EU and non-EU Managers of Luxembourg Funds: Weekly Updates for the CSSF

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Various measures have been implemented in Luxembourg to help Luxembourg funds tackle the impact of the COVID-19 outbreak. These can be found here and here.

This is a fast-moving crisis and it is important to closely monitor the outbreak, its business impact and how it may affect the governance and performance of Luxembourg funds. As a result, the CSSF has taken the practical step to request any manager (whether or not located within the European Union) to report, on a weekly basis, updates on financial data (total net assets, subscriptions and redemptions) and the governance of all the Luxembourg funds they manage. The insights collected by the CCSF will help them to understand how the consequences of the coronavirus outbreak are impacting the funds’ performance and governance. This, in turn, should help managers navigate whatever lies ahead and provide the CSSF with opportunities to consider other actions to support the funds industry in Luxembourg and generally assist the CSSF and other regulators and authorities such as ESMA to prevent issues or provide support to resolve them.

The week starting 13 April 2020 is the first week to be considered by all managers of Luxembourg funds. Report of this first week must be submitted to the CSSF by 22 April 2020 close of business. The following questionnaire covering the week starting 20 April 2020 to 24 April 2020 shall then be delivered to the CSSF by Wednesday, 29 April 2020 close of business. The process repeats for the subsequent weekly questionnaires until further notice by the CSSF.

The weekly reports must be submitted by managers via the CSSF’s eDesk portal. This requires holding LuxTrust authentication and can be done with our assistance or the assistance of the Luxembourg funds service provider providing services to the funds managed in Luxembourg.

Further details on the questionnaire, the related scope of application and additional explanations assisting the managers filling in the questionnaire are outlined in the dedicated section of the CSSF eDesk portal homepage which can be found here.

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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