On 9 April 2020, the CSSF published a communication announcing a new, weekly questionnaire (the "Questionnaire") applicable to investment fund managers authorized by the Law of 17 December 2010 relating to undertakings for collective investment (the "2010 Law") or the Law of 12 July 2013 on alternative investment fund managers (the "2013 Law"). The Questionnaire is divided into five sections relating to financial information for all Luxembourg or non-Luxembourg (if applicable) vehicles managed, business continuity plans and cyber resilience.
OBJECTIVE
The objective of the Questionnaire is to provide the CSSF with weekly updates on financial data and governance arrangements concerning the activities performed by investment fund managers in view to assess the level and type of difficulties and risks they are exposed to during market circumstances caused by the COVID-19 pandemic. The collected information will also serve the CSSF for discussions at European and international level aiming at developing measures to address the current situation.
SCOPE
The Questionnaire applies to the following investment fund managers managing at least one UCITS, regulated or non-regulated AIF, and/or any other UCI:
- management companies established in Luxembourg and authorized either under chapter 15 or chapter 16 of the 2010 Law only or authorized/registered under both the 2010 Law and the 2013 Law;
- AIFMs established in Luxembourg and authorized under the 2013 Law only;
- investment companies established in Luxembourg and which did not designate a management company within the meaning of Article 27 of the 2010 Law;
- internally managed alternative investment funds established in Luxembourg within the meaning of article 4(1)(b) of the 2013 Law;
- Luxembourg branches of UCITS management companies or AIFMs established in an EU country other than Luxembourg;
- UCITS Management Companies and AIFMs established in an EU country other than Luxembourg (information required in respect of Lux funds only);
- non EU AIFMs (information required in respect of Lux funds only).
The following do not fall within the scope of the Questionnaire:
- registered AIFMs (with the exception of those mentioned in the first bullet point above);
- managers referred to in Chapter 18 of the 2010 Law;
- other UCIs established in Luxembourg which have not designated a Luxembourg or EU UCITS management company or AIFM;
- managers which act as delegated portfolio manager of an UCITS, UCI or AIF, and
- the activities of discretionary portfolio management provided by investment fund managers.
Investment fund managers which have not yet started to manage at least one of the abovementioned investment vehicles are not obliged to fill in the Questionnaire. However, they are required to send a confirmation of that fact to the CSSF using a dedicated email address: ifm_covid@cssf.lu.
SUBMISSION AND DEADLINES
The Questionnaire must be submitted through the CSSF's eDesk Portal on a weekly basis, each Wednesday close of business at the latest. The first submission, covering the week from 13 April 2020 to 17 April 2020 should be completed by 22 April 2020 close of business. The second, covering the week from 20 April 2020 to 24 April 2020 should be then delivered by Wednesday 29 April 2020 close of business. The process should be repeated for the subsequent weeks until further notice.
In case an investment fund manager in scope of the Questionnaire does not yet have the LuxTrust authentication necessary to access the eDesk Portal, it can also mandate a Luxembourg based service provider to transmit the Questionnaire on its behalf.
Further information on the content and guidelines on how to complete the Questionnaire are available in the user guide published on the eDesk Portal. Questions can be referred to: ifm_covid@cssf.lu.
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