{"id":"circulars/faq-faq-concerning-master-feeder-structures","title":"FAQ concerning Master/Feeder Structures","type":"circular","date":"2013-07-11","kind":"faq","html":"<p>FAQ concerning Master/Feeder Structures is a CSSF FAQ, published 11 July 2013.</p>\n<p>Legal basis: <a href=\"/lhoft?page=laws%2F2010-12-17-n9\" class=\"wikiLink\" data-target=\"laws/2010-12-17-n9\">Law of 17 December 2010 on undertakings for collective investment</a>.</p>\n<p>Relevant for: Part II UCIs, UCITS.</p>\n<h2>Text</h2>\n<p>FAQ concerning masterfeeder structures Version 3 – 12 February 2026</p>\n<p>FAQ concerning master-feeder structures Version 3 – 12 February 2026</p>\n<p>date</p>\n<p>Modification/addition/deletion …</p>\n<p>12.02.2026</p>\n<p>Adaptation to the new graphic guidelines</p>\n<p>11.07.2013</p>\n<p>Addition of questions Q8, Q9, and Q10</p>\n<p>24.06.2013</p>\n<p>First publication</p>\n<p>FAQ CONCERNING MASTER-FEEDER STRUCTURES Version 3 – 12 February 2026</p>\n<p>Table of contents Preliminary remarks Note Q1. Article 27(1)(e) of CSSF Regulation No 10-05: Identification of matters that shall be treated as irregularities disclosed in the audit report of the approved statutory auditor of the master UCITS. What should be considered as irregularities at the level of the feeder UCITS? Published on 24 June 2013 Q2. Article 82(2) of the Law of 17 December 2010 (hereinafter “the 2010 Law”): “ the annual report of the feeder UCITS must include a statement on the aggregate charges of the feeder UCITS and the master UCITS”. Should such aggregate charges be disclosed in monetary terms (expressed in the fund currency of the feeder UCITS) by applying a look-through approach or by adding total charges expressed as a percentage of the average net asset value (NAV) of the master UCITS and feeder UCITS, or both? Published on 24 June 2013 Q3. Article 82(2) of the 2010 Law: Aggregate charges of the feeder UCITS and master UCITS. Should this information be included in the notes to the financial statements, or can it be presented in the report on the activity of the feeder UCITS, or in the “Other information” section of the annual report? Published on 24 June 2013 Q4. Article 82(2) of the 2010 Law: Aggregate charges of the feeder UCITS and master UCITS. When the master UCITS has a different year-end than the feeder UCITS and total charges of the master UCITS cannot be obtained for the same accounting period as the feeder UCITS, is it acceptable to aggregate the total charges of the feeder UCITS over its financial year with the total charges of the master UCITS based on its last audited annual report? Published on 24 June 2013 Q5. Article 81(2) of the 2010 Law: An ad hoc report is to be prepared by the approved statutory auditor of the master UCITS when the master UCITS and feeder UCITS have different accounting years. What is the scope of this ad hoc report (full scope audit or review)? What should be the financial period covered? Published on 24 June 2013 Q6. Article 82(2) of the 2010 Law: “The annual [and half-yearly] report of the feeder UCITS must indicate where the annual [and half-yearly] report of the master UCITS can be obtained”. Should the annual [and half-yearly] report of the master UCITS be translated into the language used by the feeder UCITS in its annual [and half-yearly] report?</p>\n<p>FAQ CONCERNING MASTER-FEEDER STRUCTURES Version 3 – 12 February 2026</p>\n<p>Published on 24 June 2013 Q7. Article 81(2) of the 2010 Law: An ad hoc report is to be prepared by the approved statutory auditor of the master UCITS when the master UCITS and feeder UCITS have different accounting years. The related audit fees and fees linked to the preparation of the ad hoc financial statements should be supported by the master UCITS or by the feeder UCITS? Published on 24 June 2013 Q8. Article 159(3)(c) of the 2010 Law: Is it acceptable that a UCITS converting into a feeder of a newly created master UCITS refers to its past performance? Published on 11 July 2013 Q9. Article 159(3)(c) of the 2010 Law: Could an existing UCITS fund converting into a master with a newly created feeder UCITS refer to its past performance? Could the newly created feeder UCITS refer to the past performance of the master? Published on 11 July 2013 Q10.</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/faq-concerning-master-feeder-structures/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/FAQ_Master_Feeder.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}