The CSSF updated on 4 October 2022 its Frequently Asked Questions regarding the AML/CFT market entry form for investment funds and investment fund managers (the “IFMs”) (the “FAQ”). A market entry form shall be completed by supervised funds (UCITS, UCI Part II, SIF, SICAR, or when asking authorization of a label (ELTIF, EUSEF, EUVECA or MMF) in relation to the set-up but also in case of approval of new sub-fund. It shall also be completed for the set-up of an authorized IFM or the registration of an IFM and adapted by such IFM in case of (i) approval of an additional license, a license extension including the request to manage an ELTIF, (ii) entry of a qualified shareholder in the shareholding structure of the IFM and/or (iii) merger (only if the merger leads to a change to the information provided in the Market Entry Form for the absorbing IFM). 

The FAQ aims to assist with the proper completion of the AML/CFT market entry form on eDesk.  

The updated FAQ clarifies the situation of the reporting of indirect shareholders, each holding less than 10% of the shareholdings of an IFM. In such a situation, it is not required to report such shareholders to the CSSF, but the CSSF requests to be provided with the following:  

  • A written confirmation (from the IFM, the shareholder, the proposed acquirer or its representative) that each non-reported indirect shareholder is individually and, on an aggregate basis, holding less than 10% of the indirect shareholding of the IFM; 
  • The maximum percentage that the most non-reported shareholder(s) is/are holding in the IFM;  
  • A written confirmation that there is no shareholder agreement in place at the level of non-reported shareholders;  
  • A written confirmation (from the IFM, the shareholder, the proposed acquirer or its representative) that there has been no AML/CFT sanction over the last five years for the indirect non-reported shareholders; and 
  • Any other document requested by the CSSF. 

Feel free to contact our investment funds team regarding the completion of the AML/CFT market entry form.