National rules for marketing of units of a UCITS in Luxembourg and other specific national regulations related to the notification procedure

1) Member State: Luxembourg

 

2) Date of last update: 01 July 2011

 

3) Information for the notification letter to the attention of the CSSF:

The notification letter to the attention of the CSSF for the marketing of the fund units/shares in Luxembourg must provide the information hereafter:

 

  • the name and address of the paying agent in Luxembourg that may make dividend payments and payments in relation to subscription and redemption of units/shares of the UCITS in Luxembourg;
  • the place where the investors may present subscription, redemption or conversion requests of units/shares of the UCITS;
  • the place where Luxembourg investors may obtain the net asset values, issue and redemption prices, the last prospectus, the last financial reports, the fund rules/articles of incorporation and, as far as enabled, an access to the contracts arranged with the UCITS;
  • the name of the local newspaper where any notice to the unit holders/shareholders will be published in Luxembourg.

4) Language of the Document containing Key Investor Information (KIID) and other documents

The KIID and other documents must be submitted in one of the following languages: French, German, English or Luxemburgish.

 

Translations are deemed to be made under the responsibility of the UCITS and must truly reflect the original information.

 

5) Documented evidence of fee payment

No document needs to be provided in the notification file.

 

An invoice will be mailed by the CSSF to the applicant after receipt of the notification file. The various taxes levied by the CSSF to cover the handling costs of the notification and the registration costs of an UCITS for marketing its units/shares in Luxembourg are laid down by the GrandDucal regulation of 18 December 2009 as amended.

 

6) Conditions for cessation of marketing/registration with CSSF

The CSSF has to be informed about any cessation of marketing of fund units.

 

7) Other issues

 

Provisions governing sales and distribution in Luxembourg

The provisions governing sales and distribution in Luxembourg are laid down in the following laws:

 

  • Law of 30 July 2002 as amended regulating certain trade practices, penalising unfair competition and transposing Directive 97/55/EC of the European Parliament and of the Council amending Directive 84/450/EEC concerning misleading advertising so as to include comparative advertising;
  • Law of 8 April 2011 concerning the implementation of a Consumer Code (amended by the law of 2 April 2014, only in French)

 

Provisions governing the payments to unit-holders, the repurchase or redemption of units and dissemination of information

According to Article 59 of the law of 17 December 2010 on undertakings for collective investment requires UCITS situated in other Member States of the European Union, which seek to market their units/shares in Luxembourg, to appoint a credit institution to ensure that facilities are available in Luxembourg for making payments to unit-holders and redeeming units.

 

The UCITS shall take the measures necessary to ensure that the information which it is obliged to provide, is made available to unit-holders in Luxembourg.

 

If a UCITS situated in another EU Member State markets its units in Luxembourg, it must distribute in Luxembourg either in French, German, English or Luxemburgish the documents and information which must be provided to investors in the EU Member State in which it is situated.

 

Where a UCITS situated in a country which is a party to the Agreement on the European Economic Area other than a Member State of the European Union markets its units in Luxembourg, the provisions of articles 59 to 63 of the law of 17 December 2010 as amended on undertakings for collective investment are also applicable within the limits provided by that Agreement and the instruments relating thereto.