The new Circular 14/587, published on 11 July 2014, clarifies existing provisions by defining organisational rules, roles and responsibilities for depositary banks of UCITS, and the interaction of management companies with the depositary.
The CSSF clarifies that non-EU AIFMs are required to inform the CSSF prior to commencing any marketing activities, even when targeting professional investors. The FAQs also includes an update on the deadlines for the transmission of the AIFMD reports depending on the reporting frequency.
On 1st August 2014, ESMA published the revised guidelines on ETFs and other UCITS issues, applicable as from 1st October 2014. UCITS that exist before the application date of the revised guidelines have 12 months to comply with paragraphs 43(e) and 48 modifying the provision on diversification of collateral and related disclosure in the annual report.
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