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ARTICLE · 11 APRIL 2024

New CSSF Circular On NAV Calculation Error And Other Breaches

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On 28 March 2024, Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF") published a new circular (Circular CSSF 24/856, the "Circular")...

European UnionFinance and Banking
Johan Terblanche
Johan Terblanche
Michelle Barry
Michelle Barry
Manfred Dietrich
Manfred Dietrich
Jennifer Burr
Jennifer Burr
Donnchadh McCarthy
Donnchadh McCarthy
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On 28 March 2024, Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF") published a new circular (Circular CSSF 24/856, the "Circular") for undertakings for collective investment subject to supervision by the CSSF ("UCIs") and investment management professionals operating in Luxembourg. The Circular details the guidelines to be observed in the event of errors in the management of such UCIs.

More specifically, these guidelines relate to errors in the calculation of the net asset value ("NAV") of a UCI, breaches of the investment rules applicable to UCIs as well as other errors at the level of a UCI as stipulated in the Circular.

The Circular repeals CSSF Circular 02/77 on the protection of investors in case of NAV calculation error and correction of the consequences resulting from the breach of the investment rules applicable to UCIs ("CSSF Circular 02/77").

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