On 7 May 2020, the Luxembourg Parliament passed the draft law n°7540 which relates to the extension of certain deadlines relating to accounting obligations of entities of the financial sector, including, inter alia, SICARs, SIFs and UCIs, in order to take into account the exceptional circumstances caused by COVID-19 (the "Law n°7540").
As a result of various comments made by the State Council on 3 and 23 April 2020, the scope of the Law n°7540 is tighter than the one expected in the initial draft law as the RAIF, the SICAR (Part II) and the SIF (Part II) are no longer covered.
Deadlines - Legal extension
The Law n°7540 intends to extend the following deadlines:
- SICARs not falling within the scope of the Luxembourg SICAR law dated 15 June 2004, Part II – The deadline so as to make the annual reports, together with the report of the réviseur d'entreprises (statutory auditor), available to investors is extended from 6 months to 9 months, as from the end of the period to which these reports relate;
- SIFs not falling within the scope of the Luxembourg SIF law dated 13 February 2007, Part II – The deadline so as to make the annual report available to investors is extended from 6 months to 9 months, as from the end of the period to which the report relates;
- UCIs Part II – The deadline so as to publish the half-yearly report is extended from 3 months to 6 months, as from the end of the period to which the report relates.
As a result, for instance, the annual report as at 31 December 2019 that should in principle be submitted to investors for 30 June 2020 at the latest, shall be provided for 30 September 2020.
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Originally published 8 May 2020
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