Ch. 8INTERMEDIATE ~15 mins

Fund Administration

NAV, transfer agent and registrar functions

Administration (as defined under Luxembourg fund frameworks + CSSF Circular 22/811) covers:

▸Accounting & fund management accounting services
▸Customer inquiries and investor communications
▸Portfolio valuation inputs + NAV calculation
▸Regulatory compliance monitoring
▸Maintaining the shareholder/unitholder register
▸Distributions — income processing and dividend payments
▸Issues/redemptions and contract settlements (including certificate dispatch)
▸Record-keeping and electronic filings/transmissions

In Practice — Extended Scope

Administrators often also provide: fund domiciliation support, prospectus/report support, corporate actions processing, income processing, tax reporting support, restructuring event support, cash management, and electronic filings/transmissions for investor docs and reports.

Three Admin Functions (Circular 22/811)	What It Covers
1. Registrar	Investor register / dealing handling; rules around intermediaries and direct dealing access
2. NAV calculation & accounting	Controls, critical judgment on inputs, and final validation — even if delegated
3. Oversight / monitoring	Compliance monitoring, regulatory reporting, error escalation

One Provider Rule

Only one service provider can be "responsible" for a given administration function for a UCI across all compartments. Different providers can cover different functions (e.g., one for NAV, another for registrar). The responsible provider retains liability even if it sub-delegates further.