CSSF Regulation No 20-10 of 30 December 2020 is a CSSF regulation laying down the implementing measures of Article 100(1) of the Law of 17 December 2010 relating to undertakings for collective investment as regards the marketing of foreign UCIs other than the closed-ended type to retail investors in Luxembourg, published 30 December 2020.
\nLegal basis: Law of 17 December 2010 on undertakings for collective investment, Law of 23 December 1998 creating the CSSF, Loi du 12 juillet 2013, Law of 12 July 2013 on alternative investment fund managers.
\nRelevant for: Part II UCIs.
\nKeywords: Marketing.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCSSF Regulation No 20-10 of 21 December 2020 laying down the implementing measures of Article 100(1) of the Law of 17 December 2010 relating to undertakings for collective investment as regards the marketing of foreign UCIs other than the closed-end type to CSSF REGULATION NO 20-10 OF 21 DECEMBER 2020 LAYING DOWN THE IMPLEMENTING MEASURES OF investors ARTICLE 100(1) OF THE LAW OF 17 DECEMBER 2010retail RELATING TO UNDERTAKINGS FOR in COLLECTIVE INVESTMENT AS REGARDS THE MARKETING OF FOREIGN UCIS OTHER THAN THE CLOSED-END TYPE TO RETAIL INVESTORS IN LUXEMBOURG. Luxembourg.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCSSF Regulation No 20-10 of 21 December 2020 laying down the implementing measures of Article 100(1) of the Law of 17 December 2010 relating to undertakings for collective investment as regards the marketing of foreign UCIs other than the closed-end type to retail investors in Luxembourg. (Mém. A 2020, No 1076)
\nThe Executive Board of the Commission de Surveillance du Secteur Financier, Having regard to Article 108a of the Constitution; Having regard to the Law of 23 December 1998 establishing a financial sector supervisory commission (\"Commission de surveillance du secteur financier\"), and in particular Article 9(2) thereof; Having regard to the Law of 17 December 2010 relating to undertakings for collective investment, and in particular Article 100(1) thereof;
\nDecides:
\nArticle 1 Definitions In addition to the definitions of Article 1 of the Law of 17 December 2010 relating to undertakings for collective investment that apply for the purposes of this regulation:
\ncollective investment, other than UCITS, which are established in a Member State of the European Union other than Luxembourg or in a third country; - “UCI other than the closed-end type” shall mean a UCI other than a UCI for the units of which the investors have no redemption right. - “retail investor” shall mean an investor who is not a professional investor; - “professional investor” shall mean an investor which is considered to be a professional client or may, on request, be treated as a professional client within the meaning of Annex II to Directive 2014/65/EU on markets in financial instruments.
\nCSSF REGULATION NO 20-10 OF 21 DECEMBER 2020 LAYING DOWN THE IMPLEMENTING MEASURES OF ARTICLE 100(1) OF THE LAW OF 17 DECEMBER 2010 RELATING TO UNDERTAKINGS FOR COLLECTIVE INVESTMENT AS REGARDS THE MARKETING OF FOREIGN UCIS OTHER THAN THE CLOSED-END TYPE TO RETAIL INVESTORS IN LUXEMBOURG.
\nArticle 2 Subject matter This regulation lays down the implementing measures of Article 100(1) of the Law of 17 December 2010 relating to undertakings for collective investment by defining the procedure and conditions that apply to the marketing of foreign UCIs other than the closed-end type to retail investors in Luxembourg.
\n(1)
\nThroughout this regulation, foreign UCIs other than the closed-end type are referred to as “foreign UCIs”. For the purposes of this regulation, the term “foreign UCI” also refers to the investment compartments of a foreign UCI.
\n(2)
\nArticle 3 Scope Without prejudice to the provisions provided for in paragraph (2), this regulation shall apply to the marketing to retail investors in Luxembourg of foreign UCIs that are not governed by the provisions of CSSF Regulation No 15-03 laying down detailed rules for the application of Article 46 of the Law of 12 July 2013 on alternative investment fund managers.
\n(1)
\n(2)
\nThis regulation shall not apply to the marketing of foreign UCIs in Luxembourg to:
\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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