Circular CSSF 22/811 is a CSSF circular, published 16 May 2022. Subject: Authorisation and organisation of entities acting as UCI administrators.
\nRelevant for: AIFMs, Credit institutions, Investment fund managers, Management companies - Chapter 15, Management companies - Chapter 16, Part II UCIs, SICARs, SIFs, Specialised PFS, Support PFS, UCITS.
\nKeywords: NAV calculation, UCI administration.
\nAmended by Circular CSSF 25/900.
\nCircular CSSF 22/811 (as amended by Circular CSSF 25/900) Authorisation and organisation of entities acting as UCI administrators
\nCIRCULAR CSSF 22/811 (AS AMENDED BY CIRCULAR CSSF 25/900)
\nCircular CSSF 22/811 (as amended by Circular CSSF 25/900) Re: Authorisation and organisation of entities acting as UCI administrators
\nTABLE OF CONTENTS Definitions Scope 2.1 Eligible entities 2.2 UCI administration activity 2.2.1 Appointment of a UCI administrator: Authorisation requirements 2.2.2 UCI administration activity 2.2.3 Registrar function 2.2.4 NAV calculation and accounting function 2.2.5 Client communication function 3. Organisational arrangements 3.1 General provisions 3.2 Internal organisation 3.2.1 General principles 3.2.2 Approval of new business relationships and new services 3.2.3 Management of conflicts of interest 3.2.4 Relationship with the depositary 3.2.5 Access and retention of the core UCI documentation, including in case of change of UCI administrator 3.3 Human resources 3.4 ICT resources and, Business Continuity and Disaster Recovery Planning 3.5 Delegation models 4. Entry into force and various provisions A - List of information to be provided to the CSSF to apply for authorisation to act as UCI administrator
\nCIRCULAR CSSF 22/811 (AS AMENDED BY CIRCULAR CSSF 25/900)
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\nCircular CSSF 22/811 (as amended by Circular CSSF 25/900) Re: Authorisation and organisation of entities acting as UCI administrators Luxembourg, 16 May 2022 To all entities, as defined hereafter, carrying out the activity of UCI administration or part thereof
\nLadies and Gentlemen, Chapter D of Circular IML 91/75 specifies the rules concerning the central administration of Luxembourg UCIs. This circular replaces Chapter D of Circular IML 91/75 taking into account the legislative developments, changes in technology and market evolution with respect to the activity of UCI administration. This new circular clarifies the activity of UCI administrators by specifying the principles of sound governance and the CSSF requirements on internal organisation and good practice applicable to them. To that effect, the circular will apply to the entities acting as UCI administrator for regulated and non-regulated UCIs established, or not, in Luxembourg. It is reminded that all entities carrying out the activity of UCI administration are subject to the laws and regulations in force, notably due to their status, authorisation or activities, including, but not limited to, legislation in the area of the fight against money laundering and terrorist financing and on delegation. UCIs must refer to applicable laws and regulations to determine the eligibility of UCI administrators.
\nCIRCULAR CSSF 22/811 (AS AMENDED BY CIRCULAR CSSF 25/900)
\nDefinitions For the purposes of this circular: 1993 Law: shall mean the Law of 5 April 1993 on the financial sector, as amended. 2004 Law: shall mean the Law of 15 June 2004 relating to the investment company in risk capital (SICAR), as amended. 2007 Law: shall mean the Law of 13 February 2007 relating to specialised investment funds, as amended. 2010 Law: shall mean the Law of 17 December 2010 relating to undertakings for collective investment, as amended. 2013 Law: shall mean the Law of 12 July 2013 on alternative investment fund managers, as amended. AIF: shall mean an alternative investment fund as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers. BCL: shall mean the Banque centrale du Luxembourg (Luxembourg Central Bank). BCP: shall mean business continuity plan.
\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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