UCITS new cross border notification requirements and implications for Luxembourg domiciled funds
17 May 2022 _ Regulatory & compliance
In the February 2022 update of its FAQ on UCITS, the ESMA provided new guidance related to the cross border marketing activities of UCITS.
In particular, within section IV titled “Notification of UCITS and UCITS management companies; exchange of information between competent authorities”, to the question on whether UCITS that intend to market new investment compartments in Member States where they are already allowed to market should notify their intention to the local competent authority, ESMA’s answer is positive.
Accordingly, the CSSF circular of February 2022 (section b) confirms that Luxembourg UCITS marketed in other Member States must notify in written to the CSSF and to the competent authority of the host Member States any change in the notification letter previously sent in accordance with Article 54 (1) and (2) of the 2010 Law.
If you would like to obtain further clarifications on the matter, don’t hesitate to contact us and speak to one of our experts.
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