CSSF Reform Of The Long Form Report

With a view to improving its risk-based supervision, the CSSF published three Circulars for prudential and AML/CFT purposes at the end of December 2021. These circulars modify (and replace) the requirements set forth in the updated CSSF Circular 02/81 of 6 December 2002 on the Guidelines concerning the task of auditors of UCITS and Part II UCIs¹ (requiring the preparation of the so-called "Long Form Report") and extend the revised requirements to other regulated entities (SIFs, SICARs and investment fund managers ("IFMs")).

The three new CSSF Circulars are listed below:

• Circular CSSF 21/788 introduces a new AML/CFT external report to be prepared by the approved statutory auditor (réviseur d'entreprises agréé), as referred to in Article 49 of the CSSF Regulation 12-02 on the fight against money laundering and terrorist financing, as amended.