CSSF Circular 12/546 - 02/11/2012
Key elements and impacts for UCITS management companies and self-managed SICAVs
The Commission de Surveillance du Secteur Financier (CSSF) issued a circular dated 24 October 2012 in relation to the authorisation and organisational requirements applicable to UCITS management companies and UCITS self-managed SICAVs.
While the circular came into force with immediate effect, some provisions were allowed a transitional period until 30 June 2013 for pre-existing management companies and self-managed SICAVs. The circular elaborates the substance requirements across various topics such as shareholdership, capital structure, governing bodies, central administration, internal governance and delegation rules.
In a separate communication the CSSF specifies that Promotorship is no longer necessary, provided that UCITS management companies and UCITS self-managed SICAVs submit a comprehensive report describing how they will comply with circular 12/546 (deadline is 15 April 2013).
Every new fund established between the publication of the circular and 30 June 2013 must either become a compliant self-managed SICAV, designate a compliant management company or maintain the promotorship requirements.
The main provisions of this new circular and Deloitte’s related services are summarised in the brochure available on our website.
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