Depositary Banking & Custody Services
End-of-year fund inventory process: practical guide ABBL
Published on 11 June 2021
Developed by the ABBL Depositary Banking Cluster following discussions with the CSSF, the guide provides market best practices to help members meet inventory statement requirements under Luxembourg regulatory and audit frameworks.
Summary
At the end of the fund’s financial year, fund depositaries are required to provide a complete inventory statement of assets. This obligation, defined in CSSF circulars 16/644 and 18/697, comes in addition to the requirements of the 2010 Law and the AIFMD Framework, as well as the Luxembourg audit confirmation process, whereby the fund’s auditors request certain information directly from the fund’s depositary.
In view of the differing interpretations of depositaries and auditors regarding the inventory requirements set out in the circulars, the ABBL’s Depositary Banking Cluster has created a practical guide to clarify the inventory process and provide ABBL members with market best practices.
The ABBL also asked the CSSF to clarify certain points regarding these inventory requirements. This resulted in the publication of a CSSF circular in December 2020, which served as the basis for this ABBL practical guide. We would like to thank the members of the working group for their technical expertise in the discussions leading to the publication of this guide.
Discover the guide – Reserved for members of the ABBL only
Sandrine Roux
Secretary General, ABBL
Published on 11 June 2021