Changes intended to optimise the authorisation processes of new UCI and new sub-funds added to existing fund structures
The CSSF hereby informs you of some procedural changes intended to optimise the authorisation process of new UCI and/or new sub-funds added to existing fund structures.
- A new questionnaire named “Fund Pre-Inception Readiness Review” is introduced and will need to be submitted with the application file. This single document will replace a series of confirmations currently requested separately. The questionnaire intends to provide a confirmation by the Management Company/AIFM that all preparatory work and assessments required by regulation have been completed and that the Management Company/AIFM is ready to onboard the new fund or sub-fund(s) after authorisation.
- The CSSF will no longer request nor assess all agreements concluded between a fund and its service providers during the examination of an application file. At the end of the examination, the applicant will submit to the CSSF a copy of final signed agreements deemed core, along with a standardised letter confirming compliance of these agreements with applicable legal and regulatory requirements. The CSSF informs applicants on general guidance that is expected to be considered as good practice when drafting fund service contracts.
- For the sake of clarifying what is expected in terms of documents required to support an application, two additional new guiding notes have been added on the CSSF website in order, on the one hand, to give general considerations to be followed when submitting documents, and on the other hand, to provide an overview table of all the documents required when submitting a UCI approval file.
The new adaptations are applicable from 16 August 2021.