Circular Letter ST.11-1433 — Update of thresholds for OPC/OPC compartments statistical reporting to the BCL

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4920 E-mail: reporting.opc@bcl.lu ./.
Ref.: ST.11-1433 Luxembourg, October 3, 2011

Circular Letter

To collective investment schemes

Madam, Sir,

We 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 OPCs and the introduction of a new statistical collection from non-money market OPCs, as well as to Circular Letter C2.10-1117 of September 29, 2010 on the application of exemption thresholds for collection.

In this context, we had informed collective investment schemes (OPCs) that statistical collection must cover 95% of the global net asset value (NAV) and that consequently, modest-sized OPCs may be exempted from this statistical collection based on thresholds based on net asset value (NAV). The purpose of this letter is to inform OPCs of the update of reporting thresholds.

The BCL has determined, based on their investment policy and on the NAV of June 2011, the new thresholds from which OPCs and/or OPC compartments are required to submit statistical reporting to the BCL, for open-type and closed-type OPCs. The thresholds are unchanged compared to those of the previous year.

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

1 For open-type OPCs

OPCs 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 OPCs whose NAV on June 30, 2011 exceeded the threshold of 40 million euros are subject to BCL statistical reporting starting from the September 2011 reference period.

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

OPCs that begin their activity with an NAV above the threshold do not benefit from the application of the exemption threshold and are required to transmit reports from the start of their activities.

Furthermore, we also wish to inform you that all OPCs and/or OPC compartments whose net asset value on June 30, 2011 was below the reporting thresholds are invited to spontaneously 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, OPCs and/or OPC compartments whose net asset value is below the respective thresholds may submit the aforementioned statistical reports if they wish. However, if OPCs and/or OPC compartments opt for voluntary submission of reports, they must do so regularly.

2 For closed-type OPCs

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 the NAV is suspended for an OPC and it is unable to provide reports to the BCL, the company responsible for transmitting the reports, the "technical reporter", 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 "technical reporters" a complete list of all OPCs and/or compartments with their detailed classification and indication of whether they are subject to statistical reporting or not.

This circular letter repeals Circular Letter C2.10-1117 of September 29, 2010.

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

Philippe Arondel Roland Nockels