Regulatory Alerts2024-03-29
Added · Updated
Circular CSSF 24/856 — Protection of investors in case of an NAV calculation error, non-compliance with investment rules and other errors at UCI level
This Circular establishes guidelines for collective management professionals operating in Luxembourg regarding the treatment of significant net asset value calculation errors, instances of active non-compliance with investment rules, and other errors occurring at the undertaking for collective investment level. It applies to UCITS, UCIs Part II, SIFs, SICARs, and specific ELTIFs, MMFs, EuVECAs, and EuSEFs under CSSF supervision. The document defines roles for UCI dirigeants, investment fund managers, administrators, depositaries, and approved statutory auditors, and sets out procedures for correcting errors, calculating financial impact, notifying the CSSF, and compensating aggrieved investors.
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