On 3 January 2017, the Commission de Surveillance du Secteur
Financier (CSSF) published a press release introducing a form
file for the transmission of notifications in the framework of Circular CSSF 02/77 on NAV
calculation errors and non-compliance with the investment
The form file applies to Undertakings for Collective Investment
(UCI) subject to the Law of 17 December 2010 (both UCITS and
so-called "Part II" funds) and Specialised Investment
Funds (SIF) subject to the Law of 13 February 2007. The form file
is in Excel format and aims to collect all necessary information to
the CSSF in case of NAV calculation errors and non-compliance with
the investment rules.
The form file will need to be transmitted electronically to the
following address: email@example.com. The new
procedure of notification applies from now on. However,
notifications sent to the CSSF in another format rather than Excel
format will be accepted until 1 March 2017. The use of the new form
file will become mandatory after the aforementioned date.
The form file is available to download on the website of the
CSSF at the following web link.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The SuperReturn International series consists of 15 annual international private equity & venture capital events held in Europe, Asia, Africa, Middle East and the US. This happens to be the European event for the year. Spread across five days, starting from 27 February, the largest private equity event worldwide will take place in Berlin this year.
Some of the main subjects being discussed at this year’s conference are; The Geopolitical and Economical happenings of the last 12 months, Innovation Disruption & Tech Expertise and many more. As previously eluded to, there will be over 400 presenters, all bringing their own perspective and stance on specific topics to the table. Companies such as Google, Visa, Bloomberg and many more will all be represented throughout the five days.
KPMG Associate Partner, Nic Müller, will be speaking on 28 February at 3pm: “Why invest in the mid-market today”.
Given the societal challenges and environmental issues we currently face, the circular economy concept has rapidly been gaining in importance. This is why the Luxembourg government is pressing ahead in setting up the framework for the third industrial revolution, in which a circular economy is a key pillar.
The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.
In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
Prime Minister Freundel Stuart has reiterated that Government is continuing to keep the "ship of state" steady and on a growth path in a still volatile global economic environment.
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