CSSF FAQ regarding the AML/CFT Market Entry Form (Funds and IFMs) – Updated on 21.12.2023

The CSSF has published an update of its FAQ that includes detailed guidance on the completion of the AML/CFT Market Entry Form in eDesk. The information provided serves as a comprehensive guide for entities seeking authorization or registration with the CSSF in Luxembourg, offering detailed instructions on the completion of the AML/CFT Market Entry Form and the associated requirements and procedures.
The FAQ outlines the circumstances under which a Market Entry Form should be completed, including the establishment of various types of funds and IFMs, as well as specific events such as mergers and changes in shareholding structure. The document specifies that an Initial Market Entry must be submitted only if the fund or IFM is not already authorized or registered by the CSSF. The document also clarifies the roles and responsibilities of different individuals involved in the Market Entry Form process. It explains that the Responsible du Respect (RR) and Responsible du Contrôle (RC) must be granted the specific role of AML/CFT responsible within the eDesk Portal. It details the delegation process, allowing RR/RC to invite others to consult or contribute to the Market Entry Form. Furthermore, the document addresses the submission of required documents, including declarations of honor, CVs, criminal records, and identification forms for managers/directors and compliance officers. It specifies the accepted types of signatures by the CSSF, which include wet ink or verified electronic signatures. Besides the provision of guidance on addressing missing documents in the application and the implications of indirect shareholding structures involving private equity funds, it outlines the process for submitting a Market Entry Form for funds requesting approval of new sub-funds, as well as the requirements for portfolio managers and investment advisors not regulated by the CSSF. It also addresses the reporting obligations related to indirect shareholders holding below 10% of the IFM’s shareholding.
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More specifically, in the latest update of 21 December 2023, clarifications using tracked changes on questions 1 and 2 (on page 4 & 5) were made concerning the ELTIF-label and the definition of IFMs.