LuxFLAG has announced a reinforcement and simplification of the label application process; this change reduces the administrative and cost burden for investment funds applying for the LuxFLAG Environment or ESG Label.
Applicant Investment Funds will no longer have to pay up-front variable Auditor fees. Instead, LuxFLAG will be the Party engaging an Audit firm to carry out Agreed Upon Procedures on a Factual Findings Report produced by LuxFLAG upon information provided by the Applicant. The new process will be more efficient and standardised, favouring discipline and rigour. The submission to the eligibility committee and the final decision taking by the board of Directors remains unchanged.
LuxFLAG is engaging KPMG Luxembourg to conduct the AUP on the LuxFLAG Factual Findings Reports. Applications submitted for the deadline in May will be reviewed under the new process.
