Circular Letter C2.09-0842 — Update of thresholds for statistical reporting by UCITS/UCITS compartments to the BCL

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Ref.: C2.09-0842 Luxembourg, October 1, 2009
Circular Letter
To the central administration of UCITS
Madam, Sir,

We have the honor to refer to ECB Regulation 2007/8 on the collection of statistics on the assets and liabilities of investment funds, to BCL Circular 2007/211 on the modification of statistical collection from money market UCITS and the introduction of a new statistical collection from non-money market UCITS, as well as to circular letter C2.08-1288 of October 1, 2008, regarding the application of exemption thresholds for collection.

In this context, we had informed collective investment undertakings (UCITS) that the statistical collection must cover 95% of the global net asset value (NAV) and that, consequently, modest-sized UCITS may be exempted from this statistical collection based on thresholds based on net asset value (NAV). The purpose of this letter is to inform UCITS of the update of reporting thresholds, as provided for in the circular letter of October 1, 2008.

The BCL has determined, based on their investment policy and on the NAV of June 2009, the new thresholds from which UCITS and/or UCITS compartments are required to submit statistical reporting to the BCL, for open-type and closed-type UCITS.

In this context, it should be mentioned that, according to the definition adopted by the ECB, a closed-type UCITS is a UCITS with a fixed number of issued shares whose

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4920 E-mail : reporting.opc@bcl.lu ./. shareholders must buy or sell existing shares to enter or exit the UCITS.

1 For open-type UCITS
UCITS in millions of euros
Money Market 165
Equity 27
Bonds 40
Mixed 20
Real Estate 47
Hedge Funds 19
Other 20

Thus, for example, all equity UCITS whose NAV on June 30, 2009, exceeded the threshold of 27 million euros are subject to BCL statistical reporting from the reference period of September 2009.

These thresholds will be subject to annual revision and UCITS will be informed of the new thresholds by circular letter.

Furthermore, we also wish to inform you that all UCITS and/or UCITS compartments whose net asset value on June 30, 2009, was below the reporting thresholds are invited to voluntarily submit statistical reports S 1.6, S 2.13, and title-by-title reporting as soon as their net asset value has exceeded the respective threshold for 3 consecutive months.

Finally, UCITS and/or UCITS compartments whose net asset value is below the respective thresholds may submit the aforementioned statistical reports if they wish. However, if UCITS and/or UCITS compartments opt for voluntary submission of reports, they must do so on a regular basis.

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4920 E-mail : reporting.opc@bcl.lu ./.
2 For closed-type UCITS
Given the limited number of closed-type units and the subsequent problems of confidentiality of individual statistical data, all closed-type compartments are subject to reporting.

When the calculation of NAV is suspended for a UCITS and it is not in a position to provide reports to the BCL, the central administration must inform the BCL via e-mail of the suspension date, so that the reporting obligation is also suspended.

The BCL will communicate to central administrations a complete list of all UCITS and/or compartments with their detailed classification and indication of whether they are subject to statistical reporting or not.

This circular repeals circular letter C2.08-1288 for the implementation of the thresholds.

For any further questions, we invite you to contact the BCL by sending an electronic message to reporting.OPC@bcl.lu.

Please accept, Ladies and Gentlemen, the assurance of our perfect consideration.
BANQUE CENTRALE DU LUXEMBOURG
Xavier Hornick Philippe Arondel
Deputy Advisor Head of the Economic and Financial Statistics Section