In the last update of its FAQ on UCITS, ESMA added a question on notification requirements for a new share class of of a UCITS already notified for cross-border marketing.
In its answer, ESMA states that in this case, the UCITS should give written notice to the national competent authority ("NCA") of both the UCITS home and host Member State, at least one month before the marketing of the new share class starts.
Further to this clarification, the CSSF FAQ on the CBDF Notifications procedures ("CSSF FAQ on CBDF") will probably be updated in order to reflect this requirement. Indeed, in August 2021, the CSSF only required a prior notification to the NCA of the UCITS host Member State (i.e. Question 11 of the CSSF FAQ on Cross-Border Distribution of Funds (CBDF) Regulation).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
