On 30 June 2023, the CSSF published a press release on the SFDR data collection exercise for investment fund managers (“IFMs”) and institutions for occupational retirement provision (“IORPs”), on periodic reporting in relation to Regulation (EU) 2019/2088 on sustainability reporting in the financial services industry (the “SFDR”) and Regulation (EU) 2020/852 on the establishment of a framework to promote sustainable investments (the “Taxonomy Regulation”) (the “Press Release”). The Press Release follows up on those published on 27 July 2022 and on 24 March 2023. For further information on these communications, see our previous article.
The objective of the Press Release is to provide industry participants with information regarding the launch of the data collection exercise, relating to the disclosures in periodic reports, for financial products disclosing under Article 8 or Article 9 of the SFDR.
The CSSF requires the following financial market participants (“FMPs”) to participate in this data collection exercise:
- UCITS management companies, based in Luxembourg and subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment (the “2010 Law”) or in another Member State of the European Union, in relation to all Luxembourg-domiciled UCITS they manage;
- UCITS investment companies which did not designate a management company within the meaning of Article 27 of the 2010 Law;
- authorised alternative investment fund managers (“AIFMs”), based in Luxembourg and subject to Article 4 of the Law of 12 July 2013 on alternative investment fund managers (the “2013 Law”), in relation to all Luxembourg-domiciled regulated and unregulated AIFs (including ELTIFs) that they manage;
- internally managed alternative investment funds within the meaning of point (b) of Article 4(1) of the 2013 Law;
- authorised AIFMs, based in another Member State of the European Union, in relation to all Luxembourg-domiciled regulated AIFs, as well as Luxembourg-domiciled unregulated AIFs (only when they qualify as ELTIFs) they manage;
- registered AIFMs, subject to Article 3(3) of the 2013 Law, based in Luxembourg or in another Member State of the European Union, in relation to all Luxembourg-domiciled regulated AIFs they manage; and
- IORPs, subject to the Law of 13 July 2005.
FMPs, who are subject to Articles 2(2) or 3(1) of the 2013 Law, can participate in this data collection exercise on a voluntary basis, in relation to any Luxembourg-domiciled regulated AIFs that they manage.
On that basis, FMPs are required to provide information relating to disclosures in periodic reports included in the annual reports issued as from 1 January 2023, and with a financial year-end on or after 30 September 2022, for each financial product in the scope as defined above.
Deadline for submission
- For periodic reports issued in accordance with the legal deadline to publish the annual report or to make it available to investors, between 1 January 2023 and 31 December 2023, the aforementioned information must be provided to the CSSF by 31 January 2024 at the latest.
- For periodic reports issued as from 1 January 2024, the SFDR information shall be provided to the CSSF, at the latest, one month after the legal deadline to publish the annual report, or to make it available to investors.
- Accordingly, the SFDR data must be submitted to the CSSF at the latest five months after the relevant financial year-end for UCITS, and seven months after the financial year-end for AIFs and IORPs.
Methods of submission
The SFDR data can be submitted to the CSSF via the following channels:
- a solution based on the submission of a structured file through the simple storage service protocol, which is already availableM;
- an online solution via eDesk for manual input by IFMs/IORPs for each fund/sub-fund they manage. This solution will be made available as of 30 November 2023.
A user guide, which provides clarifications on the content and the format of the information to be reported, as well as technical details on the data collection process, is available under SFDR UCI periodic data collection – Practical and technical guidance.