Circular CSSF 23/839 is a CSSF circular, published 26 July 2023. Subject: Update of Circular CSSF 21/789.
\nLegal basis: Law of 17 December 2010 on undertakings for collective investment.
\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.
\nAmends Circular CSSF 21/789. Repeals Circular CSSF 18/698, Circular CSSF 19/708.
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nLuxembourg, 26 July 2023 Ladies and Gentlemen, 1. This circular amends Circular CSSF 21/789 by specifying the following: a.
\nthe scope of application of the circular for management companies subject to Article 1251 of Chapter 16 of the UCI Law
\nthe repeal of Circulars CSSF 18/698 and 19/708 as regards the procedures for the transmission of the management letter
\nAnnex: Circular CSSF 21/789 as amended 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 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”). and details the information to be spontaneously transmitted by IFMs 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 an IFM (“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 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. Scope and legal basis..................................................................................................... 5 2. Background and purpose of this circular ........................................................................... 6 3. Rules applicable to IFMs: The self-assessment questionnaire to be submitted annually by IFMs and the practical rules associated with it ................................................................................ 6 4. Practical rules concerning the engagement of REAs for IFMs ............................................... 7 4.1. The statutory audit of an IFM .................................................................................... 7 4.2. The management letter ............................................................................................ 7 4.3. The separate report ................................................................................................. 9 5.
\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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