GOVERNANCE | REGULATORY | AML/CFT | AUDITOR

GOVERNANCE

Annual general meeting within 6 months to approve the annual accounts and publication with the Trade and Companies Register (RCS) during the month of their approval in one of the official languages of Luxembourg  or in English.

REGULATORY

BLC reporting:

Circular BCL 2014/237 and Circular 14/588

Information regarding each compartment of the fund

non-MMF:

monthly statistical report composed of:

I. S 1.6 «Information on valuation effects on the balance sheet of non-MMF investment funds». This report shall be submitted 20 days from the end of the month it refers to

II. Monthly security-by-security report of investment funds.

a) The balance sheet line

b) The identification code of the security

c) The identification of the issuer

d) The type of holding of securities

e) The quantity of securities

f) Supplementary information for securities not identified by an ISIN code.

This report shall be submitted 20 days as from the end of the month it refers to.

MMF investment funds

I. S 1.3 «Monthly statistical balance sheet for money market funds»

This report shall be submitted 10 days as from the end of the month it refers to. Same content as the quarterly report for non-MMF.

Monthly Security by security report of investment funds. This report shall be submitted 10 days as from the end of the month it refers to. Same content as the non-MMF security by security report

The BLC can grant non-regulated funds derogation for the monthly and quarterly reporting if the total assets (all the compartments included) remain under 500 million EUR.

The reports are transmitted to the BCL and the CSSD via e-file.

Financial information to the CSSF via CCLux:

Information transmitted by the central administration of the SIF.

Annual information: Report to be submitted 6 months from the closing day of the balance sheet. The report is drawn up separately for every compartments. The reports do not need to be consolidated.

This report includes inter alia:

I. Net assets

a) Total assets

b) Total liabilities

c) Net assets at the end of the year

II. Operations

a) Total income

b) Total charges

c) Net investment income

d) Profit or loss on operations

III. Changes in net assets

a) Net assets at the beginning of the year

b) Net assets at the end of the year

IV. Changes in the investment portfolio

a) Total purchases of transferable securities and other investments

b) Total sales of transferable securities and other investments

V. Breakdown of the securities portfolio and of liquid assets other than cash at bank

VI. Countries in which the SIF is marketed

Annual Report :

The report must be made available to the investors within 6 months of the end of the financial year(or within four months for close ended found admitted to Luxembourg stock exchange). Such report must be communicated to the CSSF. The report must include :

I. Statement of assets and liabilities ( investments, bank balances, other assets, total assets , liabilities, NAV)

II. Number of shares or units in circulation

III. NAV per share or unit

IV. Quantitative and/or qualitative information on the investment portfolio informing the investors on the development of the activities and the results of the SIF

V. Statement of the developments (income from investments, other income, management charges, depositary’s charges, other charges and taxes, net income, distributions and income reinvested, increase or decrease of capital account, appreciation or depreciation of investments, any other changes Any other changes affecting such section.

VI. A comparative table covering the last three financial years and including, for each financial year, at the end of the financial year (the total NAV and the NAV per share or unit)

AML/CFT

AML/CFT External Reports (AIFM):

The AML/CFT external report is prepares by the statutory auditor in charge of the audit of the annual account of the AIFM. Submitted by the RR or by the RR or by any member of the board of Directors/Managers via edesk of the supervised entity in scope (here the AIFM) on an annual basis at the latest six months after the closing date of the financial year of the AIFM. The CSSF AML/CFT report is divided into two sections that cover key AML/CFT controls of the IFM. The first section concerns the corroboration of answers given by AIFMs regarding the CSSF annual AML/CFT online survey, whereas the second section is dedicated to sample testing or specific work to be performed by the independent auditor.

AUDITOR

Management letter (Circular 21/790):

The Management letter to be submitted by the SIF or an authorized user of the AIFM within six months after the end of the financial year of the SIF.

The management letter shall include :

a) An important weakness or a point needing improvement communicated to whom it concerns in accordance with: o ISA 260 “Communication with those charged with governance”;

b) ISA 265 “Communicating deficiencies in internal control to those charged with governance and management”;

c) any other weakness or point needing improvement which, based on the professional judgement of the statutory auditor, is of sufficient importance to be brought to the attention of the SIF’s dirigeants or the CSSF.

Each weakness must be commented by the SIF’s dirigeants.

The SIF can rely on duly formalised arrangements (e.g. written board resolutions, contractual agreements), on the support of service providers (e.g. investment fund manager, other service providers) for (i) gathering all the necessary information/data and filling in the M and (ii) submitting the management letter prepared by the statutory auditor The dirigeants can also complete and submit the ML on their own. Must be submitted via edesk