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Ch. 8
Administration Functions by Fund Type
NAV frequency, error thresholds, AML obligations, and record-keeping requirements across UCITS, AIF, SIF, RAIF, and MMF
| Criterion | UCITS | AIF (Part II / SIF) | RAIF | MMF |
|---|---|---|---|---|
| NAV Frequency | At least twice a month (daily in practice for retail) | At least once per month (varies by strategy) | At least once per month | Daily (shadow NAV) |
| Forward pricing required | Yes — mandatory | Yes | Yes | Yes |
| NAV error threshold (materiality) | >0.5% of NAV | >0.5% of NAV (or lower by fund docs) | Typically >0.5% | Very low — shadow NAV deviation triggers action |
| Swing pricing / ADL permitted | Yes — both permitted; mutually exclusive per dealing day | Yes | Yes | Strict limits — cannot use swing for CNAV MMFs |
| AML/KYC obligation | Full — TA/administrator is obliged entity | Full | Full | Full |
| UBO look-through required | Yes — for nominees and omnibus accounts | Yes | Yes | Yes |
| Portfolio transaction record retention | 5 years min; 10 years for MiFID instruments | 5 years min; 10 years for MiFID | 5 years min | 5 years min; 10 years for MiFID |
| CSSF authorization required (administrator) | Yes — authorized entity required | Yes | No CSSF pre-approval required (but same AML/substance standards) | Yes |
| Sub-delegation of NAV calculation | Permitted — with ManCo consent; responsible admin retains liability | Permitted — same liability retention rule | Permitted | Permitted — subject to strict oversight |
| Governing circular | CSSF Circular 22/811 | CSSF Circular 22/811 + AIFMD | CSSF Circular 22/811 (voluntary) | CSSF Circular 22/811 + MMF Regulation |
| Dividend/distribution processing | Per fund docs; ex-date, record date, payment date required | Per fund docs | Per fund docs | Daily (for distributing MMFs) |
| Late trading prohibition | Absolute — CSSF Circular 04/146 | Yes | Yes | Yes |
📌 Data sourced from Lux Investment Funds 2025, Chapters 8. Verify current requirements with CSSF at cssf.lu.