end of the month
• Format: XML
• Transmission: e-file or SOFiE
• Legal/Regulatory reference: Article 147 of the Law of 17 December 2010
• Additional information: the CSSF will inform guaranteed funds by email, with regard to the content of their prospectus, whether they are subject to this monthly reporting obligation. If a fund offering a formal guarantee to its investors has not received a letter from the CSSF, it is invited to contact the CSSF without delay, by email at opc@cssf.lu.

• Content: in particular exposure to derivatives, liquidity risk and credit risk of the UCITS
• Frequency: semi-annual
• Submission deadline: no later than six weeks after the reference date of the report
• Format: Excel
• Transmission: by email at URR_reporting@cssf.lu
• Legal/Regulatory reference: Article 147 of the Law of 17 December 2010
• Additional information:
  • the information to be provided is detailed in the document “Guidelines on the UCITS risk reporting (URR)“ available in the Guidance section below. UCITS are invited to enter this information directly in the relevant fields of the Excel document;
  • as the Excel table format is predefined, it cannot be modified, nor can columns or fields be added or deleted.

• Content: specific information on UCITS funds implementing more sophisticated, highly leveraged investment strategies
• Frequency: quarterly
• Submission deadline: at the latest six weeks after the reference date of the report
• Format: Excel
• Transmission: by email at URR_reporting@cssf.lu
• Legal/Regulatory reference: Article 147 of the Law of 17 December 2010
• Additional information:
  • the CSSF will inform the fund concerned by letter, taking into account their investment strategies and level of leverage, whether they are subject to this quarterly reporting obligation;
  • the information to be provided corresponds to Sections I to IV of the URR reporting, as detailed in the document “Guidelines on the UCITS risk reporting (URR)“ available in the Guidance section below. UCITS are invited to enter this information directly in the relevant fields of the Excel document;
  • as the Excel table format is predefined, it cannot be modified, nor can columns or fields be added or deleted.

• Content: SICAR financial information
• Frequency: semi-annual (30 June and 31 December)
• Submission deadline: within 45 calendar days of the reference date
• Format: Excel
• Transmission: e-file or SOFiE
• Legal/regulatory reference: Circular CSSF 08/376
• Additional information: If the end of the financial year does not correspond to the end of the first six calendar months or the end of the calendar year, the audited accounts must be submitted on the date closest to 30 June or 31 December. The financial information taken from the (unaudited) accounting documents must be provided in the semi-annual report.

• Content: financial information specific to SIAG and FIAAG
• Frequency: quarterly (31 March, 30 June, 30 September and 31 December)
• Submission deadline: by the 20th of the month following the reference date
• Format: Excel
• Transmission: by email at siag@cssf.lu
• Legal/regulatory reference: Circular CSSF 18/698