On 13 February, the Commission de Surveillance du Secteur Financier (CSSF) launched the first stage of the Common Supervisory Action (CSA) in accordance with the European Securities and Markets Authority’s (ESMA) announcement for a CSA with the National Competent Authorities on the supervision of UCITS’ managers’ liquidity risk management across the European Union.

CSSF is asking a large sample of Luxembourg-based UCITS managers to complete, by 13 March 2020 at the latest, a dedicated questionnaire for all UCITS managed, ie Luxembourg domiciled UCITS and foreign domiciled UCITS. All concerned Luxembourg-based UCITS managers were contacted by the CSSF in that context.

In order to benefit from a secured exchange platform and pre-submission data quality checks, the response questionnaire will have to be submitted by the UCITS managers through the CSSF’s eDesk portal. For that purpose, a dedicated section to complete this questionnaire will be accessible in the eDesk portal shortly.

Compliance with the UCITS liquidity risk management rules is the key to ensure financial stability, investor protection and the orderly functioning of financial markets.

CSSF’s announcement can be found here.

ESMA’s press release can be found here.