Circular CSSF 22/810 is a CSSF circular, published 12 May 2022. Subject: Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketing.
\nRelevant for: AIFMs, Other specific authorisations, registrations and information, UCITS.
\nKeywords: eDesk, ELTIF, EuSEF, EuVECA, Marketing.
\nCircular CSSF 22/810 Subject: Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketing
\nLadies and Gentlemen,
\nLuxembourg, 12 May 2022
\nDirective 2009/65/EC of the European Parliament and of the Council of 13 July To all Luxembourg undertakings for
\ncollective
\ninvestment
\ninvestment fund managers
\nand
\n2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”) as amended (“the UCITS Directive”), as well as Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (“AIFM” and the “AIFM Directive”) prescribe notification procedures, for UCITS and for AIFMs respectively, intending to market their shares or shares of the alternative investment funds (“AIF”) that they are managing, in a European Union (“EU”) Member State ( “Member State”) other than the State they are registered in (or in their home State for the AIFMs). These notification procedures that aim at facilitating the cross-border distribution of UCITS and AIFs in the European Union are performed directly between the supervisory authorities of the Member States based on the information that the UCITS or the AIFM respectively has to provide to the supervisory authority of the home Member State. The provisions relating to the UCITS Directive have been transposed by chapters 6 and 7 of the Law of 17 December 2010 relating to undertakings for collective investment, as amended (the “2010 Law”), and the provisions relating to the AIFM Directive by chapter 6 of the Law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”). The UCITS Directive and the AIFM Directive were amended by Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 with regard to cross-border distribution of collective investment undertakings (the “CBDF Directive”.) The CBDF Directive introduced, among others, an additional procedure to de-notify UCITS and AIF sub-funds (and UCITS share classes), which is also directly performed between the supervisory authorities of the Member States based on a file that the UCITS or AIFM must submit to the supervisory authority of the home Member State. The CBDF Directive also introduced a harmonised definition of pre-marketing in the context of AIFs and specified conditions for premarketing by AIFMs. In this context, each AIFM must submit a pre-marketing notification to the supervisory authority of the home Member State, which in turn informs the competent authorities of the Member States where pre-marketing activities have started or are planned to start. The purpose of this circular is to inform the Luxembourg UCIs and AIFMs that notification and de-notification procedures for pre-marketing and cross-border
\nmarketing
\nwill
\nprogressively
\nmade
\navailable
\nthe
\neDesk
\nPortal
\n(https://edesk.apps.cssf.lu/edesk-dashboard/dashboard/getstarted). Consequently, Circular CSSF 11/509 1 will ultimately be repealed. By means of separate communiqués, the CSSF will continue to inform the entities falling under the provision of this circular on the evolution of the procedures available in the eDesk Portal.
\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.
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