CSSF Circular 13/559 regarding ESMA Guidelines on ETFs an other UCITS issues

On 18 February 2013, the CSSF published its Circular 13/559 which draws the attention of all UCITS to the coming into force on 18 February 2013 of the ESMA Guidelines on ETFs and other UCITS issues which were published by ESMA on 18 December 2012.

The CSSF Circular summarises the main provisions of the ESMA Guidelines and mentions the transitional provisions of which existing UCITS may avail themselves until 18 February 2014. The CSSF Circular does not, however, comprise any provisions that could be considered as interpretations of some of the ESMA Guidelines in relation to which many industry participants have been raising questions. 

Hopefully, some of these interpretations will come through shortly either through Q&As to be published by ESMA or through the regulatory practice of the CSSF. 

An English translation of the CSSF Circular is published on our website.