law of 20 December 2002 - Alfi

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CSSF Circular 07/277 OF 9 January 2007 CONCERNING THE new notificationprocedure in accordance with the guidelines of the Committee ofEuropean Securities Regulators (CESR) concerning the simplificationof the UCITS notification procedureLuxembourg, 9 January 2007To all Luxembourg undertakings for collective investment and to those who act in relation tothe operation and supervision of such undertakings.CSSF Circular 07/277Concerns:The new notification procedure in accordance with the guidelines of theCommittee of European Securities Regulators (CESR) concerning thesimplification of the UCITS notification procedure.Ladies and Gentlemen,The purpose of this circular is to draw the attention of UCITS subject to Part I of the law of30 March 1988 relating to UCIs or to Part I of the law of 20 December 2002 relating to UCIsto the new notification procedure in accordance with the guidelines of the Committee ofEuropean Securities Regulators (CESR) concerning the simplification of the UCITS notificationprocedure.This document, published by CESR on 29 June 2006 with the reference CESR/06-120b, isavailable on CESR website at http://www.cesr.eu.The purpose of CESR’s guidelines is to present a common approach to the administration,by host authorities, of the notification procedures, as disclosed in Article 46 of the Directive85/611/EEC, as amended. The objective of the guidelines is to bring more simplicity, transparencyand certainty to the procedure of notification and to accelerate the processing of thefile.The intention of this circular is also to state more precisely the approach adopted by theCSSF as regards European passports for UCITS following the adoption of the new CESRguidelines.A. The following sections of the document CESR/06-120b, relating to the notificationprocedure of UCITS and to the modifications and updates of UCITS, can be pointedout:1. Notification procedurea) With regard to the notification procedure, the UCITS has to provide a certain numberof documents to the host State authority. The document CESR/06-120b introducesa standardised attestation letter of the home State authority (Annex I of the CESRdocument) and a standardised notification letter (Annex II of the CESR document)which shall be submitted to the host State authority.219
The UCITS shall, among other things, provide the documents listed in Annex II to theCESR document to the host State authority. A detailed list is enclosed in Annex 1 ofthis circular.b) The host authorities shall not request certification by the home State authority of thedocuments listed in Annex II of the CESR document and which have to be providedwith the notification letter. These authorities shall accept that the notifying UCITSor a third party duly empowered by the UCITS self-certifies the documents. Thiscertification must confirm that the documents attached to the notification letter arethe most recent ones that have been issued or approved by the home State authority(“self-certification”).c) A supervisory authority shall issue an attestation letter in accordance with the standardmodel disclosed in Annex I of the CESR document. For the notification procedure withthe other Member State authorities, a true copy of such original attestation letter,certified by the UCITS or a third party duly empowered by the UCITS, shall be used.2. Modifications and updatesa) The UCITS shall request from its supervisory authority the issue of a new attestationsolely in the case where the information on the UCITS provided in the original attestationissued by the supervisory authority has been modified. These modifications are,inter alia, the change of the management company or the creation of a new sub-fundin an existing UCITS.b) The UCITS shall keep all their documents up-to-date. Therefore, all modifications tothe constitutional documents or management rules and the Articles of incorporation,as well as any creation of new units/share classes and the new (full and simplified)prospectuses shall be transmitted to the host State authority by the UCITS. The samerule applies to the latest published annual reports and any subsequent half-yearlyreports. Submission of these documents has to be made without delay after thedocuments have been made available for the first time in the home Member State.All the documents which do not constitute modifications of the information included inthe original attestation of the supervisory authority are certified by the UCITS or a thirdparty duly empowered by the UCITS (“self-certification”).B. Practice adopted by the CSSF regarding the European passport for UCITSI. Luxembourg UCITS that market their units/shares in another EU Member StateUCITS that consider marketing their units/shares in another EU Member State shallsubmit to the host State authority all the documents listed in Annex 1 to this circular, and,as the case may be, any other specific documents required by the host State authority.UCITS that market their units/shares in another EU Member State should take into considerationthe following points:1. Attestation letterThe CSSF provides every UCITS with an attestation as set out in Annex I of the CESRdocument, together with a letter confirming its registration on the official list. The CSSF’sattestation letter for UCITS will be issued in the official languages of German and French.Furthermore, an attestation letter in English will be provided to the UCITS. On request, theCSSF provides the attestation letter in electronic form.220
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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
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CSSF Circular 02/81 of 6 december 2
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I. MandateThe auditor is appointed
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In the long form report, the audito
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For common funds the management of
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In addition, the auditor must outli
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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 212 and 213: CSSF CIRCULAR 05/177 of 6 April 200
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 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
Page 262 and 263: 191, 192, 193, 194, 201, 204, 205,
Page 264 and 265: Option…………………… 67,
Page 266 and 267: Third country…………………
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law of 20 December 2002 - Alfi

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