On 17 December 2021, the CSSF issued Circular 21/790 (the “Circular”) applicable to Luxembourg regulated funds (UCITS, Part II Funds, SIFs and SICARs) imposing an obligation on regulated funds, for financial periods ending on or after 30 June 2022, to complete a questionnaire in order to evaluate conformity with legal and regulatory requirements and to have the auditor draw up a report on such questionnaire. The circular also provides guidance on the information to be provided to the CSSF in the case of a modified audit opinion and guidance relating to Management Letters.
The eDesk Portal contains further explanations on the practicalities of preparing and submitting the Self-Evaluation Questionnaire (the “SAQ”), the Management Letter (the “ML”) and the Separate Report (the “SR”).
As and from 31 March 2022 the SAQ, the SR and the ML are available in the CISERO module on eDesk. Only the SAQ and SR (SR for UCITS and Part II Funds only) and the ML for regulated funds with a financial year ending between 30 June 2022 and 30 November 2022 are currently available in the module.
In addition, specific information that regulated UCIs have to transmit to the CSSF in case the approved statutory auditor issues a modified audit opinion is made available on the CSSF website in a dedicated section concerning the periodic transmission of information for the type of UCI falling within the scope of the Circular.