Regulatory Alerts2022-05-16
Added · Updated
Authorisation and organisation of entities acting as UCI administrators
This circular replaces Chapter D of Circular IML 91/75 and establishes requirements for the authorisation and organisation of entities acting as UCI administrators for regulated and non-regulated UCIs. It mandates prior CSSF authorisation for management companies, alternative investment fund managers, foreign IFMs, regulated Luxembourg UCIs, and credit institutions, while registrar, client communication, and administrative agents are authorised by operation of law under specific conditions. The document defines UCI administration as comprising registrar, NAV calculation and accounting, and client communication functions, requiring that only one service provider be designated for each specific function per UCI. It further sets out organisational arrangements, including internal organisation, human and ICT resources, business continuity planning, and delegation models that entities must comply with on a continual basis.