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Sanction details

Sanction

Sanction legal framework
UCITS
Member state
LUXEMBOURG
Sanctioning authority
Commission de Surveillance du Secteur Financier (CSSF)
Sanction nature
Administrative sanction and measure
Sanction date
15/09/2020
Sanction expiration date
11/03/2026
Sanctioned entity name
DUFF & PHELPS (LUXEMBOURG) MANAGEMENT COMPANY S.À R.L.
Sanctioned entity legal framework
UCITS
Sanctioned entity LEI
Free Text 1 (French)
Le 15 septembre 2020, la CSSF a infligé une amende administrative d'un montant total de 31.000 EUR au gestionnaire de fonds d'investissement Duff & Phelps (Luxembourg) Management Company S.à r.l. (le "Gestionnaire"). L'amende administrative est composée : - d'un montant de 22.500 EUR infligé en application de l'article 148 (4) (e) de la loi modifiée du 17 décembre 2010 concernant les organismes de placement collectif (la "Loi de 2010"), et compte tenu de l'article 149bis de ladite loi. Cette partie de l'amende administrative a été imposée sur la base de l'article 148 (2) (g), de l'article 148 (2) (j) et de l'article 148 (2) (n) de la Loi de 2010 ; et - d’un montant de 8.500 EUR imposé en vertu de l'article 51 (2) de la loi modifiée du 12 juillet 2013 relative aux gestionnaires de fonds d'investissement alternatifs (la "Loi de 2013"). Cette partie de l'amende administrative a été imposée sur la base de l'article 51 (1) de la Loi de 2013 compte tenu des dispositions de l'article 9 (1), de l'article 14 (2) et de l'article 15 (1) de la Loi de 2013. L'amende administrative est le résultat d'un contrôle sur place effectué par la CSSF auprès du Gestionnaire au cours duquel ont été constatés des manquements ponctuels : - aux dispositions de la Loi de 2010 relatives aux exigences générales en matière de procédure et d'organisation, aux exigences en matière de délégation de fonctions, ainsi qu’au dispositif en matière de gestion des risques ; et - aux dispositions de la Loi de 2013 relatives aux exigences en matière de gestion des risques et d'évaluation ainsi qu’au respect de toutes les exigences réglementaires applicables à la conduite des activités commerciales du Gestionnaire de manière à promouvoir les meilleurs intérêts des fonds alternatifs ou des investisseurs des fonds alternatifs. Pour déterminer le montant de l'amende administrative, la CSSF a pris en considération les actions correctrices déjà entreprises par le Gestionnaire afin de remédier aux déficiences identifiées, ainsi que la bonne coopération de la direction générale.
viewDetails
Free Text 2 (English)
On 15 September 2020, the CSSF has imposed an administrative fine amounting to a total of EUR 31,000 on the investment fund manager Duff & Phelps (Luxembourg) Management Company S.à r.l. (the “Manager”). The administrative fine is composed of: - an amount of EUR 22,500 imposed pursuant to Article 148(4)(e) of the amended Law of 17 December 2010 relating to undertakings for collective investment (the “Law of 2010”), and taking into account Article 149a of the said law. This part of the administrative fine has been imposed on the basis of Article 148(2)(g), Article 148(2)(j) and Article 148(2)(n) of the Law of 2010; and - an amount of EUR 8,500 imposed pursuant to Article 51(2) of the amended Law of 12 July 2013 on Alternative Investment Fund Managers (the “Law of 2013”). This part of the administrative fine has been imposed on the basis of Article 51(1) of the Law of 2013 having regard to the provisions of Article 9(1), Article 14(2) and Article 15(1) of the Law of 2013. The administrative fine is the result of an on-site inspection carried out by the CSSF to the Manager during which have been identified some isolated failures to comply with: - the provisions of the Law of 2010 relating to general requirements on procedures and organization, the requirements with regards to the delegation of functions and arrangements regarding risk management; and - the provisions of the Law of 2013 relating to the requirements with regards to risk management and valuation as well as the adherence to all regulatory requirements applicable to the conduct of Manager’s business activities so as to promote the best interests of the AIFs or the investors of the AIFs. In determining the amount of the administrative fine, the CSSF has taken into consideration the remedial actions already undertaken by the Manager in order to address the deficiencies identified, as well as the good cooperation of the senior management.
viewDetails
Last update
16/03/2021
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Last update: 12/06/2021, 14:00:40

Le 15 septembre 2020, la CSSF a infligé une amende administrative d'un montant total de 31.000 EUR au gestionnaire de fonds d'investissement Duff & Phelps (Luxembourg) Management Company S.à r.l. (le "Gestionnaire"). L'amende administrative est composée : - d'un montant de 22.500 EUR infligé en application de l'article 148 (4) (e) de la loi modifiée du 17 décembre 2010 concernant les organismes de placement collectif (la "Loi de 2010"), et compte tenu de l'article 149bis de ladite loi. Cette partie de l'amende administrative a été imposée sur la base de l'article 148 (2) (g), de l'article 148 (2) (j) et de l'article 148 (2) (n) de la Loi de 2010 ; et - d’un montant de 8.500 EUR imposé en vertu de l'article 51 (2) de la loi modifiée du 12 juillet 2013 relative aux gestionnaires de fonds d'investissement alternatifs (la "Loi de 2013"). Cette partie de l'amende administrative a été imposée sur la base de l'article 51 (1) de la Loi de 2013 compte tenu des dispositions de l'article 9 (1), de l'article 14 (2) et de l'article 15 (1) de la Loi de 2013. L'amende administrative est le résultat d'un contrôle sur place effectué par la CSSF auprès du Gestionnaire au cours duquel ont été constatés des manquements ponctuels : - aux dispositions de la Loi de 2010 relatives aux exigences générales en matière de procédure et d'organisation, aux exigences en matière de délégation de fonctions, ainsi qu’au dispositif en matière de gestion des risques ; et - aux dispositions de la Loi de 2013 relatives aux exigences en matière de gestion des risques et d'évaluation ainsi qu’au respect de toutes les exigences réglementaires applicables à la conduite des activités commerciales du Gestionnaire de manière à promouvoir les meilleurs intérêts des fonds alternatifs ou des investisseurs des fonds alternatifs. Pour déterminer le montant de l'amende administrative, la CSSF a pris en considération les actions correctrices déjà entreprises par le Gestionnaire afin de remédier aux déficiences identifiées, ainsi que la bonne coopération de la direction générale.

On 15 September 2020, the CSSF has imposed an administrative fine amounting to a total of EUR 31,000 on the investment fund manager Duff & Phelps (Luxembourg) Management Company S.à r.l. (the “Manager”). The administrative fine is composed of: - an amount of EUR 22,500 imposed pursuant to Article 148(4)(e) of the amended Law of 17 December 2010 relating to undertakings for collective investment (the “Law of 2010”), and taking into account Article 149a of the said law. This part of the administrative fine has been imposed on the basis of Article 148(2)(g), Article 148(2)(j) and Article 148(2)(n) of the Law of 2010; and - an amount of EUR 8,500 imposed pursuant to Article 51(2) of the amended Law of 12 July 2013 on Alternative Investment Fund Managers (the “Law of 2013”). This part of the administrative fine has been imposed on the basis of Article 51(1) of the Law of 2013 having regard to the provisions of Article 9(1), Article 14(2) and Article 15(1) of the Law of 2013. The administrative fine is the result of an on-site inspection carried out by the CSSF to the Manager during which have been identified some isolated failures to comply with: - the provisions of the Law of 2010 relating to general requirements on procedures and organization, the requirements with regards to the delegation of functions and arrangements regarding risk management; and - the provisions of the Law of 2013 relating to the requirements with regards to risk management and valuation as well as the adherence to all regulatory requirements applicable to the conduct of Manager’s business activities so as to promote the best interests of the AIFs or the investors of the AIFs. In determining the amount of the administrative fine, the CSSF has taken into consideration the remedial actions already undertaken by the Manager in order to address the deficiencies identified, as well as the good cooperation of the senior management.

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