, which was imposed on 29 November 2022, follows an on-site inspection carried out by the CSSF, during which the regulator identified “isolated failures to comply with the provisions of the law relating to general requirements on procedures and organisation and requirements in terms of rules of conduct.”

To determine the amount of the fine, the CSSF noted that it took into consideration the actions that the manager has already taken, and plans to take, in order to address the deficiencies identified by the CSSF.

Luxcellence, which acts as a Ucits management company, an authorised alternative investment fund manager (AIFM) and a third-party service provider of risk management service, was incorporated in January 1994. Luxcellence is part of Caceis Group, the asset servicing banking group of Crédit Agricole and Santander.

Delano reached out to Luxcellence and Caceis Group for a comment, but given the bank holiday, had not yet received a response at the time of publication.