ARTICLE
27 July 2017

UCITS Share Classes And Independence Management Company/Depositary

EH
ELVINGER HOSS PRUSSEN, société anonyme

Contributor

ELVINGER HOSS PRUSSEN, société anonyme logo
Independent in structure and spirit, Elvinger Hoss Prussen guides clients on their most critical Luxembourg legal matters. Committed to excellence and creativity in legal practice, our firm delivers the best possible advice for businesses, institutions and entrepreneurs, playing a unique role in the development of Luxembourg as a financial centre.
The CSSF has recently clarified, in its FAQ on undertakings for collective investment (UCIs):
Luxembourg Finance and Banking

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".

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.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More