Circulaire CSSF 23/839

The Circular CSSF 23/839, issued on 26 July 2023, amends Circular CSSF 21/789 and is directed at all Investment Fund Managers operating under Luxembourg Law, as well as those involved in the operation and control of these entities.
The first notable change is the clarification of the circular’s scope of application for management companies subject to Article 125-1 of Chapter 16 of the UCI Law. These are now exempted from the statutory audit and the draw up of a specific „management letter“.
Secondly, Circular CSSF 23/839 results in the repeal of Circulars CSSF 18/698 and 19/708 with regards to the procedures for the transmission of the management letter. As a consequence, the previously established procedures are no longer in effect, and the newly updated circular governs the applicable process.
To make the amendments more accessible and understandable, the specific changes to Circular CSSF 21/789 are detailed in the Annex of Circular CSSF 23/839 using tracked changes, facilitating a clearer comprehension of the updated regulations. Of special note, the following half-sentence was added into Section 1. „Scope and legal basis“, quote (added part in bolt & italic:
The provisions of this circular do not apply to:
– management companies subject to Article 125-1 of Chapter 16 of the UCI Law (except for
points 4.1. and 4.2. of this circular regarding the statutory audit of an IFM and the
management letter, respectively);
[…]
– Please note that this circular repeals Circulars CSSF 18/698 and 19/708 as regards the
procedures for the transmission of the management letter.