Publication of Circulars CSSF 18/697 and 18/698

The Commission de Surveillance du Secteur Financier (CSSF) draws the attention of the public to the publication of:

• Circular CSSF 18/697 regarding the organisational arrangements applicable to fund depositaries which are not subject to Part I of the Law of 17 December 2010 relating to undertakings for collective investment, and, where appropriate, to their branches.

It amends Circular CSSF 16/644 regarding the provisions applicable to credit institutions acting as UCITS depositary subject to Part I of the 2010 Law, where appropriate, represented by their management company and Circular IML 91/75 (as amended by Circular CSSF 05/177) regarding the revision and remodeling of the rules to which Luxembourg undertakings governed by the Law of 30 March 1998 on undertakings for collective investment (“UCI”) are subject.

It enters into force on 1 January 2019.

• Circular CSSF 18/698 regarding the authorisation and organisation of investment fund managers incorporated under Luxembourg law. The circular aims at providing further clarification on certain authorisation conditions including, in particular, the shareholding structure, capital requirements, management bodies, central administration and internal governance arrangements, and the rules governing the management of delegations. Moreover, it includes specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agent.

The circular repeals Circular CSSF 12/546 regarding the authorisation and organisation of Luxembourg management companies and enters into force with immediate effect.