Regulatory Alerts2018-08-23
Added · Updated
CSSF Circular 18/697: Organisational Arrangements for Fund Depositaries and Amendments to Circulars 16/644 and IML 91/75
This circular specifies organisational requirements, governance standards, and good practice rules for Luxembourg-based credit institutions, investment firms, and professional depositaries of assets other than financial instruments acting as depositaries for alternative investment funds (AIFs), UCIs Part II, SIFs, and SICARs. It amends Circular CSSF 16/644 regarding provisions for credit institutions acting as UCITS depositaries and revises Circular IML 91/75 concerning the rules applicable to Luxembourg undertakings governed by the Law of 30 March 1988 on undertakings for collective investment. The document details eligibility criteria, appointment procedures, conflict of interest management, asset safekeeping duties, segregation requirements, and information obligations vis-à-vis authorities and fund managers.
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