The Financial Sector Supervisory Commission (CSSF) announced in a  that it had imposed an administrative fine on the investment fund manager Zeus Asset Management 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 CSSF to 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, 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 Zeus Asset Management, 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,” said the press release. “Despite the discussions between the CSSF and the IFM, and due to the failure to submit the missing reports by 21 February 2024, the CSSF informed the IFM of its decision to impose this administrative fine.”

The CSSF in July 2024 of €45,900 and a warning on the investment fund manager Zeus Asset Management for “noncompliance with professional obligations related to general organisational requirements, oversight of delegates, conduct in managing a fund, acting with due care in the best interest of the fund and anti-money laundering/counter financing of terrorism.”

Paperjam has contacted Zeus Asset Management for comment.