On 2 September 2019, the CSSF ("regulator") published undated Frequently Asked Questions (FAQ) concerning the Undertakings for Collective Investment and the Alternative Investment Fund Managers.

The same new item was added both FAQs and relate to the applicable requirements when a central administration or a depositary (collectively the Service Providers (SP)) transfer data to another service provider.

In that context, the SP must obtain the consent of the UCI, via the Board for a SICAV or via the IFM for common funds, for the outsourcing of the service, the type of information that will be transmitted and the country of establishment of the provider of the outsourced service.

The Board of the SICAV should inform and obtain consent from investors to the transfer of their personal and confidential data. Such information/consent may be provided/obtained using different means such as a letter to existing investors, a change in the subscription form to seek consent of the new investors and a change of prospectus. In turn the SP should obtain a confirmation from the Board of the fund that the investors have been informed and consented to the transfer of personal and confidential data

The CSSF FAQ concerning the Undertakings for Collective Investment can be found here and the FAQ concerning the Alternative Investment Fund managers is available here.

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.