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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

CSSF FAQ on protection of investors in case of NAV calculation errors and investment breaches

On 7 July 2020, the Commission de Surveillance du Secteur Financier (CSSF) published a list of questions and answers in relation to the provisions of CSSF Circular 02/77 (the Circular). The Circular concerns the protection of investors in case of net asset value (NAV) calculation errors and correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment.

The purpose of the Circular is to set out the minimum rules of conduct to be followed by collective investment professionals in Luxembourg in case of errors in the administration or management of UCITS and undertakings for collective investment (UCI) for which they are responsible.  Reserved Alternative Investment Funds (RAIFs) and unregulated funds (such as special limited partnerships - SCSp) with either a sub-threshold AIFM or an authorised AIFM are not within scope.

The FAQ cover the general application of the Circular, selection of the correction method and tolerance threshold of the Circular.

The FAQ also include a very helpful decision tree for NAV calculation errors, investment breaches, and the use of the economic/accounting method, respectively. 

The list of FAQ applies to UCITS and UCI subject to part II of the 2010 Law and outlines the principles to be applied by specialised investment funds-SIFs.

CSSF FAQ can be found here.

The Circular can be found here.