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Purpose of U 1.1 Reporting

The primary purpose of U 1.1 reporting is to provide the CSSF with data required for its statistical and supervisory functions. Introduced by CSSF Circular 15/627, this reporting framework modernises and expands the existing monthly financial reporting obligations for Luxembourg investment funds.

The circular introduces several key changes:

• Expanded scope to additional fund types

• Enhanced data requirements, including operational results and share-class level data

• Standardised XML reporting format

• New reporting concepts, including reporting status and functional fund data

The first mandatory U 1.1 report applied to the reference date of 30 June 2016, with a submission deadline of 10 calendar days after month-end.

For umbrella structures, each sub-fund must submit a separate report.

1. Legal Basis and Regulatory Background

CSSF Circular 15/627 is based on the following legal provisions:

• Article 147 of the Law of 17 December 2010 (UCI Law)

• Article 58 of the Law of 13 February 2007 (SIF Law)

• Article 32 of the Law of 15 June 2004 (SICAR Law)

The objective is to enhance the content, scope, and technical format of monthly regulatory reporting for Luxembourg investment funds.

2. Scope and In-Scope Entities

U 1.1 reporting applies to the following Luxembourg-domiciled investment vehicles:

• Undertakings for Collective Investment in Transferable Securities (UCITS)

• Part II Undertakings for Collective Investment (Part II UCIs)

• Specialised Investment Funds (SIFs)

• Investment Companies in Risk Capital (SICARs)

Umbrella Funds

For umbrella structures, reporting must be completed at sub-fund level only.
No consolidation is required at the umbrella entity level.

3. Transition from Previous Reporting Frameworks

U 1.1 reporting is an evolution of the former monthly O 1.1 financial reporting, previously governed by:

• LMI Circular 97/136

• CSSF Circular 07/310, as amended by Circular 08/348

With the implementation of Circular 15/627:

• The obligation to submit the O 1.1 table was repealed

• The repeal became effective from the June 2016 reporting period

4. Key Enhancements Introduced by U 1.1

Main Changes at a Glance

• Expanded scope
  SICARs are now explicitly included in monthly reporting.

• Enhanced financial data
  Additional information on:

  • Results of operations

  • Individual unit and share-class data

• Mandatory XML format
  Reports must be submitted in XML, based on:

  • CSSF-provided XSD schema

  • Official technical guidance published by the CSSF

• Reporting status classification
  Each submission must be identified as:

  • Final

  • Provisional

  • Null report

• Functional fund information
  Reporting now includes:

  • Fund and share-class launch dates

  • Closing dates

  • Structural lifecycle data

5. Core Reporting Rules and Submission Principles

The circular defines clear operational requirements:

• Start of obligation
  Reporting begins in the month a fund is authorised by the CSSF.

• Reference date
  The last calendar day of each month.

• Submission deadline
  Within 10 calendar days after month-end.

• Reporting period
  Each report covers one full month.

• Submission channel
  Electronic submission using CSSF-approved channels only.

• Reporting currency
  Figures must be reported in the currency defined in the fund’s constitutive and offering documents.

• Technical guidance
  Detailed reporting instructions are published on the CSSF website under the U 1.1 guidelines.

6. Implementation Timeline and Transitional Measures

• First mandatory report
  Reference date: 30 June 2016

• Repeal of previous requirements
  Monthly O 1.1 reporting under prior circulars ended with the June 2016 period.

• Entry into force
  Circular 15/627 became effective immediately upon publication on 3 December 2015.