Luxembourg Commission de Surveillance du Secteur Financier has made available the Self-Assessment Questionnaire, Separate Report and Management Letter for undertakings for collective investment in the CISERO module on the CSSF eDesk platform for financial year-ends of 31 January, 28 February, 31 March and 30 April 2026, alongside updates to the reporting pack compared with the templates used for a 31 December 2025 year-end. Key changes concentrate on valuation, NAV determination and expenses and income. The valuation section adds questions on stressed-market valuation processes, adequacy of valuation policies when launching new sub-funds or strategies, independent validation of material valuation models, and risk-based backtesting where a significant portion of NAV is model-valued. The SAQ is also simplified by removing certain questions relating to sub-funds with significant investments in specified asset types, while other questions are clarified or expanded, and some are limited to open-ended UCIs (without changing the expectation that closed-ended UCIs adhere to the same valuation standards). The NAV determination section updates the Liquidity Management Tools sub-section by aligning the list of tools with the Annexes of the AIFM/UCITS Review Directive, which applies from 16 April 2026. In expenses and income, the templates further specify expectations for the formalised costs and fees proportionality assessment, add a check on whether it was discussed in a formal management meeting, and introduce a question on compliance with ESMA performance fee guidelines. For the Separate Report, auditor procedures have been streamlined on a risk-based basis, including the removal of selected procedures in investment compliance, valuation, NAV determination (including LMT framework and application) and disclosure, with further targeted scope and sampling adjustments. Reports for financial year-ends after 30 April 2026 will be made available three months before the relevant year-end, and the updated forms can be viewed via “Download empty forms as PDF” in the CISERO Dashboard.
Luxembourg Commission de Surveillance du Secteur Financier 2026-02-09
Luxembourg Commission de Surveillance du Secteur Financier updates CISERO UCI reporting templates with new valuation, liquidity tool and fee assessment questions
The Luxembourg Commission de Surveillance du Secteur Financier has updated the Self-Assessment Questionnaire and reporting pack for collective investment undertakings on the CSSF eDesk platform for financial year-ends in early 2026. Key changes include enhanced valuation questions, updates to NAV determination aligning with the AIFM/UCITS Review Directive, and refined expenses and income templates. Auditor procedures in the Separate Report have been streamlined on a risk-based basis, with adjustments in investment compliance and disclosure.