On 7 November 2019, Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (the "CSSF"), issued a press release regarding the availability of two AML/CFT investment market entry forms on the CSSF's website. The purpose of the forms is to collect standardised key information in relation to: (i) the money laundering and terrorist financing risks ("ML/TF risks") to which all professionals supervised by the CSSF are exposed; and (ii) the measures put in place to mitigate these ML/TF risks.
This latest press release follows the publication of an earlier press release in which the CSSF informed market participants that it had put in place an AML/CFT Investment Fund questionnaire. The questionnaire had to be completed and submitted as part of each application to establish a Part II UCI1, SIF2, SICAR 3 or ELTIF4.
The CSSF has since updated the questionnaire, including to rename it and to expand the number of entities to which it applies. The Investment Fund AML/CFT market entry form now applies to all funds supervised by the CSSF, i.e. UCITS5, Part II UCI, SIF, SICAR, ELTIF, EUSEF6, EUVECA7 and MMF8 (each an "In-scope Entity").
As noted earlier, the questionnaire must be completed and submitted as part of each application to establish an In-scope Entity. It must also be renewed when seeking the CSSF's approval for the setting up of an additional sub-fund in an In-scope Entity that is structured as an umbrella fund.
In addition to updating the Funds AML/CFT market entry form, the CSSF also published a new form – the Investment Fund Managers AML/CFT market entry form.
The Investment Fund Managers AML/CFT market entry form must be completed and submitted as part of an application to establish an authorised or registered investment fund manager ("IFM"). It must also be renewed when seeking the CSSF's approval in respect of an additional licence, a licence extension or a change in the shareholder structure of the IFM.
1 Collective investment undertakings governed by Part II of the law of 17 December 2010 relating to undertakings for collective investment
2 Specialised Investment Fund (fonds d'investissement spécialisé)
3 Investment Company in Risk Capital (société d'investissement en capital à risque)
4 European Long-Term Investment Fund
5 Undertakings for Collective Investment in Transferable Securities
6 European Social Entrepreneurship Fund
7 European Venture Capital Fund
8 Money Market Funds
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