Approval process of a new UCITS, of the transformation of a fund into a UCITS or of additional sub-funds to an existing UCITS

This approval process only comprises the approval to set up a new UCITS or the transformation of a fund into a UCITS (not yet on the official list) and the approval to set up new sub-fund(s) added to an existing and already authorised UCITS (umbrella funds).

 

The approval of amendments to an existing undertaking (already on the official list) and/or any amendments to sub-funds of an existing undertaking must follow a specific approval process (cf. menu).

 

Important disclaimer:

Any time limits for feedback set out in the description of the approval process below shall be understood as a general indication of time limits that the CSSF seeks to meet in the handling of an application file of average complexity. Under no circumstances shall those general indications be understood as a guarantee in relation to a specific file or request. Although the CSSF will use its best efforts to meet the indicated time lines to give its feedback or comments to the applicant, it shall be noted that time limits may vary depending on the content and quality of the information and documents submitted. Applicants are advised to consider any indications on feedback time lines as non binding and thus not suitable to build investment or marketing plans for a specific file on these general indications.

 

The approval process of the CSSF to set up a new Luxembourg undertaking for collective investment in transferable securities or to transform a fund into an undertaking for collective investment in transferable securities follows a 5-step approach.

 

1. Initial submission of the questionnaire to request an authorisation

A specific application questionnaire to provide the CSSF with any relevant information for the examination of the application for approval is available under "Forms".

 

Any application file is constituted of the duly completed application questionnaire and of the appended documents that 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 advised 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 either the start or the swift progress of the approval process and cause unexpected delays.

 

2. Acknowledge of receipt of the application file

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.

 

3. Transmission of comments and further requests of information that may arise after initial examination

The CSSF seeks to contact the applicant (or contact person designated in the application questionnaire) within 10 working days after receiving the application file for feedback. The contact person may be asked to provide further information and/or supportive documents to complete the file or explain specific considerations of the application.

 

Complementary information or documents must be submitted through the communication channel used in step 1.

 

This step 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 3 months, the CSSF will contact the applicant to ask if the application is to be continued or withdrawn.

 

4. Advice after completion of examination phase of application and invitation to submit final version of compulsory documents

The CSSF will inform the applicant about the completion of the examination phase of the application.

 

At this point, applicants are advised 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 in step 2.

 

Upon confirmation of a satisfactory completion of the examination phase, the compulsory documents must be provided as agreed and retained during the examination phase in the final and signed-off version in order to finalise the approval process of the undertaking for collective investment in step 5 by the entry on the official list.

 

5. Entry of the undertaking for collective investment on the official list

Formal accreditation and entry on the official list is contingent to the remittance of all compulsory documents in a final version without alteration from the latest draft versions as agreed upon and retained in step 4.

 

Prospectuses have to be submitted according to the terms of Circular CSSF 08/371.

 

Management regulations, articles of incorporation and agreements have to be submitted in signed form.

 

Upon satisfactory receipt of all prospectuses and compulsory documents as requested, the CSSF will proceed to the registration of the undertaking for collective investment on the official list.

 

In parallel, the CSSF will issue the official accreditation letters, the related UCITS attestations in electronic form, the CSSF identification codes. The CSSF will register the documentation and return an electronic visa-stamped version of the full prospectus within 5 working days after the date of receipt by the CSSF.

 

A successful completion of the approval of a new UCITS or additional sub-fund(s) of an existing 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.

 

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