The aim of the Circular 22/811 Authorisation and organisation of entities acting as UCI administrator is to specify the CSSF requirements concerning governance and internal organisation following evolutions (regulatory, technological and market wise) in the field of UCI administration.
The UCI administration activity covers three main functions: the registrar function, the NAV calculation and accounting function, and the client communication function as defined in the Circular.
- The Circular replaces “Chapter D. Rules concerning the central administration of Luxembourg UCIs." of Circular IML 91/75.
- It clarifies the CSSF current requirements and administrative practice by specifying the principles of sound governance and the CSSF expectations on internal organisation and good practices.
- The Circular details the common organisational requirements required of UCI administrators (“UCIAs"), and notably the CSSF assumptions relating to delegation models and information and communication technology (ICT).
- It implements a new reporting for UCIAs, which must be filed at the latest five months after the UCIA financial year-end, starting from 30 June 2023.
- Another important change is that prior authorisation is replaced by a prior notification in case of delegation of a critical or important operational task.
The Circular immediately enters into effect and applies to all entities acting as UCIAs for regulated and non-regulated UCIs established, or not, in Luxembourg.
The requirement for authorisation set out in the Circular does not apply to entities already acting as UCIA at the date of entry in force of the Circular.
A grandfathering period, in order to comply with the remaining provisions of the Circular, is granted to such entities already acting as UCIA at the date of entry in force the Circular until 30 June 2023.
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