Investment Funds | Extension of the CSSF’s Deadlines
In recent days, due to the outbreak of COVID-19, the CSSF has published a series of communications addressed to participants in the investment funds sector. A number of them relate to the extension of deadlines for notifications, questionnaire submissions or reports due with the CSSF in upcoming months.
I. COMMUNICATION ON REGULATORY REPORTING
On 23 March 2020, the CSSF published a communication addressed to all supervised entities, requesting them to endeavour to comply with deadlines for the mandatory regulatory reporting. Nonetheless, the CSSF acknowledged that in the light of the current situation it will not apply a strict enforcement policy in case of delays, provided that they are duly justified. The leeway will be closely coordinated with national authorities, the European Supervisory Authorities as well as the European Central Bank.
II. COMMUNICATION ON LONG FROM REPORTING
On 25 March 2020, the CSSF published a communication addressed to the audited entities and funds, informing them that the length from the report could be submitted up to four (4) months after the annual general meeting. However, the extension will not be applied cumulatively with measures introduced by the Luxembourg Parliament allowing for postponement of the annual general meeting dates (please refer to BSP Corporate Governance Newsflash for more information).
The CSSF did, however, emphasise that where the submission can be performed within the ordinary deadlines without compromising the quality of the audit work, timely submission is encouraged.
III. FREQUENTLY ASKED QUESTIONS – EXTENSION OF REPORTING DEADLINES
On 26 March 2020, the CSSF published an updated version of its Frequently Asked Questions on COVID-19. One of the newly added questions refers to the possibility to extend various reporting deadlines applicable to UCIs, SIFs, SICARs, investment fund managers, pension funds and securitisation undertakings. A summary of the documents for which submission to the CSSF can be postponed and applicable extension periods are summarised in the table attached. The right to extend the deadline can be used provided the CCSF is notified by an email sent to the dedicated address: [email protected].
IV. THE ANNUAL AML SURVEY DEADLINE EXTENSION.
On 17 March 2020, the CSSF published a circular-letter (the “Letter”) relating to the annual online survey for the year 2019 collecting information concerning money laundering and terrorist financing risks to which the professionals under supervision are exposed (the “Survey”) (please refer to BSP Newsflash for more details).
In the Letter, the CSSF acknowledged the potential delays in submission which could have occurred due to the requirement to complete the Survey via the newly established CSSF’s eDesk portal and the outbreak of COVID-19 pandemic. On that basis, the CSSF decided to extend the deadline for investment fund managers, specialized professionals of the financial sector and investment firms to complete the Survey by 10 April 2020 (please refer to BSP Newsflash for more details).