CSSF Press Release on UCITS V and depositary aspects in relation to Part II UCIs

On March 2nd 2016 the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier ("CSSF"), published the press release 16/10 on practical issues in relation to the UCITS V regime and depositary aspects in relation to Part II UCIs. After having reconfirmed the list of all instruments that will put in place the UCITS V regime and specified their date of entry into force, the CSSF clarifies the following:

  • the timeline for updating UCITS KIIDs, UCITS prospectuses and UCITS depositary contracts is the one outlined in the ESMA Q&A;
  • a fast-track procedure will be put in place for the approval of changes of UCITS prospectuses limited to the remuneration and depositary aspects under UCITS V;
  • the requirement to include a list of the delegates and sub-delegates of the UCITS depositary can be met by including in the prospectus a reference to a website where such list is available;
  • a questionnaire regarding the key aspects of the revised remuneration policies will be sent to UCITS management companies and UCITS self-managed investment companies in the upcoming months;
  • according to the UCITS V transposition law, the depositary regime applicable to Part II UCIs will be aligned to the depositary regime applicable to UCITS in view of introducing a single depositary regime applicable to all Part II UCIs;
  • CSSF Circular 14/587 on the provisions applicable to credit institutions acting as UCITS depositary will be amended with an effective date as of the end of September/beginning of October 2016, in order to adapt it with the UCITS V transposition law and the UCITS V 

Delegated Act. In the meantime the Circular will be applicable as of March 18th 2016.

The press release is available at: http://www.cssf.lu/fileadmin/files/Publications