law of 20 December 2002 - Alfi

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In addition, the auditor must outline the general principles of the contingencyplan in place which should permit the head office to operatenormally in case of a breakdown of its computer systems, including itsInternet connections.When use is made of an external processing unit, whether based inLuxembourg or abroad, the auditor must clearly indicate which functionshave been sub-delegated and to whom.The auditor must furthermore give its opinion on compliance with theprovisions of item III.1. of chapter D of IML circular 91/75.Generally, the auditor must highlight the significant deficiencies which itwill have detected during its audit and must describe them in a detailedmanner so that the CSSF can assess the situation.1.2. Custodian1.2.1. Situation where the auditor of the UCI relies on the audit report ofthe auditor of the custodianThe auditor of the UCI must in its long form report, specify the auditreport of the auditor of the custodian he has relied upon. He must in thiscontext provide the following data:– the name of the auditor of the custodian– the date of the audit report– if applicable, the audit report in accordance with internationalstandard ISA 402, type B, or in accordance with US standard SAS70, type 2 or in accordance with any other equivalent standard, aswell as the name of the auditor which has established the report.The auditor of the UCI must in any case give its opinion on the resultof the reconciliations between assets accounted for by the UCI and theassets deposited with the custodian as well as on the off-balance sheetoperations of the UCI.In case the auditor, during its audit, notes serious problems at the levelof the reconciliation between the positions accounted for by the UCI andthose registered with the custodian, it must make a detailed descriptionof those problems in the long form report.1.2.2. Situation where the controls and verifications are made by theauditor of the UCI1.2.2.1. Assessment of proceduresThe long form report indicates if the entity is in possession of a proceduresmanual describing the duties of the custodian and whether thismanual includes general procedures and specific procedures relating tothe activities undertaken.167
The long form report will describe in particular the correspondent banknetwork. The long form report will describe the policy of the entity asregards the selection criteria of those counterparties. The auditor willgive an outline of the third parties with which the entity has enteredinto a relationship and it will indicate if these counterparties have beenretained in accordance with the policy of the entity.In case the custodian exercises also part or all of the head office functions,the long form report has to provide explanations on the separation ofduties, specifically between custody and head office duties.In case the auditor notes deficiencies, the auditor will have to indicateexactly which obligation(s) the custodian has not complied with.1.2.2.2. Computer SystemsAs regards computer systems, the auditor will give a brief description ofthe software used by the custodian.The auditor must indicate whether, during the financial year underreview, significant changes have occurred with regard to the computersystem and whether problems were encountered at the time of migrationfrom one system to another.The auditor must give its opinion on the adequacy of the computersystem and the available human resources for ensuring the properexecution by the credit institution of its contractual obligations towardsthe UCI concerned.1.2.2.3. Result of the reconciliationsThe auditor must indicate whether the custodian has established proceduresconcerning the reconciliation of positions accounted for by theUCI and those registered with the custodian. It will also give an opinionon the adequacy of those procedures.The auditor must give its opinion on the results of the reconciliationbetween the positions accounted for by the UCI and the positions registeredwith the custodian.In case the auditor would during its audit identify serious problems asregards the reconciliation between the positions accounted for by theUCI and those registered with the custodian, the auditor must give adetailed description of the problems in the long form report.1.3. Relationship with the management companyThe auditor verifies whether the management company assumes itsfunctions in compliance with legal and contractual obligations.It indicates in its long form report which functions are performed bythe management company on behalf of the UCI. To the extent thatthe management company performs all or part of the administrationfunctions, the auditor has to proceed as provided for under item 1.,paragraph 1.1.1. or 1.1.2. hereabove.In case the auditor becomes aware of major problems, it has to providea detailed description of those problems in the long form report of theUCI.168
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Undertakingsfor collective investme
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Published by the SOCIETE DE LA BOUR
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TABLE OF CONTENTSLAW DATED 20 DECEM
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Chapter E. Rules concerning the dep
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CSSF CIRCULAR 03/88 OF 22 JANUARY 2
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law dated 20 December 2002 relating
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annual accounts of certain types of
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25) a “UCITS home Member State”
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Art. 5Art. 6Art. 7Art. 8Art. 9Chapt
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commercial companies, as amended. T
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d) where the CSSF withdraws its aut
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The applicant shall be informed, wi
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Art. 30 (1) If the capital of the S
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Art. 40 Articles 26, 27, 28 with th
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(2) However:a) a UCITS may invest n
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Companies which are included in the
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Art. 48 (1) An investment company o
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Art. 54Art. 55Art. 56Art. 57In the
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contributed by them and whose right
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(4) Where the maximum percentages f
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y a supervisory authority set up by
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- For the purpose of this paragraph
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(2) Any change of external auditors
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Art. 86g) the mandate shall not pre
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) a programme of operations stating
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Art. 92(2) The CSSF will grant auth
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of professional secrecy provided fo
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The communication of information by
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The Court shall decide as to the ex
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(6) The Court’s decisions pronoun
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(2) The full prospectus shall conta
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The CSSF may request an auditor to
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(2) any person who has issued or re
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Art. 130Art. 131(3) Are exempt from
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Chapter 21. - Transitional and repe
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ANNEXE ISchedule A1. Information co
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1. Information concerning thecommon
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5. Other investment information:5.1
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- distributions and income reinvest
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- when and how dividends on units o
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GRAND-DUCAL REGULATION OF 14 APRIL
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Grand-Ducal Regulation of 08 Februa
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(c) financial instruments which ful
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(b) updates of the information refe
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Article 9Financial indices1. The re
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2. The reference in the first inden
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CHAPTER APURPOSE AND SCOPE OF THE L
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If the review of the application fi
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The following types of UCITS are co
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CHAPTER DRULES CONCERNING THE CENTR
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- the central administration must b
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For the purposes of the processing
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Considering the above, a derogatory
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CHAPTER ERULES CONCERNING THE DEPOS
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conformity of a decision taken by t
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- liability of the depositary for t
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It follows that the authorised inve
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CHAPTER GRULES APPLICABLE TO UCITS
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CHAPTER HRULES APPLICABLE TO ALL UC
Page 120 and 121: Subject to the conditions specified
Page 122 and 123: 4. Repurchase agreements.UCITS may
Page 124 and 125: 2. Investment restrictions.The inve
Page 126 and 127: 3. Borrowings.The UCI may only borr
Page 128 and 129: 4. Special regulations.Apart from t
Page 130 and 131: CHAPTER JRULES APPLICABLE TO MULTIP
Page 132 and 133: However, this difference of value o
Page 134 and 135: CHAPTER LINFORMATION AND ADVERTISEM
Page 136 and 137: The auditor’s report provided for
Page 138 and 139: CHAPTER MFINANCIAL INFORMATION 129
Page 140 and 141: VII. Identification numberThe CSSF
Page 142 and 143: CHAPTER OMARKETING RULES APPLICABLE
Page 144 and 145: APPENDIXTo be forwarded to theCommi
Page 146 and 147: Unless provided differently in thei
Page 148 and 149: (a) The information to be furnished
Page 150 and 151: In those circumstances, it is in pr
Page 152 and 153: The conclusions of the external aud
Page 154 and 155: The tolerance levels which are prov
Page 156 and 157: Such UCIs have to comply with the p
Page 158 and 159: D. Additional Investment Restrictio
Page 160 and 161: The UCI can either act as buyer or
Page 162 and 163: CSSF Circular 02/81 of 6 december 2
Page 164 and 165: I. MandateThe auditor is appointed
Page 166 and 167: In the long form report, the audito
Page 168 and 169: For common funds the management of
Page 172 and 173: 1.4. Relationship with other interm
Page 174 and 175: - market risk- settlement risk- for
Page 176 and 177: 4. Complaints from investorsThe aud
Page 178 and 179: CSSF Circular 03/87 of 21 january 2
Page 180 and 181: B. Provisions concerning management
Page 182 and 183: UCIs established prior to 1 January
Page 184 and 185: UCITS subject to Part I of the law
Page 186 and 187: Also covered by this category are U
Page 188 and 189: It is strongly recommended that UCI
Page 190 and 191: Finally, the transitional provision
Page 192 and 193: The management company’s and the
Page 194 and 195: in the delegation agreement by mean
Page 196 and 197: Especially, the activity programme
Page 198 and 199: Annex 1Table SG 1ACompany:Person in
Page 200 and 201: Annex 3Table SG 1CCompany:Person in
Page 202 and 203: Annex 5Table SIAG 1ACompany:Status:
Page 204 and 205: CSSF CIRCULAR 03/122 of 19 December
Page 206 and 207: If the UCITS is established as a UC
Page 208 and 209: CSSF Circular 04/146 of 17 June 200
Page 210 and 211: If intermediaries in charge of the
Page 212 and 213: CSSF CIRCULAR 05/177 of 6 April 200
Page 214 and 215: analysed on a case by case basis, c
Page 216 and 217: The following extracts, which are o
Page 218 and 219: This circular does not apply to com
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The same principles apply to the ap
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CSSF Circular 07/277 OF 9 January 2
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The attestation letter discloses al
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Annex 1.List of documents that a UC
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Annex 3.Specific information on the
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used pursuant to Article 41 (1) g)
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At the very least, the Commission e
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If UCITS are authorised to avail th
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When the reasons put forth by the U
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• is valued at market price, at a
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• hold in its portfolio the under
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UCITS Risk Market Limit (*) Referen
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AppendicesAppendix 1: Determination
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Appendix 2: Criteria governing the
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Before using the model for the firs
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CSSF CIRCULAR 08/339 OF 19 February
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CSSF CIRCULAR 08/356 OF 4 June 2008
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In case of a standardised securitie
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3. Periodical information of the pu
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The risk exposure to a single count
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The reinvestment of cash received a
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191, 192, 193, 194, 201, 204, 205,
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Option…………………… 67,
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Third country…………………
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law of 20 December 2002 - Alfi

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