Circular CSSF 21/778 is a CSSF circular, published 28 July 2021 and updated 2 January 2024. Subject: Update of Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160. The CSSF marks it as outdated.
\nRelevant for: Investment firms, Management companies - Chapter 15, UCITS.
\nKeywords: Marketing.
\nAmends Circular CSSF 11/509.
\nCircular CSSF 21/778 Update of the Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCircular CSSF 21/778 Re: Update of the Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160
\nLuxembourg, 28 July 2021
\nTo all undertakings for collective investment in transferable securities governed by Luxembourg law,
\nLadies and Gentlemen,
\nto UCITS of another Member
\nState of the European Union
\nfacilitate reading and understanding, the Annex presents under a ‘track changes’
\nwishing to market their units in
\nformat the changes made herewith to Circular 11/509.
\nLuxembourg and to those involved in the operation and
\nYours faithfully,
\ncontrol of these undertakings
\nFrançoise KAUTHEN
\nClaude MARX
\nAnnex: Circular CSSF 11/509
\nCircular CSSF 11/509 Re: New nNotification procedures to be followed by a UCITS governed by Luxembourg law wishing to market its units in another Member State of the European Union and by a UCITS of another Member State of the European Union wishing to market its units in Luxembourg
\nLuxembourg, 28 July 2021
\nTo all undertakings for collective investment in transferable securities governed by Luxembourg law, to UCITS of another Member State of the European Union wishing to market their units in Luxembourg and to those involved in the operation and control of these undertakings
\nLadies and Gentlemen, Directive 2009/65/EC of the European Parliament and the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS Directive) has introduced, amongst others, a new notification procedure for UCITS which intend to market their units in a Member State of the European Union (Member State) other than those in which they are established. This notification procedure, which aims to facilitate the distribution of UCITS in the European Union, is in principle applicable directly between the supervisory authorities of the Member States on the basis of a file that the UCITS must submit to the supervisory authority of the home Member State. The provisions of the aforementioned Directive 2009/65/EC have been transposed by Chapters 6 and 7 of the Law of 17 December 2010 relating to undertakings for collective investment (hereafter “2010 Law”). The UCITS Directive was amended by Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019. Amongst others, it extends the notification procedure insofar as it considers the de-notification of sub-funds and types of units of UCITS, which is also carried out directly between the supervisory authorities of the Member States on the basis of a file that the UCITS must submit to the supervisory authority of the home Member State. This Circular aims to clarify the practical and technical procedures that UCITS must follow for cross-border marketing.
\nUCITS governed by Luxembourg law marketing their units in another Member State In accordance with Article 54 of the 2010 Law, a UCITS shall first submit a notification letter to the CSSF which contains information on the arrangements for marketing in the host Member State as well as the latest versions of a number of documents specified in more detail under point 1.3 of this Circular.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
"}