Requirements regarding half-yearly financial information for SICARs

In its circular 08/376 regarding financial information to be submitted by investment companies in risk capital (SICARs), the Luxembourg regulatory authority (Commission de Surveillance du Secteur Financier or CSSF), as competent authority to exercise the supervision within the meaning of article 11(1) of the Law of 15 June 2004 relating to the investment companies in risk capital, as amended or supplemented from time to time (the “SICAR Law”), requires all Luxembourg SICARs to transmit to the CSSF half-yearly financial information (the “Half-Yearly Report”) in compliance with article 32 of the SICAR Law and for the first time for the financial reporting as at 31 December 2008.
Such requirements on the disclosure of the Half-Yearly Report is a confirmation of the will of the CSSF to strengthen its supervision of SICARs.
SICARS shall draw up their Half-Yearly Report, if appropriate on a compartment basis, in accordance with table K 3.1 (available on the CSSF website (http://www.cssf.lu) under the section Legal reporting/Periodic reporting/SICAR).
The reference dates for the drawing up of the Half-Yearly Report are 30 June and 31 December of each year. SICARs must transmit the Half-Yearly Report to the CSSF within 45 calendar days from the reference date.
Finally it should be reminded that any SICAR shall also submit to the CSSF a copy of its audited annual report as soon as it is available and in any event within six months from the end of the period to which the report relates (article 28 of the SICAR Law).