Following the publication of the Delegated Regulation (EU) 2022/1288 and the confirmation of the application date of the SFDR Level 2 provisions (or "SFDR RTS"), the CSSF issued a communication on 27 July 20221 (the "July Communication"), reminding the 1 January 2023 deadline and introducing the accelerated procedure for the submission of updated pre-contractual documents for UCITS and regulated AIFs.
The July Communication further sets the deadline of 31 October 2022 for the submission of the relevant updates to the CSSF.
On 6 September, the CSSF issued another communication to explain in more details the procedure announced in the July Communication (the "September Communication").
2. Key elements of the accelerated procedure in the September Communication
In the September Communication, the CSSF first clarifies that the RTS confirmation letter, mentioned in the July Communication, will be required for both UCITS and AIFs, templates of which are available on the CSSF website (click here for UCITS, and click here for AIFs).
Furthermore, the CSSF reminds the investment fund managers ("IFMs"), subject to SFDR, that the accelerated procedure for visa-stamping is available only if the following conditions are met :
- the changes made to the pre-contractual documents are limited to the insertion of the mandatory templates for Article 8 and Article 9 funds and sub-funds;
- the RTS confirmation letter is filed and submitted; and
- any other amendments which are not related to SFDR RTS are minor or of editorial nature.
It is moreover clarified that if the document is updated with other material changes, alongside the changes required under the SFDR RTS, such document must be filed through the ordinary amendment procedure.
The CSSF further provides IFMs with a welcomed detailed procedure that must be followed to benefit from the accelerated examination:
- First, the application must submit of the updated pre-contractual document in track changes, together with the filled out RTS confirmation letter;
- Then, the applicant must implement any comments received from the CSSF, where relevant, until completion and consent on the disclosures; and
- Finally, the applicant receives the invitation to upload the consented version of the pre-contractual document in clean version for visa-stamp in PDF format.
Lastly, the CSSF reminds the 31 October 2022 deadline for the submission of the updated pre-contractual documents to benefit from the accelerated procedure. Any documents submitted after this deadline will be examined on a best-effort basis.
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.