Regulatory Alerts2018-08-23
CSSF Circular 18/697: Organisational Arrangements for Fund Depositaries and Amendments to Circulars 16/644 and IML 91/75
The Commission de Surveillance du Secteur Financier (CSSF) issued Circular 18/697 to establish organisational requirements for fund depositaries exempt from Part I of the 2010 Law on undertakings for collective investment. The circular simultaneously amends Circular CSSF 16/644 to update provisions for credit institutions serving as UCITS depositaries, particularly when represented by their management companies. It further revises Circular IML 91/75 to recast the operational and compliance rules governing Luxembourg-based undertakings for collective investment.
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