Approval process of a new investment fund not yet registered on the official list

This approval process comprises the approval to set up a new investment fund (UCITS, UCI, SIF or SICAR) not yet registered on the official list. Please note that only transformations for which the existing structure is not regulated by the CSSF are also included in the scope.


1. Submission of the request and acknowledgement of receipt

A request must be created in the "UCI Approval" application available under the eDesk portal of the CSSF.

 
Once the request is duly filled in and the supportive documents are duly attached, the request is to be submitted to the CSSF directly via eDesk.

 
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.

 
In addition to the automatic visual eDesk notification at the time of submission of the request, the CSSF will acknowledge receipt of the application file within 2 working days by means of an email to the contact person specified in eDesk. This email specifies the name of the responsible officer in charge of the examination of the application file.

 
2. Exchange of comments

The CSSF seeks to transmit its first comments via eDesk (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. An email is sent to the contact person specified in eDesk advising of the existence of new comments from the CSSF.


Complementary information or documents must be submitted via eDesk in a new version of the request. 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for a UCI, a SIF or a SICAR, the CSSF will contact the applicant to ask whether the application is to be continued or withdrawn.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 directly via eDesk (with also a parallel notification email to the contact person specified in eDesk).


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 eDesk, 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.


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 (also available in eDesk), 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".