14-12-2022 - Cédric LEROY, Kirtana BHOOJEDHUR

A fresh take on the administration of investment funds


January 1991 was the date when was last drafted the circular detailing the framework around the administration of Undertakings for Collective Investments (hereafter “UCIs”). Ever since, there have undoubtedly been changes in legislations, technology and in the market, hence, explaining CSSF’s decision to review the current rules.

For those not very familiar with the terms UCI or even administration, UCIs would be defined as investment funds while their administration would broadly encompass three categories of services, including (1) the registrar function involving the update and maintenance of the shareholders register, (2) the NAV calculation and accounting function, entailing all aspects around ensuring that the UCI’s NAV is accurate and (3) client communication, comprising the handling of confidential information and correspondence for investors.

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