On 25 March 2023, the Luxembourg Financial Sector Supervisory Authority (CSSF) launched a digital data collection exercise to monitor compliance with the requirements of the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
The objective is to collect, in a digital format, the information contained in the financial products' pre-contractual disclosures, which the financial market participants (FMPs) are obliged to draw-up as of 1 January 2023 following the entry into force of the Level 2 SFDR introduced by the Commission Delegated Regulation (EU) 2022/1288 on 6 April 2022 (SFDR RTS).
The CSSF requires the following investment fund managers (IFMs) to contribute:
- UCITS management companies based in Luxembourg or in another EU Member State for all Luxembourg-domiciled UCITS they manage;
- Authorised AIFMs based in Luxembourg for all regulated and unregulated Luxembourg-domiciled AIFs they manage (including ELTIFs);
- Authorised AIFMs based in another EU Member State for all regulated Luxembourg-domiciled AIFs and unregulated Luxembourg-domiciled AIFs (only if they qualify as ELTIFs) they manage; and
- Registered AIFMs 1 based in Luxembourg or another EU Member State, for all regulated Luxembourg-domiciled AIFs they manage.
The scope of information to be submitted is detailed in the user guide published by the CSSF. In principle, the data required is similar to the one already part of the pre-contractual disclosures, depending on the type of disclosure regime applicable under the SFDR RTS, for Article 6, 8 and 9 products and article 7 disclosures, respectively.
The data is to be submitted to the CSSF, without exception, regardless of the type of disclosure, by 15 June 2023.
Footnote
1 Subject to Article 3(3) of the Law of 12 July 2013 on alternative investment fund managers
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.