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CSSF Circular 12/546 | Brochure


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Key elements and impacts for UCITS management companies and self-managed SICAVs

CSSF Circular 12/546The Commission de Surveillance du Secteur Financier (CSSF) issued a circular dated 24 October 2012, covering the authorisation and organisational requirements applicable to UCITS management companies and UCITS self-managed SICAVs.

This circular repeals the previous CSSF circular 03/108, together with the CSSF circular 05/185 supplementing the circular CSSF 03/108, while integrating the CSSF circular 11/508 so that the conditions in relation to the filling/maintaining of the authorisation are included in one unifying circular.

Main changes

Circular 12/546 came into force with immediate effect and describes the substance requirements on various topics such as shareholdership, capital, management bodies, provisions in relation to central administration, internal governance and delegation rules. The concept of “Promotorship” will not be required anymore for the self-managed SICAV’s and UCITS whose management companies comply with the new circular.

How can Deloitte help?

Gap analysis, health check and CSSF report

We have developed a comprehensive gap analysis methodology to assess your specific situation with regards to UCITS management company and self-managed SICAV’s requirements. Through responses to a series of questions our tool benchmarks your organisations compliance with the respective provision of the circular. This approach will help you becoming compliant with the new circular and it will help you submitting an accurate report for the CSSF within the required timeframe ending 15 April 2013.

Strategic positioning

With the introduction of AIFMD in July 2013, increased UCITS governance requirements and the opportunity to passport UCITS management company services, fund managers are reviewing their strategic positioning and target operating models. Deloitte work with many of the largest and best regarded management companies to identify opportunities, delegation possibilities and product management strategies.

This brochure is available in PDF format in English and German.

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