Chevalier & Sciales

CSSF offers technical details for AIFMD manager reporting

Luxembourg’s Financial Sector Supervisory Authority (CSSF) has issued a circular that aims to clarify technical details of how alternative fund managers should comply with the reporting obligations set out in the European Union’s Alternative Investment Fund Managers Directive (AIFMD), as transposed into Luxembourg’s legislation by the law of 12 July 2013.

The frequency and nature of the reporting requirements depend on managers’ levels of assets under management, investment strategies and use (if any) of leverage. The obligations are set out in article 3 (3)(d) of the directive for registered alternative fund managers (those whose assets are below the thresholds triggering the obligation for full compliance) and article 24 (1), (2) and (4) for authorised managers subject to the full requirements of the legislation. In the Luxembourg law, these articles correspond to article 3 (3)(d) for registered managers and article 22 (1), (2) and (4) for authorised managers.

The European Commission’s so-called Level 2 implementing regulation 231/2013 of 19 December 2012 provides details on the reporting obligations to national regulators under articles 3 and 24 of the AIFMD, and the regulation’s annex IV contains a reporting template for managers to use…

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