Approval process of the transformation of an investment fund already registered on the official list into a new investment fund of another type not yet registered on the official list

This approval process only comprises the transformation of an existing UCI or SIF into a UCITS not yet registered on the official list, as well as the transformation of an existing UCI into a SIF or a SICAR not yet registered on the official list.


1. Submission of the request and acknowledgement of receipt

An application questionnaire to provide the CSSF with any relevant information for the examination of the application for approval is available on the CSSF website under "Forms" (Excel questionnaire).


Any application file is constituted of the duly completed application questionnaire and of the appended documents and must be submitted in one pile:

  • via e-file (a secured and tailored tool to exchange information with the CSSF - further information is available on the right) or
  • via email to setup.uci@cssf.lu.

Applicants are expected to file an application only once all constituents of the project are fully fixed and stable. The transmission of a partial (incomplete) application may prevent the start of the approval process and cause unexpected delays.


The CSSF will acknowledge receipt of the application file within 2 working days and provide the name of the responsible officer in charge of the examination of the application file by means of:

  • an automated reply message from e-file (if this feature has been activated by the user, otherwise the information is viewable in the tool) or
  • an email at the address of the contact person provided in the application questionnaire.

2. Exchange of comments

The CSSF seeks to contact the applicant (request for further information and/or supportive documents, supplementary confirmations, precisions on some aspects of the request, ...) within 10 working days after receiving an application file with an average complexity. Receiving a more complex or extensive request may lead to a contact by the CSSF officer in charge of reviewing the application in order to mutually agree on a specific time frame.


Complementary information or documents must be submitted through the communication channel used in step 1. The exchange of comments may be subject to reiteration until satisfactory completion of the examination phase.

 
In case the applicant faces difficulties to provide further information on specific considerations of the application and does not provide the information requested by the CSSF within a reasonable time limit not exceeding 1 month for a UCITS and 2 months for a UCI, a SIF or a SICAR, the CSSF will contact the applicant to ask whether the application is to be continued or withdrawn.


3. End of examination notice

In case of a positive decision from the CSSF, an end of examination notice is sent by email to the contact person specified in the application.


This end of examination notice specifies the information and documents in the final and signed-off version that still have to be transmitted in order to finalise the approval process of the investment fund, as well as, for each information or document, the transmission channel (via email, physical mail or via e-file).


The end of examination notice also advises the applicant that the application no longer allows changes in the scope or alterations in the last draft versions of the constitutive documents on the basis of which the examination has been terminated. Any transgression of this understanding will imply a reopening of the examination phase causing unexpected delays in the process.


The CSSF does insist on the fact that any indication of the positive decision that is communicated by a means other than the end of examination notice does not engage the CSSF's responsibility in case of any action that would be triggered.


4. Entry on the official list of the approved investment fund

Upon satisfactory receipt of the prospectus / offering document and all compulsory information and documents requested in the end of examination notice, the CSSF will proceed to the registration of the investment fund on the official list.


In parallel, the CSSF issues an official accreditation letter sent electronically by email, as well as the CSSF identification codes.


The CSSF sends back the visa stamped prospectus / offering document. This is made via e-file within 5 working days after reception by the CSSF for UCITS, UCI and SIF (electronical visa), and via physical mail for the SICAR (manual visa).

 
The CSSF also issues the related UCITS attestations in electronic form. A successful completion of the approval of a new UCITS and the notification of the UCITS for marketing its shares/units in another EU Member State are distinct processes. If a UCITS intends to market its units in another EU Member State, it must follow the specific notification procedures.


If you need to contact the head of the division or the CSSF officer in connection with the application under review, you should refer to the instructions under "Contact the department".