Circular CSSF 21/789 is a CSSF circular, published 22 December 2021. Subject: Practical rules concerning the self-assessment questionnaire to be submitted annually by investment fund managers. The engagement of investment fund managers’ approved statutory auditors and practical rules concerning the management letter and the separate report to be drawn up annually.
\nRelevant for: AIFMs, Investment fund managers, Management companies - Chapter 15, Management companies - Chapter 16, Part II UCIs, SICARs, SIFs, UCITS.
\nKeywords: Approved statutory auditor (réviseur d'entreprises agréé), eDesk.
\nAmended by Circular CSSF 23/839.
\nPractical rules concerning the self-assessment questionnaire to be submitted annually by investment fund managers Engagement of the réviseurs d'entreprises agréés (approved statutory auditors) of investment fund managers and practical rules concerning the management letter and the separate report to be drawn up annually
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nPractical rules concerning the self-assessment questionnaire to be submitted annually by investment fund managers Engagement of the réviseurs d'entreprises agréés (approved statutory auditors) of investment fund managers and practical rules concerning the management letter and the separate report to be drawn up annually To all authorised investment fund managers incorporated under Luxembourg law and to those involved in the operation and audit of such entities
\nLuxembourg, 26 July 2023 Ladies and Gentlemen, The purpose of this circular is to define the practical rules concerning the preparation and annual submission of the below-mentioned documents by investment fund managers (“IFMs”) and their réviseurs d'entreprises agréés (approved statutory auditors, “REA”). More specifically, this circular introduces, on the one hand, a self-assessment questionnaire to be completed on an annual basis by IFMs (“self-assessment questionnaire”). On the other hand, this circular broadly details the role and engagement of a REA in the context of the statutory audit of IFMs. Moreover, it establishes a specific regulatory framework applicable to the management letter, and also introduces a separate report (“separate report”). Both documents must be drawn up by the IFMs’ REAs on an annual basis. The separate report includes specific procedures that the CSSF requests the REA to perform in relation to the IFM’s self-assessment questionnaire.
\nTABLE OF CONTENTS 1.
\nScope and legal basis ................................................................................................. 2
\nBackground and purpose of this circular ........................................................................ 3
\nRules applicable to IFMs: The self-assessment questionnaire to be submitted annually by IFMs and the practical rules associated with it................................................................ 3
\nPractical rules concerning the engagement of REAs for IFMs ............................................ 4 4.1.
\nThe statutory audit of an IFM .............................................................................. 4
\n4.2.
\nThe management letter ...................................................................................... 4
\n4.3.
\nThe separate report ........................................................................................... 6
\nProcedures for the preparation and filing of the self-assessment questionnaire, the separate report and the management letter................................................................................ 6
\nEntry into force .......................................................................................................... 7
\nmanagement companies subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment, as amended, (“UCI Law”);
\nmanagement companies subject to Chapter 15 of the UCI Law and that are also registered alternative investment fund managers;
\nmanagement companies subject to Chapter 15 of the UCI Law and that are also authorised alternative investment fund managers subject to the Law of 12 July 2013 on alternative investment fund managers, as amended (“AIFM Law”);
\nauthorised alternative investment fund managers subject to the AIFM Law;
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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