{"id":"circulars/reg-22-05","title":"CSSF Regulation No 22-05 of 28 July 2022","type":"circular","date":"2022-07-28","kind":"regulation","html":"

CSSF Regulation No 22-05 of 28 July 2022 is a CSSF regulation amending CSSF Regulation No 10-04 of 20 December 2010, published 28 July 2022.

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Legal basis: Law of 23 December 1998 creating the CSSF, Law of 17 December 2010 on undertakings for collective investment.

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Relevant for: Management companies - Chapter 15, UCITS.

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Text

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CSSF Regulation No 10-4 as amended by CSSF Regulation No 22-05

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CSSF REGULATION NO 10-4

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This consolidated text was drawn up by the CSSF for information purposes only. In case of discrepancies between the French and the English consolidated texts, the texts published in the Journal officiel du Grand-Duché de Luxembourg are the sole authoritative and universally valid versions.

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CSSF Regulation No 10-4 transposing Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company “as amended by CSSF Regulation No 22-05 of 27 July 2022 amending CSSF Regulation No 10-4 of 20 December 2010 (Mém. A 2022, No 405)”1 (Mém. A 2010, No 239) The 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”), as amended, and in particular Article 9(2) thereof; Having regard to the Law of 17 December 2010 relating to undertakings for collective investment“, as amended” 2, implementing into Luxembourg law Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS); Having regard to Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company. Decides:

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CHAPTER I SUBJECT MATTER, SCOPE AND DEFINITIONS First Article Subject matter This Regulation states the implementing measures of the Law of 17 December 2010 relating to undertakings for collective investment“, as amended”; 1) specifying the procedures and arrangements as referred to in Article 109, paragraph (1), point a) of the Law of 17 December 2010 relating to undertakings for collective investment“, as amended”, and the structures and organisational requirements to minimise conflicts of interest as referred to in Article 109, paragraph (1), point b) of the Law of 17 December 2010 relating to undertakings for collective investment“, as amended”;

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1 2

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CSSF Regulation No 22-05 CSSF Regulation No 22-05 (change made in the whole regulation)

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CSSF REGULATION NO 10-4

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  1. establishing criteria for acting honestly and fairly and with due skill, care and diligence in the best interests of the UCITS and the criteria for determining the types of conflicts of interest, specifying the principles required to ensure that the resources are employed effectively; and defining the steps that should be taken by management companies to identify, prevent, manage or disclose the conflicts of interest referred to in Article 111 of the Law of 17 December 2010 relating to undertakings for collective investment“, as amended”; 3) concerning the particulars that need to be included in the agreement between the depositary and management company in accordance with Articles 18, paragraph (3) and 33, paragraph (4) of the Law of 17 December 2010 relating to undertakings for collective investment“, as amended”; and 4) concerning the risk management process referred to in Article 42, paragraph (1) of the Law of 17 December 2010 relating to undertakings for collective investment“, as amended”, in particular the criteria for assessing the adequacy of the risk management process employed by the management company and the risk management policy and processes and the arrangements, processes and techniques for risk measurement and management relating to such criteria. Article 2 Scope 1.
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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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