On 17 March 2014 the Commission de Surveillance du Secteur Financier (“CSSF”) issued an updated version of its frequently asked questions (the “FAQ”) relating to the Luxembourg law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”).
Such update concerns the reporting to be filed with the CSSF.
AIFMs, which have been authorized between 22 July 2013 and 30 June 2014, are required to submit the first reporting according to the following table:
Reporting frequency Reporting period start date(s) Reporting period end date(s) Deadline for transmission for AIF that are not fund of funds Deadline for transmission for AIF that are fund of funds Quarterly 1/07/2014 30/09/2014 31/10/2014 15/11/2014 Half-yearly 1/07/2014 31/12/2014 31/01/2015 15/02/2015 Annually 1/07/2014 31/12/2014 31/01/2015 15/02/2015
AIFMs may also opt to submit the reporting at earlier periods than the ones indicated above.
So called “Registered AIFMs” (AIFM which manage portfolios of AIFs whose assets under management in total do not exceed the thresholds under article 3(2) of the AIFM Law and which have not chosen to opt in as authorised AIFMs under the AIFM Law on the basis of article 3(4) of that law) which have received the confirmation regarding their registration in 2013 from the CSSF, are required to report until 31 January 2015 at the latest covering the period from 1 January 2014 up to 31 December 2014 (15 February 2015 at the latest, where the AIF is a fund of funds). Under certain conditions, they may also opt to submit the reporting at earlier periods.
Registered AIFMs, which have received the confirmation regarding their registration first in 2014 from the CSSF, are required to provide their first reporting according to the following table:
Confirmation regarding their registration received in Reporting period start date(s) Reporting period end date(s) Deadline for transmission for AIF that are not fund of funds Deadline for transmission for AIF that are fund of funds Q1 2014 01/04/2014 31/12/2014 31/01/2015 15/02/2015 Q2 2014 01/07/2014 31/12/2014 31/01/2015 15/02/2015 Q3 2014 01/10/2014 31/12/2014 31/01/2015 15/02/2015 Q4 2014 01/01/2015 31/12/2015 31/01/2016 15/02/2016
AIFMs, which benefit from the transitional provisions of the AIFM Law (i.e. article 58(1) of the AIFM Law), have the option to submit or not to submit the reporting in advance of their authorisation.
The FAQ also provides for practical guidelines with regard to the reporting as follows:
- The only acceptable language for the AIFMD reporting is English.
- Only the channels, which have been accepted by the CSSF (i.e. e-file, SOFIE), shall be used.
- Annual reports have to respect the format set out in the CSSF circulars 11/509 and 08/371.
With regard to the reporting by non-EU AIFM, the following has been set-up: a non EU AIFM will have to report to the CSSF (under the requirements of articles 24(1), (2) & (4) of the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers (“AIFMD”)), if:
- a non-EU AIFM manages a Luxembourg AIF during the “Transitional Period” (defined as the period before introduction of the passport for non-EU AIFMs expected to be available for 2015); or
- a non-EU AIFM markets EU AIFs and/or non-EU AIFs during the Transitional Period in Luxembourg.
It should be noted that these reporting requirements under article 24(1), (2) & (4) of the AIFMD do not apply to non-EU AIFMs which existed and marketed non-Luxembourg AIFs under the Luxembourg private placement regime rules before 22 July 2013.
For more detailed information, please feel free to consult the updated version of the FAQ issued by the CSSF.
For more detailed information, please feel free to contact us.