Further legal and regulatory developments
ESMA issued a report on sanctions imposed under AIFMD
On 18 July 2023, the ESMA published its 2022 reports on sanctions under AIFMD (the “Report”).
The Report show a consistent pattern since 2013 for the AIFMD. It appears that a few NCAs issue most sanctions, while overall sanctions at the national level remain stable and low.
According to the Report, in 2022, ten NCAs issued a total amount of AIFMD penalties of €2.5M (down from €42.9M in 2021), with 60% of the total amount of penalties imposed by a single NCA. It would therefore appear that compliance with the AIFMD rules has improved overall, since the issued fines are not even one tenth of the number of fines for the previous period.
CSSF circular on AIFMs’ self-assessment questionnaires
On 26 July 2023, the CSSF published a new circular, the CSSF Circular 23/839, which updates CSSF Circular 21/789 regarding the self-assessment questionnaires to be submitted annually by AIFMs (the “Circular”).
The Circular removed the requirement for the AIFMs to transmit spontaneously information to the CSSF in case their approved statutory auditor (réviseur d'entreprises agréés) issues a modified audit opinion.