CSSF Update – New Circular on NAV Error – CSSF Circular 24/856
The New CSSF Circular 24/856 replacing Circular 02/77 as from 1st of January 2025, introduces changes on the following main points :
– Responsability of UCI’s governing body to prevent errors/non-compliance
– Implementation of New Errors
– Obligation of the responsible person to compensate the fund for the errors occured
Viviane de Moreau d’Andoy | Meschac Felisma | Guillem Vidal
Understanding the key changes in AIFMD II : enhancing cross-border operations and governance
Following extensive discussions and negotiations, on 20 July 2023 the European authorities [the Council of the EU and the European Parliament] reached a political agreement on the revision of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), leading to the issuance of AIFMDII on 7 February 2024.
These amendments aim to harmonise existing regulatory practices, ensuring robust governance and investor protection while facilitating cross-border operations of alternative investment funds (AIFs) and their managers (AIFMs). After publication in the EU’s Official Journal on 26 March 2024, AIFM2.0 will come into force on 15 April 2024. EU member States have two years to implement the directive.
Let’s delve into the significant changes introduced by AIFMD II across various aspects of alternative investment management :
- Enhanced cross-border possibilities for depositaries
- Ancillary Services Expansion
- Enhanced AIFM Authorisation Requirements
- Regulation of AIFs with Lending Activities
- Liquidity Management Tool
Viviane de Moreau d’Andoy | Meschac Felisma | Guillem Vidal