Investment fund managers and registrar agents: New CSSF Circular

On 23 August 2018, the CSSF issued a new Circular 18/698 ("Circular") repealing CSSF Circular 12/456.

The new Circular relates to the approval process and organisation of both (i) UCITS management companies and (ii) alternative investment fund managers ("AIFMs") subject to Chapter 2 of the Luxembourg Law of 12 July 2013 concerning AIFMs (together being referred to in the Circular as Gestionnaires de Fonds d'Investissement or GFI (“Investment Fund Managers”). It also applies to self-managed UCITS and self-managed AIFs and contains certain provisions regarding management companies subject to Chapter 16 of the Luxembourg Law of 17 December 2010 concerning undertakings for collective investment. Finally, in the context of combatting anti-money laundering it contains provisions which are not only applicable to Investment Fund Managers but also to registrar agents.

Although the Circular reflects the CSSF’s most recent practice for authorisation of Investment Fund Managers, it reflects substantially more detailed requirements than the previous CSSF Circular 12/546 and therefore existing Investment Fund Managers will need to review their internal organisation, policies and procedures to assess their compliance with the new Circular.

More information on the Circular is available on our website (see our Newsflash "New CSSF Circular for Luxembourg investment fund managers and AML requirements applicable to investment fund managers and registrar agents").