On 12 May 2022, the CSSF published Circular 22/810 on the procedures to be followed by Luxembourg-based undertakings for collective investment in transferable securities (UCITS) and investment fund managers in order to notify pre-marketing or cross-border marketing of units or the discontinuation of such activities. The circular follows the introduction of an additional notification procedure for the discontinuation of cross-border marketing of sub-funds of UCITS and alternative investment funds (AIFs) and new requirements for alternative investment fund managers (AIFMs) in the event of pre-marketing, as described in Directive 2019/1160 of the European Parliament and the Council of 20 June 2019.
Circular 22/810 indicates that the new procedures will gradually be made available on the CSSF's eDesk. CSSF Circular 22/810 is available only in French.
Due to the introduction of Circular 22/810, Circular 11/509 will be repealed.
Scope of Circular 22/810
The circular applies to supervised entities and to certain notification procedures, including for the marketing (and discontinuation of the marketing) of units of UCITS and pre-marketing in Luxembourg or another Member State by Luxembourg-based AIFMs (pursuant to Article 28-1 of the AIFM Act 2013).
eDesk information and procedures
The CSSF indicates that it will be possible to complete certain procedures relating to pre-marketing and cross-border marketing only via eDesk (ePassporting eDesk).
A list of relevant procedures can be found on the eDesk homepage. This list will be updated regularly and should be consulted by the entities concerned. Additional information and instructions in the form of a user guide will also be made available on eDesk.
