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CSSF brings to an end IFMs’ COVID-19 reporting obligations

  • Luxembourg
  • Coronavirus - Regulatory issues
  • Financial services and markets regulation
  • Investment funds and asset management

27-07-2021

On 16 July 2021, the Luxembourg Financial Supervisory Authority (the “CSSF”) published a communique “CSSF COVID-19 reportings relating to investment fund managers end on 30 July 2021” bringing to an end the additional reporting obligations it imposed on investment fund managers (“IFMs”) in the wake of the Covid-19 pandemic.

Background

In March 2020, the CSSF introduced a requirement for selected large IFMs to report significant events, including substantial redemptions, affecting the investment funds they manage, known as “ad hoc reporting”.  In June 2020 the CSSF broadened the scope of ad hoc reporting to include a larger number of IFMs.

Alongside ad hoc reporting, in April 2020 the CSSF introduced a weekly questionnaire which all Luxembourg IFMs and any non-Luxembourg IFMs managing at least one Luxembourg domiciled AIF or UCITS must complete.  The weekly questionnaire was intended to provide the CSSF with financial data and information on governance arrangements implemented by the IFMs in response to the market disturbance caused by the pandemic.

The information collected informed discussions at European and international levels with supervisory authorities and stakeholders.

End of reporting obligations

The CSSF is ending the requirement for IFM’s to provide ad hoc reporting and the weekly questionnaire effective from end of July 2021 with the final ad hoc report due on 30 July 2021.  The final weekly questionnaire report will be the for the week commencing 26th July 2021.

For more information on how these changes impact you, please get in touch

Jose Pascual, Managing Partner
Marta Gajos, Senior Associate
Ronald Paterson, Partner

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