Authorisation of a UCITS

General considerations

An undertaking for collective investment in transferable securities (hereafter "UCITS") shall, in order to carry out its activities in Luxembourg, be previously authorised by the CSSF pursuant to Article 129 of the law 17 December 2010 relating to undertakings for collective investment.

 

A UCITS shall be authorised only if the CSSF has approved the instruments of incorporation or the management regulations and the choice of the depositary.

 

In addition, a UCITS set up in contractual form (common fund) shall only be authorised by the CSSF if the CSSF has approved the application of the management company to manage that common fund. A UCITS set up in corporate form (investment company, sicav) appointing a management company shall be authorised only if the CSSF has approved the application of the management company appointed to manage that investment company.

 

The directors of a UCITS and/or its management company as well as of the depositary must be of sufficiently good repute and be sufficiently experienced, also in relation to the type of UCITS concerned. To that end, the identity of the directors and of every person succeeding them in office must be communicated forthwith to the CSSF. Directors means those persons who under the law or the instruments of incorporation represent the UCITS or the depositary or who effectively determine the conduct of the activity of the UCITS.

 

The replacement of the management company and the amendment to the management regulations or the instruments of incorporation of the investment company are subject to approval by the CSSF.

 

The granting of the authorisation pursuant to Article 129(1) implies that the members of the administrative, management and supervisory bodies of the management company or, where applicable, the investment company, must notify the CSSF spontaneously in writing and in a complete, coherent and comprehensible manner of any change regarding the substantial information on which the CSSF based its examination of the application for authorisation as well as of any change in respect of the directors.

 

The authority which is to carry out the duties provided for in the law on UCIs is the CSSF.

 

The CSSF keeps official lists of the UCITS authorised in Luxembourg and subject to its supervision. The official lists are regularly updated and can be viewed under Official list on the left.

 

Such entry is tantamount to authorisation and is notified by the CSSF to the UCITS concerned.

 

The entry and the maintenance on the official list is subject to observance of all legislative, regulatory or contractual provisions relating to the organisation and operation of the undertaking for collective investment.

 

The fact that an undertaking for collective investment is entered on the official list shall not, under any circumstances, be described in any way whatsoever as a positive assessment made by the CSSF of the quality of the securities offered for sale.

 

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Specific considerations for the application for approval

Before carrying out any activity and, where applicable, before the creation of an investment company, an application for entry on the official list must be filed with the CSSF.

 

The specific approval processes as presented in the boxes on the right provide practical guidance for interested parties wishing to launch a new UCITS, or one or several additional sub-funds or wishing to amend an existing UCITS and seeking the formal approval procedure with the CSSF in this respect.

 

The CSSF considers the information to be provided as minimum requirements and reserves the right to request additional information as may be deemed necessary in the context of the authorisation process.

 

The approval process of a new UCITS or additional sub-funds is subject to the payment of a one-off fee. Further details on the fee schedule are available in the Grand-ducal regulation of 28 October 2013 relating to the fees to be levied by the CSSF.

 

Please feel free to provide the duly completed information required in the relevant procedure by e-file or by electronic mail to the attention of setup.uci@cssf.lu.

 

For any general questions in relation to the application processes, please feel free to contact us by email at the address opc@cssf.lu or by phone on (+352) 26 251- 2251 (helpdesk).

 

For any specific questions in relation to a case under examination, please proceed as explained further under "Contact the department Authorisation and supervision of UCITS".

Procedure for initial authorisation

Authorisation of new UCITS not yet registered on the official list

Authorisation of additional sub-funds for UCITS which are already authorised (umbrella funds)

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Procedure for authorisation of amendments

Authorisation of amendments in an existing UCITS

Authorisation of amendments in one or several sub-funds of an existing UCITS

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