AGEFI Luxembourg - juillet août 2025

Juillet / Août 2025 25 AGEFI Luxembourg Fonds d’investissement A vec plus de 76millions d’euros engagés en 2024, la SociétéNationale deCrédit et d’Investissement (SNCI) confirme son rôle de catalyseur de croissance pour les entreprises luxembourgeoises. Le rapport annuel publié le 25 juin revient sur une année dynamique, marquée par un soutien renforcé aux PME et une implication croissante dans les secteurs innovants. Dans un environnement économique incertain, marqué par les tensions géopo- litiques, la hausse des besoins d’investis- sementstechnologiquesetlesenjeuxliésà la transition écologique, la SNCI a pour- suivi et renforcé son action pour soutenir la compétitivité, l’innovation et la durabi- lité des entreprises luxembourgeoises. En 2024, les quatre programmes proStart, proDevelop, proInnovate et proTransfer, conçus pour accompagner les entreprises à chaque étape de leur développement, ont notamment permis de soutenir des projets de croissance, d’innovation et de transmission pour un montant total de plus de 76millions d’euros. Plus de 95 % de ces financements ont bénéficié à des petites etmoyennes entreprises. Un soutien ciblé au secteur de la construction Faceàlacrisedusecteurdelaconstruction, la SNCI a lancé dès septembre 2023 un FinancementSpécialAnti-Crise,prolongé jusqu’en décembre 2025. Huit entreprises dusecteurontdéjàbénéficiédecesoutien. Par ailleurs, laSNCI a rejoint, aux côtésde partenaires bancaires luxembourgeois, le capital de Prolog Luxembourg S.A., avec uneparticipationde17,65%,danslecadre d’une initiative globale de 250 millions d’euros visant à stabiliser le secteur. Des investissements stratégiques et axés sur l’innovation L’année 2024 a vu le déploiement continu du Luxembourg Future Fund 2 (LFF 2), dotéde200millionsd’euros,dont160mil- lions engagés par la SNCI. Géré par le FondsEuropéend’Investissement(FEI),le LFF2élargitlechampd’actiondesonpré- décesseur en soutenant des entreprises industrielles et de services plus matures qui cherchent à se développer par l’inno- vation (au sens large, y compris les entre- prises plus traditionnelles) et les fonds de type dette et/ou capital accompagnant le développement des PME. Le LFF 1, bien que clôturé à l’investisse- ment depuis 2022, a poursuivi ses inves- tissements de suivi pour atteindre un total de 140 millions d’euros. Son porte- feuille compte 12 investissements au 31 mars 2024. Enparallèle,laSNCIpoursuitsesengage- ments dans les fonds Orbital Ventures S.C.A.SICAVRAIF(spatial)etDigitalTech Fund (ICT), soutenant ainsi des start-ups activesdansdessecteurscommelespatial, la cybersécurité, le big data, la fintech, la healthtechou encore l’Internet des objets. Lancement d’unprocessus de réflexion stratégique pour les années à venir La nouvelle Direction autorisée, sous la responsabilité du Conseil d’administra- tion de la Banque, accompagnée par des conseillers indépendants, a lancéunpro- cessus de réflexion stratégique dès mai 2024. Ce processus aboutira dans l’im- plémentation d’un plan d’action qui englobera les contributions et vues des parties prenantes internes et externes de la Banque. Les travaux se poursuivront au cours de 2025 avec la mise en œuvre des premières actions au cours du pre- mier semestre. Dans le contexte de sa volonté d’étendre son rayon d’action la SNCI a sensible- ment augmenté ses effectifs en recrutant 10 personnes en 2024. L’équipe continue à être renforcée en 2025. Rapportannuel2024 :https://lc.cx/fRCsjV Rapport annuel 2024 de la Société Nationale de Crédit et d’Investissement (SNCI) : Un soutien renforcé aux entreprises luxembourgeoises 2 420 W hen theCommissionde Surveillance duSecteur Financier (CSSF) issues a letter to an investment fundmana- ger (IFM) about an on-site inspec- tion, the seniormanagement and board canbe caught completely off guard. To prevent this, IFMs shouldunderstand theCSSF’s role and implement several proactive steps to enhance their readiness for inspection. UnderstandingCSSF supervision AsLuxembourg’snationalcompetentau- thority(NCA)overthefinancialsector,the CSSF supervises financial entities using two processes: off-site and on-site. The off-site supervision includes examining periodic and ad-hoc reports and main- tainingdialoguewith the entities. On-site inspection (OSI) includes specific inspec- tions on certain topics and themes. Both supervisorymechanisms help ensure the integrity, stability and efficiency of Lux- embourg’s financial market. TheCSSF’s authority to conduct these in- spections on IFMs is conferredbyArticle 147 of the 2010 LawandArticle 50 of the 2013 Law, where on-site inspections can be made with or without prior an- nouncement. The objective of an on-site visit is to ensure the IFM’s activities are compliant with its applicable legal and regulatory framework. Key regulatory areas and critical aspects like internal governance,AML/CFT, val- uation, delegation, risk management, and portfolio management are closely examined. This detailed review im- proves investor protection and bolsters the country’s reputation. On-siteinspectionscaninvolvevariousac- tivities; these include interviewing con- ducting officers and board members, observing operational processes, testing samples based on evidence, and review- ingpolicies,proceduresandotherrelevant documents. IFMinspection selection criteria If an investment fund manager has been selectedforanOSI,itisgenerallytheresult of a risk-based approach designed to de- tect specific patterns that may influence the organization’s risk profile and—to someextent—theintegrityofthefinancial market inLuxembourg. The CSSF may focus on IFMs that are mostatriskforregulatorycomplianceand reputationissues.Insomecases,thesever- ity of a specificmattermay lead theCSSF toconductanunannouncedvisit,whilein other instances, inspections may happen due to findings from off-site supervision orinconsistentinformationfromdifferent sources or reports, including those pro- ducedby internal control functions. It is also possible that the CSSF may se- lect IFMs based on their total assets under management and the number of its funds under management; the regu- lator may also do a historical analysis of these two criteria. An OSI follows a standard format based on guidelines, outlining key inspection steps from the start until the “right to be heard” after theCSSF shares its findings. Regardlessoftheirapplicableregulatory regime, IFMs can take ten proactive measures to prepare and respond effi- cientlytotheCSSF’srequestsduringthe on-site inspection. Improve internal readiness The IFM should always be prepared for an inspection. Conducting officers and boardmembersshouldundertakeinternal gap assessments against applicable laws, regulations, circulars, frequently asked questions,andvariousguidelinestocheck readiness. They should be capable of demonstrating their oversight, decision- making, and recordkeepingpractices. Conducting officers should proactively preparepresentationsfortheCSSFinspec- tion team, covering the IFM’s internal or- ganization, operating model, and activities. The Association of the Luxem- bourgish Fund Industry (ALFI) (1) pub- lishedanextensiveoutlinewhichisworth reviewing.Itincludesimportantdetailsto present at the inspection kick-offmeeting and lists the documents commonly re- quested by the CSSF during on-site gov- ernance andAMLon-site inspections. Training sessions, particularly readiness assessments, couldgreatlyhelpmembers and conducting officers prepare for CSSF’s potential questions. Ensure strong document storage Organized recordkeeping and proper storage of IFM documents and informa- tion on its funds under management are crucial for quick access during CSSF re- views. Due to limited preparation time granted by the CSSF, a solid document managementprocessisessentialfortimely responses and clear communication dur- ing inspections. It is also advisable to maintain a dedicated file of past interac- tions with the CSSF, including previous CSSF communications, self-assessments, and submitted reports. Personalize internal policies andprocedures IFMpoliciesandproceduresoftendirectly copy legal and regulatory requirements without detailing their own specific pro- cesses. This leads to generic documents thatdon’treflecttheIFM’suniqueorgani- zation, activities, risks, culture, and infor- mationsystems.Customizingpoliciesand procedures is essential for testing process effectiveness.TheCSSFmaysamplethese during their investigations. Follow-up onprevious recommendations fromthe IFMinternal control functions Unresolved issues frompast compliance, risk,andinternalauditreportssuggeston- goingrisksandalackofcommitmentand accountability from the governing bodies inaddressingtheseconcerns.Ontheother hand,addressingtheserecommendations inatimelymattersignalsthecommitment that conducting officers and the board have in maintaining organizational in- tegrityandcompliancewithregulatoryre- quirements. Involve all key personnel and create awareness Engagingkeystakeholdersiscrucialwhen the CSSF inspection starts, as it might re- quire extended timelines, significant re- sources,andcoordinationacrossIFMfun- ctions.Conductingofficersplayakeyrole inpreparingforandcommunicatingwith theCSSFinspectionteam,buttheycannot managethisprocessalone.TheCSSF’sde- tailed requests require the involvement of multipleIFMteammembers,andsuccess- ful inspections require strong communi- cation, clear task assignment, and individual accountability. Including a course on CSSF inspections in annual trainingplans helps support readiness. Establish a taskforce team Setting up a taskforce team could help IFMsprepareforapotentialCSSFinspec- tion. It is recommended that the IFM identifies, alongside the conducting offi- cers, any employees who should be in- volved in the inspection process and assign specific tasks and responsibilities to each of them. Encourage transparency and collaboration Transparent communication and good collaboration with the CSSF are essential throughout the inspection process and helpestablishtrustandcredibility.Sharing a comprehensive view of your situation reduces the risk of misunderstandings or misinterpretations . To ensure the CSSF can effectively perform its duties and re- sponsibilities, it is crucial to provide com- plete information and evidence. This approach fosters trust and sustains the transparent dialogue that is vital with the regulator.“Quickfixes”areoftennotben- eficial when preparing for on-site inspec- tions. Instead, embracing proactive and open cooperation supports smooth and constructive interactions, nurturing a strong and collaborative relationship. Stay informed for the latest supervisory priorities and actions IFMs should use adequate regulatory watchmechanismstomonitorandexam- inetheCSSF’spublications,suchtechnical documents,reports,sanctionsandcurrent IFM-related administrative measures. Thisnotonlyhelpsinvestmentfundman- agers stay updated on regulatory changes,markettrends,andregulatorex- pectations, but also helps identify areas thatneedimprovinginordertoalignwith current standards. Get actively involved in the industry Regularly engaging with industry peers in regulatory working groups, commit- tees, and professional associations (e.g., ALFI, ALCO, ALRIM), gives IFMs direct accesstomarketpracticechangesandreg- ulatory trends. This promotes best prac- tices and enhances understanding of emerging regulations. Cultivate a culture of compliant and ethical conduct A culture that is strong in compliance and ethics is fundamental for IFMs to meet regulatory standards and ensure effective governance and risk manage- ment. Internal awareness campaigns centred around CSSF expectations can reinforce regulatory understanding among staff. Also, conducting officers and the board should clearly express their ethical values, promoting a fair risk and compliance culture. Beingproactive in risk management—instead of simply reacting to CSSF inspections—can help IFMs reduce inspection findings. Conclusion It canbehelpful to thinkof on-site inspec- tions as part of an ongoing dialogue be- tween the industry and the NCA—a conversationaimedatstrengtheningLux- embourg’smarket integrity, stability, and attractiveness. It requires transparent col- laborationandtrust,withstakeholdersen- gaging actively with the CSSF. The recommendationsabovearenotnecessar- ily easy to implement. However, they are critical not only for smoothinspectionsbutalsofortheoverall well-being and success of the investment fundmanager.Infact,itislargelythrough the industry’s collective cooperationwith theregulatorthatLuxembourgcansustain its current competitive edge. Bertrand PARFAIT, Partner Alexandre GALGAN, Director Francesco D’AVANZO, Manager Deloitte Luxembourg 1)TheAssociationoftheLuxembourgishFundIn- dustry, Considerations for investment fund managers withregardtoon-siteinspectionsinLuxembourgbythe CSSF, 2020. How investment fund managers can prepare for the CSSF on-site inspection