Circular BCL 2018/241 - Reporting of non-regulated AIFs to BCL for statistical purposes

Allen & Overy LLP

We would like to bring the publication of Circular BCL 2018/241 dated 18 May 2018 (the Circular) to your attention. The Circular aims at informing non-regulated alternative investment funds (AIFs) of new statistical reporting obligations to the ) of new statistical reporting obligations to the Banque Centrale du Luxembourg (BCL) under Regulation ECB/2013/38 (the Regulation). Due to recent development of unregulated AIFs, the BCL estimates that the data collection has become necessary for those funds to cover the entirety of investment funds, as required by the Regulation.

1. Scope

The Circular applies to non-regulated AIFs to the exclusion of money market funds (MMFs).

2. Preliminary reporting

The Circular requires each unregulated AIF to complete a form with information regarding the AIF and its main service providers accompanied with information regarding the AIF and its main service providers accompanied by the AIF’s latest balance sheet before 31 May 2018 and for new funds by additional data within a week of their first day of activities, specifying whether they expect to be subject to statistical reporting or not. The term “activities” is not defined and does not necessarily coincide with the establishment of the AIF. The filing must be addressed to reporting.opc@bcl.lu.

3. Exemption

After this preliminary reporting, unregulated AIFs may benefit from a derogation to report on a monthly and/or quarterly basis if the total assets of the AIF (taking into account all compartments thereof) do not exceed EUR 500 million. The threshold may further be adjusted by the BCL by circular letter if need be.

4. Reporting

Unregulated AIFs must report on a sub-fund by sub-fund basis:

  • if not exempted:

-  on a monthly basis a “security-by-security report” for the first time before 26 October 2018;

-  on a quarterly basis their 2.13 “balance sheet” in the required format for the first time before 26 October 2018; and

-  on a monthly basis to the extent applicable S 1.6. “Information on valuation effects on the balance sheet of non-MMF investment funds​” for the first time before 29 November 2018;

  • if exempted, on an annual basis, their annual balance sheet within fifteen (15) days of their certification.

5. Disclosure

Data reported may be transmitted to the CSSF, the CAA and the STATEC.​​​

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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