On May 18th 2018, the Banque Centrale du Luxembourg (“BCL”) released Circular BCL 2018/241 on new statistical data collection for non-regulated alternative investment funds (the “Circular”). The purpose of the Circular is to inform non-regulated alternative investment funds of their reporting obligations under regulation ECB/2013/38 concerning statistics on the assets and liabilities of investment funds (“Regulation ECB/2013/38”) as well as the ECB guideline on monetary and financial statistics (“ECB/2014/15”). Regulated funds are already subject to such reporting requirements pursuant to joint circular BCL 2014/237 - CSSF 14/588 (the “2014 Joint Circular”).
Collection of statistical data
Identifying data
Non-regulated alternative investment funds must provide the BCL with data within a week starting from their first day of activities, whether they expect to be subject to or exempt (see Section 1.3 below) from, the obligation to submit the statistical reporting.
Statistical reporting
In order to comply with Regulation ECB /2013/38, compartments of investment funds must submit to the BCL their statistical reporting composed of the following reports:
- S 1.6 “Information on valuation effects on the balance sheet of non-MMF investment Funds” (the “S. 1.6 Report”);
- Monthly security-by-security report of investment funds; and
- S 2.13 “Quarterly statistical balance sheet for non-MMF investment funds” (the “S. 2.13 Report”).
Derogations
Regulation ECB/2013/38 allows the smallest investment funds to be exempted from reporting requirements.
The BCL may grant non-regulated alternative investment funds a derogation from their monthly and quarterly reporting obligations if the total assets of non-regulated alternative investment funds remain below a fixed initial threshold of EUR 500 million, which the BCL may adjust by means of a circular letter. For funds that include several compartments, the total assets taken into account are those of all compartments.
Use of the collected data
The data collection is carried out primarily for statistical purposes, but may also be used for other purposes. The confidentiality of individual data collected is guaranteed by the professional secrecy of Central Bank bodies and staff members, although the BCL may exchange information with other agencies such as the CSSF, as needed.
Quality of the data transmitted and respect of deadlines
The BCL establishes and publishes on its website a calendar of remittance dates on which the monthly and quarterly statistical reports are due. The European Central Bank and the Central Bank of Luxembourg monitor the compliance of reporting agents with the minimum standards required to meet their reporting obligations. The European Central Bank may impose sanctions following an infringement procedure in the event of failure to comply with minimum standards for transmission, accuracy and conceptual compliance.
Implementation of the new collection
The implementation of the new collection consists in a two-step process:
- The transmission of the completed form (see link below), available on the BCL’s website, and of the latest available balance sheet before May 31st 2018
by e-mail to reporting.opc@bcl.lu. - The instructions and completed form for the statistical reporting can be found here.
- For those funds not exempted by the BCL, the transmission of the quarterly S 2.13 Report and of the monthly security-by-security report for the September 2018 reference period must be submitted before October 26th 2018.
If applicable, the S 1.6 Report for the October 2018 reference period must be submitted before November 29th 2018.
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