CSSF Newsletter – October 2016

The CSSF published its October 2016 newsletter (number 189), which provides updates in relation to recent national regulation and statistics.

Read the October newsletter in full.

CSSF Circular 16/644 dated 11 October 2016

The CSSF released circular 16/644 on the provisions applicable to credit institutions acting as UCITS depositary subject to part I of the Law of 17 December 2010 relating to undertakings for collective investment and to all UCITS, where appropriate, represented by their management company.

This circular specifies the applicable organizational requirements (e.g. distinction between delegation of safe-keeping of assets and other delegation and outsourcing, clarification on accounts with third-party custodians)

Read Circular 16/644 (in French)

ALFI Responds to the Public Consultation on Cross-Border Distribution by the Commission

As requested from stakeholders in the context of the CMU public consultation ALFI responded and points out the main barriers to the cross-border distribution of funds (UCITS, AIF, ELTIF, EuVECA and EuSEF) across the EU.

The replies concern overall liberalization of existing rules (e.g. gold-plating, common notification body) and extensions to such rules (e.g. definition of semi-professional investor, extension of national private placement regimes, third-country passports).

Read a summary on the ALFI website where a PDF document with selected responses and the complete survey document are also available.

ALFI Response to IOSCO Consultation Report on Good Practices for the Termination of Investment Funds

ALFI responded to the IOSCO Consultation Report on Good Practices for the Termination of Investment Funds which includes also a section on mergers. 

The reply includes disclosure practices and the treatment of “non-contactable investors” while distinguishing the liquidation of whole structures or sub-funds and noting Luxembourg specific points such as the treatment of FCPs versus corporate entities or partnerships.

Read ALFI's response in full.

ALFI Response to EU Commission Consultation Regarding the EU Macro-Prudential Framework

ALFI responded to EU Commission consultation regarding the EU macro-prudential framework.

Read ALFI's statement dated 25 October 2016. 

ALFI replied that the expansion of the macro-prudential framework beyond banking would be inappropriate considering the highly regulated framework for funds and asset managers.

Read ALFI's response in full.

CSSF Regulation N° 16-07 relating to out-of-court complaint resolution

The CSSF released regulation N° 16-07 relating to out-of-court complaint resolution.

The regulation defines rules applicable to requests for out-of-court resolutions of complaints filed with the CSSF, inter alia consumer disputes concerning UCITS and part II funds.

Read regulation N° 16-07 in full.