RIF GUI – Statistical Reporting of Investment Funds
BCL
These instructions specify the information to be collected, the formats and rules of the reports to be produced, as well as the procedures for transmitting these reports to the BCL.
U IT offers a solution called “RIF GUI” for the input and generation of reports, as well as comprehensive technical expertise for the configuration and support of the transmission tool that will be used to submit them.
The remainder of this article describes the conditions and usefulness of this data collection, details the reports concerned, and provides a practical overview of how to generate and transmit these reports to Luxembourg.
Conditions and purpose of this data collection
Statistical reporting of investment funds applies to all funds resident in Luxembourg, including regulated funds (UCITS, SIF, SICAR, etc.) and certain unregulated alternative funds (NAFs) when their total assets exceed a threshold determined by the BCL.
The main objectives are to:
Enable the BCL to obtain reliable statistical data on the positions, asset holdings and flows of investment funds;
Monitor the evolution of balance sheets and portfolios by breaking down information by country, currency, sector, etc.;
Analyse the securities held and issued by these funds at a granular level;
Ensure consistency of the data used for macro-prudential analysis and European statistics.
The collected data are integrated into the Eurosystem’s statistical framework under the responsibility of the BCL
S 1.3 & S 2.13 – Monthly and quarterly statistical balance sheets
Reports S 1.3 (monthly) and S 2.13 (quarterly) provide a comprehensive view of the assets and liabilities of investment funds according to various criteria (country, currency, sector, maturity).
S 1.3: statistical balance sheet to be submitted monthly, generally within 10 to 20 working days after the end of the period;
S 2.13: statistical balance sheet to be submitted quarterly, within the same deadlines after the end of the quarter.
These reports require a detailed breakdown of balance-sheet items, with totals balanced between assets and liabilities, covering debts, securities held, cash, etc.
S 1.6 – Information on valuation effects
Report S 1.6 supplements the balance sheets by providing information on valuation effects of non-monetary assets (e.g. valuation changes linked to accounting or market adjustments). It is submitted at the same frequencies as S 1.3 / S 2.13 and applies to certain types of funds depending on their valuation policy.
S 2.20 – Quarterly financial information
Report S 2.20 is a new quarterly requirement designed to capture specific financial information, notably applicable to alternative funds not authorised by the CSSF (NAFs). It must be submitted within the standard deadline of 20 working days after the end of the quarter.
S 4.4 – Countries of distribution
This annual report (S 4.4) aims to provide data on the countries in which fund units/shares are marketed. As it is an annual report, its filing date is set several months after the end of the relevant financial year.
TPTOBS – Security-by-security reporting
TPTOBS is a detailed monthly declaration covering each security held or issued by the fund.
For each position, the reporting entity must provide:
The unique identification of the security (ISIN or other code);
The issuer, instrument type and market data;
Quantity, valuation and other attributes specific to the nature of the security.
This reporting breaks down balance-sheet information to provide a precise analysis of securities held and market positions.
In practice
If you are required to submit such reports to the BCL, two aspects must be considered:
The input and generation of the reports
Their transmission to the BCL
Creation des rapports
As early as 2015, U IT launched a solution enabling the input and generation of the three reports. This solution is called “RIF GUI”, where “RIF” stands for “Reporting Investment Funds” and “GUI” indicates that it is an interactive tool (GUI = Graphical User Interface).
The solution is Excel-based: three separate tools for the three types of reports, sold under an annual licence that varies depending on the number of entities subject to this reporting.
The strengths of our solution are:
Inclusion of numerous additional checks beyond those required by the BCL, minimising feedback and corrections to be made
Annual updates, with regular additions of input rules or additional checks based on BCL feedback
Addition of dedicated features (cross-checks, quick updates, automatic backups, etc.)
Use of Excel (easy to install, appreciated by users)
High-quality support
More information is available on the following of our website.
Submission of reports
Two options are available: SOFiE Sort, developed by Worldline, or e-file, developed by Fundsquare (FE Fundinfo). These two tools are known as “secure channels”. They have been in place since 2008, following a revamp of the collection of financial data from banks by the CSSF.
It is therefore necessary to open an account with one of these two applications in order to transmit these reports to the BCL.
U IT has specialised in the SOFiE Sort application and offers the following services:
Installation, configuration and commissioning of a SOFiE Sort account
Renewal of certificates (SSL, LuxTrust)
Automation (batch mode)
Any other technical assistance and/or troubleshooting (remote or on-site)
If you are required to submit these reports for your company, group, or for one of your clients, we invite you to contact us. We will take the time to answer all your questions and help you make the best choice.