Circular CSSF 21/790 is a CSSF circular, published 17 December 2021 and updated 22 December 2021. Subject: Practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment. The engagement of Luxembourg undertakings for collective investments’ approved statutory auditors and practical rules concerning the management letter and the separate report to be drawn up annually.
\nRelevant for: Part II UCIs, SICARs, SIFs, UCITS.
\nKeywords: Approved statutory auditor (réviseur d'entreprises agréé), eDesk.
\nAmends Circular CSSF 19/708.
\nCircular CSSF 21/790 Practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment. Engagement of the réviseurs d'entreprises agréés (approved statutory auditors) of Luxembourg undertakings for collective investment 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.
\nCircular CSSF 21/790 Re: Practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment. Engagement of the réviseurs d'entreprises agréés (approved statutory auditors) of Luxembourg undertakings for collective investment and practical rules concerning the management letter and the separate report to be drawn up annually
\nLuxembourg, 17 December 2021
\nLadies and Gentlemen,
\nTo all Luxembourg
\nThe purpose of this circular is to define the practical rules concerning the
\nundertakings for collective
\npreparation and annual submission of the below-mentioned documents by
\ninvestment and to those
\nLuxembourg undertakings for collective investment (“UCIs”) and their réviseurs
\ninvolved in the operation and
\nd'entreprises agréés (approved statutory auditors, “REA”).
\naudit of such entities
\nMore specifically, this circular introduces, on the one hand, a self-assessment questionnaire to be completed on an annual basis by UCIs and details the information to be spontaneously transmitted by UCIs to the CSSF in case the REA issues a modified audit opinion in the context of the statutory audit of accounting data included in the annual report of a UCI (“statutory audit”). On the other hand, this circular broadly details the role and engagement of a REA in the context of the statutory audit of UCIs. 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 UCIs’ REAs on an annual basis. The separate report includes procedures that the CSSF requests the REA to perform in relation to the UCI’s self-assessment questionnaire. This circular also repeals Circular CSSF 02/81 relating to the guidelines concerning the task of auditors of undertakings for collective investment, pursuant to the repealing provisions of Section 5.1.
\nTABLE OF CONTENTS 1. 2.
\nScope and legal basis Rules applicable to UCIs: 2.1 Self-assessment questionnaire to be submitted annually by UCIs and practical rules associated with it 2.2 Follow-up on modified audit opinions issued by REAs in the context of the statutory audit of UCIs Practical rules concerning the engagement of REAs for UCIs 3.1 The statutory audit of a UCI 3.2 The management letter 3.3 The separate report Procedures for the preparation and filing of the selfassessment questionnaire, the separate report and the management letter Final provisions 5.1 Repealing provisions 5.2 Entry into force
\n4 5 5 6 7 7 8 9 10 10 10 11
\nScope and legal basis This circular applies to the following UCIs: -
\nundertakings for collective investment subject to Part I of the Law of 17 December 2010, as amended, (“UCI Law”)(“UCITS”);
\nundertakings for collective investment subject to Part II of the UCI Law (“UCIs subject to Part II of the UCI Law”);
\nspecialised investment funds governed by the Law of 13 February 2007, as amended, (“SIF Law”)(“SIFs”);
\ninvestment companies in risk capital governed by the Law of 15 June 2004 (“SICAR Law”) (“SICARs”);
\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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