Skip to main content

NEWSFLASH - CSSF launches weekly reporting for managers

Client memorandum | April 16, 2020

The CSSF has announced that in light of the current market turbulence it will now be asking all managers of Luxembourg funds to provide weekly reports on financial data (in particular, total net assets, subscriptions and redemptions), business continuity arrangements and cyber-resilience.

Managers are defined broadly and this will catch all managers of Luxembourg funds, including non-EU managers. Key exclusions are “sub-threshold AIFMs”, delegated portfolio managers - where the obligation will fall on the relevant AIFM - and general partners of fund-of-one vehicles which are not AIFs and the GPs of which are not, therefore, registered at all.

The CSSF has asked managers to report from this week with the first report to be submitted by the close of business on Wednesday 22 April, with subsequent reports filed each Wednesday, using the CSSF’s eDesk portal.

The CSSF communique can be found here.

Firms will require an eDesk account with the CSSF to file reports, or can instruct a local service provider to report on their behalf.

We understand that the CSSF has been in contact with managers based in Luxembourg directly, but that it has not done so in respect of other managers. Please contact us if you would like to discuss.

This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm’s data policy page for further information.