Circular Letter C2.10-1117 — Update of thresholds for statistical reporting by UCITS/UCITS compartments to the BCL

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4920 E-mail : reporting.opc@bcl.lu ./.
Ref.: C2.10-1117 Luxembourg, September 29, 2010 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 letters C2.09-0842 of October 1, 2009 and C2.10-0539 of May 10, 2010 regarding the application of exemption thresholds for collection.

In this context, we had informed collective investment undertakings (UCITS) that statistical collection must cover 95% of the global net asset value and that therefore 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, 2009, and to integrate reporting obligations for UCITS that begin their activities with an NAV higher than the threshold mentioned in the circular letter of May 10, 2010.

The BCL has determined, based on their investment policy and on the NAV of June 2010, the new thresholds from which UCITS and/or UCITS compartments are required to submit statistical reporting to the BCL, for open-end and closed-end UCITS.

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4920 E-mail : reporting.opc@bcl.lu ./.

In this context, it should be mentioned that, according to the definition retained by the ECB, a closed-end UCITS is a UCITS with a fixed number of issued shares whose share holders must buy or sell existing shares to enter or exit the UCITS.

1 For open-end UCITS

UCITS in millions of euros
Money Market 165
Equity 40
Bonds 55
Mixed 24
Real Estate 40
Hedge Funds 22
Other 20

Thus, for example, all equity UCITS whose NAV on June 30, 2010 exceeded the threshold of 40 million euros are subject to BCL statistical reporting from the reference period of September 2010.

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

UCITS that begin their activities with an NAV higher than the threshold do not benefit from the application of the exemption threshold and are required to submit reports from the beginning of their activities.

Furthermore, we also wish to inform you that all UCITS and/or UCITS compartments whose net asset value on June 30, 2010 was below the reporting thresholds are invited to voluntarily submit 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-end UCITS

Given the limited number of closed-end units and the subsequent problems of confidentiality of individual statistical data, all closed-end compartments are subject to reporting.

When the calculation of the NAV is suspended for a UCITS and it is unable to provide reports to the BCL, the central administration must inform the BCL via e-mail of the date of suspension, 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 letters C2.09-0842 of October 1, 2009 and C2.10-0539 of May 10, 2010 for the implementation of the thresholds.

For any further questions, we invite you to contact the BCL by sending an email 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