Regulatory notices

Last week, the Commission de Surveillance published two documents in the context of the application of the new rules of the CBDF regulations entering into application on July 14, 2024.

• In the FAQ CBDF on notification procedures, CSSF updated Q9, Q15 in UCITS Notifications Part, added a Q5 in AIFM Notification Part and deleted the Q2.

• In the “Guidelines on notification and de-notification procedures”, the new notification letter templates are replacing those figuring out in Annex 1 and adapted the Chapter 3 with the changes concerning the document CSSF attestation that is no longer requested.

Following the cancellation of the filing of the AIFMD reporting via the so-called secured channels taking effect on July 1, 2024, the Commission de Surveillance du Secteur Financier recently published an updated version of its AIFM reporting – Technical guidance.

In this latest version, references to the filing method via secured channels have been removed.

Alongside to the review of the notifications of AIFMD cross-border activities, the Commission de Surveillance du Secteur Financier published last week the updated pre-marketing form for AIFMs.

Ahead of the application of the Commission Implementing Regulation (EU) 2024/910 of 15 December 2023 on July 14, 2024, the CSSF published last Friday the new (de) notification forms.

Yesterday, the Commission de Surveillance du Secteur Financier communicated on the forthcoming changes of forms used by fund management companies to notify cross border activities.

As from 14 July 2024, new templates of notification letters will have to be used for the notification of their management and marketing cross-border activities within the European Economic Area (EEA).

Last week, the Commission de Surveillance du Secteur Financier updated its (Sub)fund pre-inception readiness review form.

ELTIF, EMIR and the Guidelines on performance fees in UCITS and certain types of AIFs are the main topics leading to the update of this form.

End of last month, the settlement cycle of most of securities transactions has been shortened from T+2 to T+1 in the United States, as well as in other jurisdictions (Canada and Mexico), creating a mismatch between the settlement of transactions on funds’ assets and the subscription redemptions of fund units or shares.

To help the industry facing these issues on a compliance perspective, the Commission de Surveillance du Secteur Financer has published on June 20, 2024 two updated versions of the Circular CSSF 02/77 (which will be replaced by Circular CSSF 24/856 as of January 1, 2025) as well as of the CSSF FAQ on the Law of 17 December 2010.

ESAs have advised the European Commission with their opinion on how to improve the Sustainable Finance Disclosure Regulation (SFDR) ahead of its revision.

The Joint ESAs delivered on their own initiative their opinion on the assessment of the SFDR on June 18, 2024.

As a reminder, from July 1, 2024, only the API (S3) channel or the eDesk procedure will be authorised for the submission of AIFM reporting.

Any AIFM report submitted using the old transmission method (external channels) will not be processed by the CSSF.