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CSSF Circular 12/546 - 02/11/2012


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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.

This newsletter is also available in German.

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Michael John Flynn
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mjflynn@deloitte.lu
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Simon Ramos
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Deloitte Luxembourg
Job Title:
Directeur - Regulatory Consulting
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Email
siramos@deloitte.lu

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