Luxembourg:
UCITS: Treatment Of Breaches Of UCITS Global Exposure Limit
24 September 2021
ELVINGER HOSS PRUSSEN, société anonyme
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On 17 August 2021, the CSSF updated its FAQ on the UCI Lawin order to add four new
questions in a new Section 11 entitled "Treatment of breaches
of the UCITS global exposure limit".
The new questions bring about certain clarifications in relation
to passive and active breaches of VaR limits, notably:
- in what circumstances a breach can be considered as passive,
the actions which the CSSF expects managers to take in case of
passive breaches and confirmation that passive breaches do not need
to be reported to the CSSF;
- the information that UCITS must communicate to the CSSF upon
occurrence of an active breach of VaR limits.
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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