law of 20 December 2002 - Alfi

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CSSF CIRCULAR 08/339 OF 19 February 2008 relating to the Guidelines ofthe Committee of European Securities Regulators (CESR) concerningeligible assets for investment by UCITSLuxembourg, 19 February 2008To all Luxembourg undertakings for collective investment and to all those that take part in thefunctioning and control of these undertakingsCIRCULAR CSSF 08/339Re:Guidelines of the Committee of European Securities Regulators (CESR)concerning eligible assets for investment by UCITS.Ladies and Gentlemen,This circular draws the attention of UCITS subject to Part I of the amended law of 20December 2002 relating to undertakings for collective investment to the publication of thefollowing guidelines published by the Committee of European Securities Regulators (hereafter“CESR”):1) CESR’s guidelines concerning eligible assets for investment by UCITS – March 2007,Ref.: CESR/07-0442) CESR’s guidelines concerning eligible assets for investment by UCITS – The classificationof hedge fund indices as financial indices – July 2007, ref.: CESR/07-0434.These documents are attached to this circular. They are also available on the CESR website:http://www.cesr.eu.CESR’ s guidelines should be read in conjunction with the provisions of Commission Directive2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordinationof laws, regulations and administrative provisions relating to undertakings for collectiveinvestment in transferable securities (UCITS), as amended, as regards the clarification ofcertain definitions.Directive 2007/16/EC aims at clarifying certain definitions of Directive 85/611/EEC, asamended, concerning eligible assets for investment by UCITS in order to ensure uniformapplication of this Directive throughout the European Union.Directive 2007/16/EC has been transposed into Luxembourg law through the Grand-Ducalregulation of 8 February 2008 concerning certain definitions of the amended law of 20December 2002 relating to undertakings for collective investment. This regulation has beenpublished in Mémorial A – N° 19 of 19 February 2008.In relation to the provisions of Directive 2007/16/EC and Grand-Ducal regulation of 8 February2008, the guidelines issued by CESR in the document “CESR’s guidelines concerning eligibleassets for investment in UCITS” provide additional clarifications relating to eligible assets forinvestment by UCITS covered by Directive 85/611/EEC, as amended.247
For example, point 23 of “CESR’s guidelines concerning eligible assets for investment byUCITS” provides further details in relation to Article 10 of Directive 2007/16/EC as regardstransferable securities and money market instruments embedding derivatives. It is importantto note in this context that UCITS are responsible for assessing, where applicable, whetherthese transferable securities and money market instruments embed or do not embed aderivative.Special attention should be paid to point 26 of “CESR’s guidelines concerning eligible assetsfor investment by UCITS” which provides further details on the first two indents of Article41(1)e) of the amended law of 20 December 2002 relating to undertakings for collectiveinvestment.More specifically, the above document defines in particular the factors that can be used toassess whether the supervision to which a collective investment undertaking must be subjectis equivalent in order to qualify as an eligible undertaking for collective investment in thecontext of the investment policy of a UCITS.The guidelines issued by CESR in the document “CESR’s guidelines concerning eligibleassets for investment by UCITS – The classification of hedge fund indices as financialindices” provide further specific details on the eligibility of hedge fund indices as underlyinginstruments of a financial derivative instrument. Moreover, this document specifies thatUCITS seeking exposure to a hedge fund index must undertake appropriate due diligence.This includes the obligation for the UCITS to assess the quality of the hedge fund index.All supervisory authorities members of CESR have committed to apply these CESR guidelines.UCITS shall thus take into account these guidelines when assessing whether a specificfinancial instrument constitutes an eligible asset for investment within the meaning of therelevant provisions of the amended law of 20 December 2002, as further specified in Grand-Ducal regulation of 8 February 2008.The guidelines issued by CESR are applicable as from the entry into force of Grand-Ducalregulation of 8 February 2008.UCITS existing at the time of the implementation of the guidelines issued by CESR benefitfrom an extension until 23 July 2008 at the latest to comply with these guidelines.Annexes:Annex I: CESR’s guidelines concerning eligible assets for investment by UCITS –March 2007, Ref.: CESR/07-044Annex II: CESR’s guidelines concerning eligible assets for investment by UCITS –The classification of hedge fund indices as financial indices – July 2007,Ref.: CESR/07-434248
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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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1.4. Relationship with other interm
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- market risk- settlement risk- for
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4. Complaints from investorsThe aud
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CSSF Circular 03/87 of 21 january 2
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B. Provisions concerning management
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UCIs established prior to 1 January
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UCITS subject to Part I of the law
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Also covered by this category are U
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It is strongly recommended that UCI
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Finally, the transitional provision
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The management company’s and the
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in the delegation agreement by mean
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Especially, the activity programme
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Annex 1Table SG 1ACompany:Person in
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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 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 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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