Circular Letter ST.19-0394 — Update of the security-by-security report verification rules to control information consistency with CSSF U 1.1 reports

2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4943 E-mail: reporting.opc@bcl.lu 1 / 2 Ref.: ST.19-0394 Luxembourg, September 27, 2019 Circular Letter To all Luxembourg collective investment undertakings To all risk capital investment companies (SICAR) Update of the security-by-security report verification rules to control information consistency with CSSF U 1.1 reports Ladies and Gentlemen, As part of the use of data transmitted by national central banks to the European Central Bank (ECB) based on Guideline ECB/2013/7 concerning securities holdings statistics, controls on individual securities issued by investment funds show that the quality of certain information needs to be improved. Furthermore, the BCL uses the data reported in the security-by-security collection to meet its obligations under Guideline ECB/2012/21 concerning the data quality control framework for the ECB's centralized securities database. In this context, the BCL has noted inconsistencies between the data transmitted in the security-by-security reports and the data transmitted in the U 1.1 reports required by the Commission de surveillance du secteur financier (CSSF). To remedy these problems, the BCL will undertake systematic comparisons between these two sources. The updated document "security-by-security report verification rules" on the BCL website is supplemented by new verification rules. 2, boulevard Royal L-2983 Luxembourg Fax (+352) 4774-4943 E-mail: reporting.opc@bcl.lu 2 / 2 These new rules are based on a comparison of information between the security-by-security report and the U 1.1 report by share class. In this context, it is necessary that the CSSF identifiers for funds, sub-funds, and classes are correct. The BCL will transmit the results of the verifications in two stages. The first consists of verifying that the class identifiers exist in both reports starting from the reports for the August 2019 reference period. The BCL will implement the second stage for the September 2019 reference period for verifying the consistency of information for each class identified by the CSSF codes for funds, sub-funds, and classes. Please accept, Ladies and Gentlemen, the assurance of our highest consideration. BANQUE CENTRALE DU LUXEMBOURG Philippe Arondel Roland Nockels Head of Economic and Financial Statistics Section Head of Statistics Department