The Financial Sector Supervisory Commission (CSSF) announced in a that it had imposed an administrative fine on the investment fund manager Petricca & Co Capital S.A. for “noncompliance with the professional obligation related to the transmission of year-end documents.” The €14,000 fine was imposed on 21 February 2024.
“Circular CSSF 18/698 regarding the authorisation and organisation of investment fund managers incorporated under Luxembourg law requires Luxembourg-based investment fund managers authorised by the CSSFto submit certain reports, notably the annual report according to the practical rules defined in Circular CSSF 19/708 regarding the electronic transmission of documents to the CSSF,” noted the financial regulator in its communiqué. “Circular CSSF 21/789 (as amended by Circular CSSF 23/839) details the procedures for preparing and transmitting, among other things, the management letter and the separate report.”
In this case, the reports related to the closing of the annual accounts on 31 December 2022 had to be submitted to the CSSF by 31 July 2023. But the investment fund manager did not do so. The CSSF then followed up with Petricca & Co Capital, asking it to submit the missing reports. “Despite this reminder, the CSSF had to note the non-submission of the said reports on 21 February 2024.”
Paperjam contacted Petricca & Co Capital for comment. In his reply, CEO Stefano Petricca said: “Petricca & Co Capital S.A. acknowledges the CSSF's decision regarding the late closure of our annual accounts for 2022. We fully respect the regulatory framework under which we operate and are committed to maintaining the highest standards of compliance and governance. The delay in finalising our annual accounts for 2022 was an isolated incident; the people who were in charge are no longer part of our team, and this incident does not reflect our ongoing commitment to operational excellence.”
“We have taken this matter very seriously and have already implemented enhanced internal procedures and controls to ensure the timely preparation and submission of future annual accounts. The 2023 annual accounts are published. We sincerely regret any inconvenience caused and remain dedicated to upholding our stakeholders’ trust and the CSSF’s confidence. We also continue to strive for transparency and excellence in all aspects of our operations and are working closely with the CSSF to ensure compliance with all applicable regulations,” added Petricca.