As a reminder, the Benchmark Regulation (Regulation (EU) 2016/1011) has been applicable to UCITS and certain AIFs since 1 January 2018 and has been supplemented in Luxembourg by an implementing law ("Benchmark Law") which was published on 19 April 2018.
In that context and in order to enable the CSSF to effectively perform its supervision function, a dedicated benchmark questionnaire has been added to the list of documents and information that all UCITS management companies ("UCITS ManCos") and alternative investment fund managers ("AIFMs") must give to the CSSF in view of the authorisation of a new fund or sub-fund. For funds or sub-funds using a benchmark within the meaning of the Benchmark Regulation, the CSSF expects this questionnaire to be completed once the prospectus is filed with the CSSF for review.
UCITS ManCos and AIFMs must notably confirm that (i) the administrator(s) and the related used benchmark(s) (if applicable) are listed on the ESMA benchmark register, (ii) robust written plans, setting out the actions to be taken should a benchmark materially change or cease to be provided, are established and maintained, and (iii) those procedures are reflected in the contractual relationship with clients.
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.