On January 10th 2014, the CSSF issued an updated FAQ (the "FAQ") on alternative investment fund managers ("AIFMs") and on January 14th it released Circular 14/581 on new reporting obligations for AIFMs.
These documents, not only shed light on the frequency, content and channel of transmission of the reporting to be done by AIFMs and alternative investment funds ("AIFs") pursuant to the law of July 12th 2013 on alternative investment fund managers but they also clarify some specific reporting and filing deadlines.
NEW DEADLINE
Pursuant to the FAQ (Question 8 (c ) (i)) all AIFMs benefitting
from the grandfathering provisions and which need to request an
authorisation are invited to submit their application request to
the CSSF as soon as possible and by April 1st 2014 at
the latest.
It shall also be reminded, on the product side, that the CSSF had
already clarified that all Part II Funds, SIFs and SICARs
benefitting from the transitional provisions, are invited to submit
to the CSSF, also by April 1st 2014, a file containing
information on how they intend to comply with the product rules
relating to them (i.e. rules on the annual report, valuation,
disclosure to investors and depositary) (Question 8 (c) (ii)).
REPORTING START DATE
Pursuant to the FAQ (Question 14 (c)), AIFMs are informed of the effective date of their status as authorised or registered AIFM by the CSSF. It is this date that shall be relevant for determining the start date for reporting.
The CSSF has set out a calendar of reporting in the FAQ and clarified that reporting shall commence as from the first day of the quarter following their authorisation/registration. Thus for an AIFM authorised on January 16th 2014 and subject to quarterly reporting the first report would be due on July 31st for the period April 1st 2014 to June 30th 2014.
Reporting shall be done in English.
Authorised AIFMs will be subject to quarterly or half-yearly reporting obligations.
Registered AIFMs will be subject to annual reporting.
In case the AIFM has no information to report it will still need to indicate that it has nothing to report.
Notwithstanding the above, the CSSF has indicated that:
- AIFMs that benefit from the transitional provisions have the possibility to report in advance of their authorisation, it being clear that once they opt to report they will have to regularly submit all the reports as if they had been authorised ;
- Registered AIFMs that have received confirmation from the CSSF before October 1st 2013 have the option, for this first time, to submit or not their reporting by January 31st 2014 to the CSSF for the period from October 1st to December 31st 2013.
All AIFMs that intend to start their reporting have to contact the CSSF in order to get their identifiers for the purpose thereof.
Links
Link to the CSSF Circular 14/581
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
