Marketing of units/shares of a Luxembourg UCITS in the EU

Directive 2009/65/EC of the European Parliament and the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (“the UCITS Directive”) provides and defines the notification procedure for UCITS proposing to market their units in a Member State other than their home Member State.

 

According to Article 54 of the Law of 17 December 2010 relating to undertakings for collective investment ("the Fund Law"), which transposed into Luxembourg law the related provisions of the UCITS Directive, the notification by a Luxembourg-based UCITS to the competent authority of a host Member State is to be completed via the CSSF by means of a notification file that the Luxembourg-based UCITS has to submit to the CSSF.

 

The Luxembourg-based UCITS shall first transmit a notification file to the CSSF comprising a standardised notification letter, information on the arrangements made for marketing the UCITS in the host Member State as well as the latest versions of all documents specified in Article 54(1) and (2) of the Fund Law.

 

The details on the practical specifications in relation to the notification procedure are described in Circular CSSF 11/509 and its appendices that Luxembourg-based UCITS should read to take note of the practical guidelines and the technical specifications to be followed for submitting the notification file to the CSSF, the documents contained in the notification file and the handling of the notification file.

 

The CSSF also recommends UCITS to consult the internet sites of the competent authorities of the host Member States on the laws, regulations and administrative provisions which are specifically relevant to the arrangements made for the marketing of units of UCITS in the host Member States.

 

According to Article 54(4) of the Fund Law, a Luxembourg based UCITS shall give in the event of a change in the information regarding the arrangements made for marketing communicated in the notification letter via the CSSF, a written notice thereof directly to the competent authorities of the host Member State before implementing the change.

 

Regarding the identifiers of Luxembourg-based UCITS, compartments or share classes used in the referencing of the documents contained in the notification files, the CSSF maintains a downloadable identifier file of all identifiers of Luxembourg-based UCITS, compartments or share classes flagged as open in the database of the CSSF. If a Luxembourg-based UCITS, compartment or share class does not appear in that file, the remitting party shall contact the CSSF before transmitting a notification file.

Technical details on the notification channels available