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CSSF Circular 13/559 - 20/02/2013


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On 18 February 2013, the CSSF published the Circular 13/559 transposing the ESMA 832-2012 Guidelines issued on 18 December 2012 on ETFs and other UCITS issues. This Circular applies to UCITS management companies and self-managed UCITS.

The purpose of this Circular is to:

  • Protect investors by requiring enhanced disclosure for index-tracking UCITS and UCITS ETFs;
  • Provide new guidance for UCITS on risk management and information disclosure requirements when entering into total return swaps and efficient portfolio management techniques (“EPM”), such as securities lending and repos;
  • Provide new guidelines regarding collateral management in the context of OTC derivatives transactions or EPM;
  • Set out new disclosure requirements in KIID, prospectus, semi-annual and annual reports; and
  • Set out criteria that should be respected by financial indices in order to be eligible for UCITS.

Following to its official publication by the CSSF as a Circular, the ESMA Guidelines are now applicable for newly launched UCITS. With regards to most requirements, existing UCITS are granted a 12 month transition period; however, even prior 18 February 2014, modification of marketing documents or publication of financial reports could trigger prompt compliance requirements.

In order to assist you in meeting these new requirements, our regulatory and risk management experts can:

  • Assess the impacts of the new Circular on your activities and assist you in the elaboration of an appropriate remedial plan
  • Support you in the review or design of collateral management and liquidity stress testing policies
  • Support you in the review and update of your risk management process in order to reflect the new guidelines
  • Assist you in the update of your KIID and prospectus with newly required information
    Should you need any further information on this subject, please do not hesitate to contact our experts.

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Contacts

Name:
Xavier Zaegel
Company:
Deloitte Luxembourg
Job Title:
Partner - Capital Markets/Financial Risk Leader
Phone:
+352 451 452 748
Email
xzaegel@deloitte.lu

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