On 28 July 2023, the CSSF published In changes to the frequently asked questions regarding the submission of closing documents and financial information by managers (the “FAQ”). This article provides a succinct summary of the key changes, tailored for a quick review.
Context
The FAQ provide certain clarifications relating to CSSF Circular 19/708 on the electronic transmission of specific documents to the CSSF using an accepted secure infrastructure.
Recent additions
The changes made reflect certain changes to practice since publication of Circular 19/708. The FAQ reminds managers that for those with an accounting close as of 31 December 2021 and subsequent, the transmission modalities for the recommendation letter are as per CSSF circular 21/789. This circular also outlines the transmission modalities for the self-assessment questionnaire and the separate auditor’s report.
The CSSF also clarifies that the organizational chart of the group to be submitted in the approval of the Manager is the one referred to in Point 10 of the CSSF Circular 18/698.
Clarification of the documents to be provided
- Minutes of the governing body's meetings;
- Minutes of the management committee's meetings during the year where AML/CFT topics were discussed; and
- Proof that all conducting officers/managers/directors underwent AML/CFT training.
Transmission procedures
Depending on the document type, two distinct procedures must be followed:
- For the annual report: Submission Financial Reports (Remise Rapports financiers 5007 or 5004 or 10033);
- For all other closing documents: Submission Closing Documents (Remise Documents de clôture 5556).
For clarity on the practical modalities of preparing and transmitting the self-assessment questionnaire, separate auditor report, and the recommendation/non-recommendation letter required pursuant to circular 21/789 as well as submission deadlines for same, managers and their approved statutory auditors can refer to the eDesk portal under the "Funds and Vehicles" Section.
Date consistency
The CSSF has stressed that documents submitted via the same procedure must have consistent dates in their nomenclature.
Financial information updates
In the "financial information" to be provided by Managers, the CSSF provided examples in the B-2 "Interest and Paid Commissions" post, including retroceded commissions. In the C3-10 line "Equity of the Management Company" post, the CSSF has reminded that "capital equity" should not be considered liquid assets for capital requirements.
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