law of 20 December 2002 - Alfi

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CSSF CIRCULAR 05/177 of 6 April 2005 concerning the Abolition of anyprior control by the CSSF of advertising material used by persons andcompanies supervised by the CSSF; abrogation of point II. of ChapterL. of IML circular 91/75; abrogation of the two last sentences of pointIV. 5.11 of CSSF circular 2000/15Luxembourg, 6 April 2005To all persons and companies supervised by the CSSFCSSF CIRCULAR 05/177Concerns:Abolition of any prior control by the CSSF of advertising material used bypersons and companies supervised by the CSSF; abrogation of point II.of chapter L. of IML Circular 91/75; abrogation of the two last sentencesof point IV. 5.11 of CSSF Circular 2000/15.Ladies and Gentlemen,The present circular abrogates point II. entitled “Advertising Documents” of chapter L. ofIML Circular 91/75, as well as the two last sentences of point IV., 5.11 of CSSF Circular2000/15.From now on, persons and companies subject to the prudential supervision of the Commissionde Surveillance du Secteur Financier (“CSSF”) are no longer compelled to communicate tothe CSSF, for comments, the content of their advertising messages intended for distributionto their clients or to the public. In particular, advertising material used by persons in chargeof the distribution of units of undertakings for collective investment and their representativesdoes not need to be submitted to the CSSF for their control, even if this material is not subjectto control by the competent authorities in countries where it is used.On the basis of cases where the CSSF intervened, it appeared that it was no longer necessaryto maintain such provisions.Obviously, the persons and companies subject to the supervision of the CSSF must continueto comply with the rules of conduct of the financial sector both in Luxembourg and abroad,in refraining from issuing misleading advertising material with regard to the services offeredand by mentioning, where necessary, the particular risks inherent to these services and inbringing to the client’s attention his own responsibility.The control of the compliance with the rules of conduct of the financial sector regarding advertisementremains within the competence of the CSSF, which has the authority to require thewithdrawal of any misleading advertisement with regard to the services offered as well as ofany inappropriate communications of information on the Luxembourg legal framework.209
CSSF CIRCULAR 05/185 of 24 May 2005 concerning Luxembourg managementcompanies subject to the provisions of chapter 13 of the law of20 December 2002 relating to undertakings for collective investmentas well as self-managed investment companies subject to the provisionsof article 27 or article 40 of the law of 20 December 2002 relatingto undertakings for collective investmentLuxembourg, 24 May 2005To all UCIs and management companies subject to Luxembourg lawCSSF CIRCULAR 05/185Concerns:Luxembourg management companies subject to the provisions of chapter13 of the law of 20 December 2002 relating to undertakings for collectiveinvestment as well as self-managed investment companies subject tothe provisions of Article 27 or Article 40 of the law of 20 December 2002relating to undertakings for collective investment.Ladies and Gentlemen,The purpose of this circular is to complete CSSF Circular 03/108 as regards the conditionsfor obtaining and maintaining authorisation for management companies which do not engagein activities other than collective portfolio management as provided for by Article 77(2) of thelaw of 20 December 2002 (section I of CSSF Circular 03/108).It is recalled that in the description of the human infrastructure which must be available toa management company, CSSF Circular 03/108 provides that the staff of the managementcompany must be permanent and must be adapted to the contemplated activities. Incompliance with the law of 20th December 2002, CSSF Circular 03/108 provides that theconduct of the management companies’ business must be decided by at least two persons(the “managers”) 163 who the CSSF must be able to contact directly and who must be in aposition to provide all the information which the CSSF considers essential for the performanceof its supervision.CSSF Circular 03/108 also requires that at least one of these managers must be on site.On the basis of the experience acquired in the analysis of applications for authorisation, theCSSF can also authorise a management company subject to chapter 13 of the amendedlaw of 20 December 2002 if the specific elements of a file enable the CSSF to conclude thatthe management company does not have a registered or statutory office in Luxembourgonly. These elements can be multiple and should, inter alia, be inspired by a concern forcompliance with principles of corporate governance and risk controls. Luxembourg residentboard members, the holding of regular board meetings in Luxembourg or the performanceof certain activities in Luxembourg are examples which, individually, are not necessarilysufficient or, in the presence of other elements, not necessarily required. Each file will be163 The French original of the circular uses the word “dirigeants”.210
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Undertakingsfor collective investme
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Published by the SOCIETE DE LA BOUR
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TABLE OF CONTENTSLAW DATED 20 DECEM
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Chapter E. Rules concerning the dep
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CSSF CIRCULAR 03/88 OF 22 JANUARY 2
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law dated 20 December 2002 relating
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annual accounts of certain types of
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25) a “UCITS home Member State”
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Art. 5Art. 6Art. 7Art. 8Art. 9Chapt
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commercial companies, as amended. T
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d) where the CSSF withdraws its aut
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The applicant shall be informed, wi
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Art. 30 (1) If the capital of the S
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Art. 40 Articles 26, 27, 28 with th
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(2) However:a) a UCITS may invest n
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Companies which are included in the
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Art. 48 (1) An investment company o
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Art. 54Art. 55Art. 56Art. 57In the
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contributed by them and whose right
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(4) Where the maximum percentages f
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y a supervisory authority set up by
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- For the purpose of this paragraph
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(2) Any change of external auditors
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Art. 86g) the mandate shall not pre
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) a programme of operations stating
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Art. 92(2) The CSSF will grant auth
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of professional secrecy provided fo
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The communication of information by
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The Court shall decide as to the ex
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(6) The Court’s decisions pronoun
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(2) The full prospectus shall conta
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The CSSF may request an auditor to
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(2) any person who has issued or re
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Art. 130Art. 131(3) Are exempt from
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Chapter 21. - Transitional and repe
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ANNEXE ISchedule A1. Information co
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1. Information concerning thecommon
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5. Other investment information:5.1
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- distributions and income reinvest
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- when and how dividends on units o
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GRAND-DUCAL REGULATION OF 14 APRIL
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Grand-Ducal Regulation of 08 Februa
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(c) financial instruments which ful
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(b) updates of the information refe
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Article 9Financial indices1. The re
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2. The reference in the first inden
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CHAPTER APURPOSE AND SCOPE OF THE L
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If the review of the application fi
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The following types of UCITS are co
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CHAPTER DRULES CONCERNING THE CENTR
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- the central administration must b
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For the purposes of the processing
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Considering the above, a derogatory
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CHAPTER ERULES CONCERNING THE DEPOS
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conformity of a decision taken by t
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- liability of the depositary for t
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It follows that the authorised inve
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CHAPTER GRULES APPLICABLE TO UCITS
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CHAPTER HRULES APPLICABLE TO ALL UC
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Subject to the conditions specified
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4. Repurchase agreements.UCITS may
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2. Investment restrictions.The inve
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3. Borrowings.The UCI may only borr
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4. Special regulations.Apart from t
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CHAPTER JRULES APPLICABLE TO MULTIP
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However, this difference of value o
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CHAPTER LINFORMATION AND ADVERTISEM
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The auditor’s report provided for
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CHAPTER MFINANCIAL INFORMATION 129
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VII. Identification numberThe CSSF
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CHAPTER OMARKETING RULES APPLICABLE
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APPENDIXTo be forwarded to theCommi
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Unless provided differently in thei
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(a) The information to be furnished
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In those circumstances, it is in pr
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The conclusions of the external aud
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The tolerance levels which are prov
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Such UCIs have to comply with the p
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D. Additional Investment Restrictio
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The UCI can either act as buyer or
Page 162 and 163: CSSF Circular 02/81 of 6 december 2
Page 164 and 165: I. MandateThe auditor is appointed
Page 166 and 167: In the long form report, the audito
Page 168 and 169: For common funds the management of
Page 170 and 171: In addition, the auditor must outli
Page 172 and 173: 1.4. Relationship with other interm
Page 174 and 175: - market risk- settlement risk- for
Page 176 and 177: 4. Complaints from investorsThe aud
Page 178 and 179: CSSF Circular 03/87 of 21 january 2
Page 180 and 181: B. Provisions concerning management
Page 182 and 183: UCIs established prior to 1 January
Page 184 and 185: UCITS subject to Part I of the law
Page 186 and 187: Also covered by this category are U
Page 188 and 189: It is strongly recommended that UCI
Page 190 and 191: Finally, the transitional provision
Page 192 and 193: The management company’s and the
Page 194 and 195: in the delegation agreement by mean
Page 196 and 197: Especially, the activity programme
Page 198 and 199: Annex 1Table SG 1ACompany:Person in
Page 200 and 201: Annex 3Table SG 1CCompany:Person in
Page 202 and 203: Annex 5Table SIAG 1ACompany:Status:
Page 204 and 205: CSSF CIRCULAR 03/122 of 19 December
Page 206 and 207: If the UCITS is established as a UC
Page 208 and 209: CSSF Circular 04/146 of 17 June 200
Page 210 and 211: If intermediaries in charge of the
Page 214 and 215: analysed on a case by case basis, c
Page 216 and 217: The following extracts, which are o
Page 218 and 219: This circular does not apply to com
Page 220 and 221: The same principles apply to the ap
Page 222 and 223: CSSF Circular 07/277 OF 9 January 2
Page 224 and 225: The attestation letter discloses al
Page 226 and 227: Annex 1.List of documents that a UC
Page 228 and 229: Annex 3.Specific information on the
Page 230 and 231: used pursuant to Article 41 (1) g)
Page 232 and 233: At the very least, the Commission e
Page 234 and 235: If UCITS are authorised to avail th
Page 236 and 237: When the reasons put forth by the U
Page 238 and 239: • is valued at market price, at a
Page 240 and 241: • hold in its portfolio the under
Page 242 and 243: UCITS Risk Market Limit (*) Referen
Page 244 and 245: AppendicesAppendix 1: Determination
Page 246 and 247: Appendix 2: Criteria governing the
Page 248 and 249: Before using the model for the firs
Page 250 and 251: CSSF CIRCULAR 08/339 OF 19 February
Page 252 and 253: CSSF CIRCULAR 08/356 OF 4 June 2008
Page 254 and 255: In case of a standardised securitie
Page 256 and 257: 3. Periodical information of the pu
Page 258 and 259: The risk exposure to a single count
Page 260 and 261: The reinvestment of cash received a
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191, 192, 193, 194, 201, 204, 205,
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Option…………………… 67,
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Third country…………………
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law of 20 December 2002 - Alfi

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