UCI Reports foreseen by Circular CSSF 21/790 for year-ends 31 January 2026, 28 February 2026, 31 March 2026 and 30 April 2026 now available on eDesk and information on main updates
Executive Summary
This CSSF communiqué announces the availability of updated UCI Reports (SAQ, SR, and ML) under Circular CSSF 21/790 on the eDesk platform's CISERO module for specific 2026 year-ends, with key enhancements focused on valuation, NAV determination, and risk-based streamlining. It matters for Luxembourg UCIs as it reflects evolving supervisory priorities, aligns with EU directives like Directive (EU) 2024/927, and imposes refined self-assessment obligations to bolster resilience in stressed conditions and liquidity management. #
What Changed
- SAQ Updates (Valuation Section): New questions on valuation policies for stressed market conditions/exceptional circumstances; coverage for new sub-funds/strategies; independent validation of material valuation models; and risk-based backtesting for model-valued investments comprising significant NAV portions. - SAQ Simplifications and Clarifications: Removed questions on sub-funds with significant non-standard OTC derivatives, unquoted assets, or external valuer OTC FDIs (including NAV proportions); refined wording on conflicts of interest; added sub-questions (e.g., stale valuations); updated tooltips; limited some questions to open-ended UCIs via risk-based approach (closed-ended UCIs still expected to meet standards). - SAQ NAV Determination: Updated Liquidity Management Tools (LMTs)
What You Need To Do
- Access updated Reports on eDesk CISERO module immediately and review changes vs
- Update valuation policies/procedures to explicitly cover stressed conditions, new sub-funds/strategies, model validations, and backtesting; document compliance
- Revise NAV processes for LMT alignment with Directive (EU) 2024/927 Annexes and ESMA performance fee guidelines; confirm for open-ended UCIs
- Dirigeants/management
- Train staff on updates; conduct gap analysis on policies (e
- Monitor eDesk for future Reports (three months pre-year-end)
Key Dates
Compliance Impact
Urgency: High – Immediate access required for imminent submissions (e.g., 31 January 2026 year-end due ~June 2026); new valuation questions demand policy reviews to avoid supervisory findings, especially amid stressed markets; SR simplifications reduce burden but shift focus to SAQ self-assessment, heightening dirigeants' accountability. Non-compliance risks CSSF follow-up on modified audits or we
Who is Affected
Summary
No description available.