New data reporting requirement for non-regulated Alternative Investment Funds (AIFs) in Luxembourg

Circular No 2018/241 published by the Banque centrale du Luxembourg on 18 May, informs non-regulated AIFs of their reporting obligations under regulation ECB/2013/38, of October, 2013.

Relevant regulations and circular letters

  • Regulation (UE) No 1073/2013 of the European Central Bank of 18 October 2013, concerning the collection of statistics on the assets and liabilities of investment funds (recast) (ECB/2013/38)
  • BCL circular No 2018/241 of 18 May 2018 concerning the above regulation

Entities affected

  • Luxembourg-residing management companies of AIFs, identified by the CSSF
  • Companies identified by the European Securities and Markets Authority (ESMA)
  • Management companies of non-regulated investment funds that received circular letter 2018/241 directly from Banque centrale du Luxembourg

Deadlines for required actions

Affected entities must ensure that they submit the following information to the Banque centrale du Luxembourg, according to the deadlines set out below:

By 31 May 2018

Entities should submit the following information to reporting.opc@bcl.lu before 31 May 2018

  • Registration form (available on bcl.lu website)
  • Last available balance sheet

By 26 October 2018

Entities should submit the following information to reporting.opc@bcl.lu before 26 October 2018

  • Quarterly report: S2.13 Quarterly statistical balance sheet of investment funds
  • Monthly security-by-security report for the September 2018 reference period.

By 29 November 2018

If applicable, entities should also submit the following information to reporting.opc@bcl.lu before 29 November 2018

  • Monthly S1.6 report Information on valuation effects on the balance sheet of non-MMF investment funds for the October 2018 reference period

Exemptions

Entities with aggregate AuM of less than €500m are exempted from the monthly and quarterly reporting requirements, but they must nevertheless transmit their annual balance sheet to the Banque centrale du Luxembourg within 15 days after the certification of the annual accounts. Should the Banque centrale du Luxembourg deem it necessary, the €500m threshold may be adjusted by means of a circular. Whether an entity expects to be exempted or not, it must still provide the Banque centrale du Luxembourg with additional data (registration form, the latest available balance sheet) within one week of its first day of activity.

For more information please contact floris.mistoco@mjhudson.com.

The full text of the circular letter, in English, is available at the Banque centrale du Luxembourg website:

http://www.bcl.lu/fr/cadre_juridique/documents_nationaux/circulaires_bcl/_circulaires/2018/2018_241/BCL-2018-241_EN.pdf