UCI administration

The UCI administration activity may be split into three main functions: the registrar function, the NAV calculation and accounting function, and the client communication function.

• The registrar function encompasses all tasks necessary to the maintenance of the UCI’s unit-/shareholder register. The reception and execution of orders relating to units/shares subscriptions and redemptions, and the distribution of income (including the liquidation proceeds) are part of the registrar function;
• The NAV calculation and accounting function covers the legal and fund management accounting services and, the valuation and pricing (including tax returns); and
• The client communication function is comprised of the production and delivery of the confidential documents intended for investors

Those functions are globally composed of, at the least, the following tasks:

• legal and fund management accounting services;
• customer inquiries;
• valuation and pricing, including tax returns;
• regulatory compliance monitoring;
• maintenance of unit-/shareholder register;
• distribution of income;
• unit/shares issue and redemptions;
• contract settlements (including certificate dispatch);
• record keeping.

A UCI or its IFM is not required to perform itself the functions relating to the UCI administration activity. It may indeed entrust the exercise of these functions (or part of) to an authorised third party established in Luxembourg (a “service provider”) for the purpose of a more efficient conduct of its business.

For transparency purposes, the UCI prospectus discloses the name of the UCI administrator.

A UCI or its IFM may perform itself all or parts of the UCI administration functions.

The UCI administrator must have an adequate internal organisation (including an adequate and appropriate environment of control) and sufficient resources (e.g. human resources, technical infrastructure and IT means).

The activity of UCI administration is subject to prior CSSF authorisation pursuant to Circular CSSF 22/811 (“UCIA Circular”).

The UCI administrator may also delegate certain critical or important tasks subject to a prior notification to the CSSF.

In accordance with point 7 of the UCIA Circular, the UCIA must communicate to the CSSF, on an annual basis, information regarding its UCIA activities (“UCIA reporting”).

The modalities for the submission of the UCIA reporting vary depending on the type of entity acting as UCIA:

1. For credit institutions, investment fund managers, support professionals of the financial sector and investment firms authorised as registrar, client communication, or administrative agents acting as UCIAs: The UCIA reporting is integrated into the annual long form reports or self-assessment questionnaires to be provided under Circulars CSSF 22/821, 23/839, 24/850 and 25/870. As a result, no separate reporting is required for these entities.
2. For specialised professionals of the financial sector acting as UCIA: The UCIA reporting is accessible via the annual Specialised PFS self-assessment questionnaire (the “SAQ – Specialised PFS”) on the CSSF eDesk platform. This self-assessment questionnaire comprises (i) a dedicated section for registrar, administrative and client communication agents acting as UCIA within the meaning of the UCIA Circular and (ii) a dedicated section for professional depositaries of assets other than financial instruments for Luxembourg-domiciled UCIs, depending on the relevant PFS licence(s). The deadline to submit the self-assessment questionnaire is three months starting as from 31 December 2025.
3. For all other entities acting as UCIAs: The UCIA annual reporting, as referred to in point 7, needs to be submitted to the CSSF, at the latest five months after the relevant UCIA’s financial year-end, via the following channels:
   • On the CSSF eDesk platform, in the “UCI Administrator Reporting Tool” procedure.
   • Via an API solution (S3 protocol), enabling automated data flow.

A user guide, available within the eDesk procedure, provides details on the reporting submission process. Additional guides are also available for authentication and user account management.

A UCI or its IFM is not required to perform itself the functions relating to the UCI administration activity. It may indeed entrust the exercise of these functions (or part of) to an authorised third party established in Luxembourg (a “service provider”) for the purpose of a more efficient conduct of its business.

For transparency purposes, the UCI prospectus discloses the name of the UCI administrator.

The UCI administrator must have an adequate internal organisation (including an adequate and appropriate environment of control) and sufficient resources (e.g. human resources, technical infrastructure and IT means).

The service provider must hold the following licence:

• Credit Institution
• Specialised PFS and Support PFS:
  • Registrar agent (registrar agents are authorised to perform all 3 functions of the UCI administration activity in compliance with Article 25 of the Law of 5 April 1993 on the financial sector (“LFS”));
  • Administrative agent of the financial sector (only for the NAV calculation and accounting function and client communication function in compliance with Article 29-2 of the LFS);
  • Client communication agent (only for client communication function in compliance with Article 29-1 of the LFS).

The activity of UCI administration is subject to prior CSSF authorisation pursuant to the UCIA Circular.

The UCI administrator may also delegate certain critical or important tasks subject to a prior notification to the CSSF.

In accordance with point 7 of the UCIA Circular, the UCIA must communicate to the CSSF, on an annual basis, information regarding its UCIA activities (“UCIA reporting”).

The modalities for the submission of the UCIA reporting vary depending on the type of entity acting as UCIA:

1. For credit institutions, investment fund managers, support professionals of the financial sector and investment firms authorised as registrar, client communication, or administrative agents acting as UCIAs: The UCIA reporting is integrated into the annual long form reports or self-assessment questionnaires to be provided under Circulars CSSF 22/821, 23/839, 24/850 and 25/870. As a result, no separate reporting is required for these entities.
2. For specialised professionals of the financial sector acting as UCIA: The UCIA reporting is accessible via the annual Specialised PFS self-assessment questionnaire (the “SAQ – Specialised PFS”) on the CSSF eDesk platform. This self-assessment questionnaire comprises (i) a dedicated section for registrar, administrative and client communication agents acting as UCIA within the meaning of the UCIA Circular and (ii) a dedicated section for professional depositaries of assets other than financial instruments for Luxembourg-domiciled UCIs, depending on the relevant PFS licence(s). The deadline to submit the self-assessment questionnaire is 3 months starting as from 31 December 2025.
3. For all other entities acting as UCIAs: The UCIA annual reporting, as referred to in point 7, needs to be submitted to the CSSF, at the latest five months after the relevant UCIA’s financial year-end, via the following channels:
   • On the CSSF eDesk platform, in the “UCI Administrator Reporting Tool” procedure.
   • Via an API solution (S3 protocol), enabling automated data flow.

A user guide, available within the eDesk procedure, provides details on the reporting submission process. Additional guides are also available for authentication and user account management.