UCITS share classes and independence management company/depositary

The CSSF has recently clarified, in its FAQ on undertakings for collective investment  (UCIs):

(i) The impact of the ESMA Opinion on UCITS share classes  on Luxembourg UCITS share classes.

The newly added questions and answers include information on the CSSF's position on the transitional provisions included in the ESMA Opinion and the high-level principles adopted by ESMA, i.e. common investment objective, non-contagion, pre-determination, and transparency.

(ii) The application of the rules provided in the UCITS V Delegated Regulation (Regulation (EU) 2016/438) to ensure the independence of the UCITS management company from the UCITS depositary. On 11 July 2017, ESMA also updated its Q&A on the application of the UCITS Directive, amongst other, on the same subject by adding a new Section VIII-“Independence of management boards and supervisory functions".