Publication of three new questions and answers provided by the European Commission on investment-management-related queries

The CSSF informs all investment fund managers and other relevant stakeholders that the European Commission has recently provided answers to three investment-management-related queries.

Please see below a brief overview of the topics associated with these answers together with direct links to the European Securities and Markets Authority’s website where these answers can be found:

• Clarification on the date of application of the six-month derogation from the investment restrictions foreseen in Articles 52 to 55 of Directive 2009/65/EC, as amended (“UCITS Directive”) for newly authorised undertakings for collective investment in transferable securities (“UCITS”) under Article 57(1) of the UCITS Directive: https://www.esma.europa.eu/qa/601
• Initial capital and additional own funds requirements for internally managed alternative investment funds under Article 9 of Directive 2011/61/EU, as amended (“AIFMD”) and self-managed UCITS under Articles 7 and 29 of the UCITS Directive: https://www.esma.europa.eu/publications-data/questions-answers/2227
• Notification pursuant to Article33(2) and (3) of the AIFMD by an alternative investment fund manager upon establishment of a branch in another Member State for the sole purpose of carrying out any activity referred to in point (2)(c) of Annex I to the AIFMD: https://www.esma.europa.eu/publications-data/questions-answers/711