An undertaking for collective investment in transferable securities (“UCITS”) must be authorised by the financial regulator (the Commission de Surveillance du Secteur Financier - the “CSSF”).
A UCITS fund shall be authorised only if the CSSF has approved the instruments of incorporation and the offering documentation as well as the choice of the depositary. A UCITS fund shall send their prospectuses and any amendments thereto, as well as their annual and half-yearly reports, to the CSSF.
The CSSF thus supervises a UCITS fund on an ongoing basis. A UCITS fund is subject to regular reporting requirements.
The CSSF levies a fee for the authorisation and supervision and keeps an official list of authorised management companies.
Lawyers or bankers are generally involved in the submission of the application to the CSSF.
References: Chapter 19 (articles 129-132) of the amended law of 17 December 2010 relating to undertakings for collective investment (the “UCI Law”) is dedicated to the question of authorisation; and more specifically: Articles 129(1), (2) and 155(1) of the UCI Law; Grand-ducal Regulation of 21 December 2017 relating to the fees to be levied by the Commission de Surveillance du Secteur Financier; Chapter K of IML Circular 91/75 as amended; Which Legal Forms May Take a UCITS fund?, October 11, 2020, Bertrand Mariaux; How to set up a UCITS Fund, Luxembourg for Finance, January 2019.
*Podcast #307:
*YouTube Video 296|:
Editor: Hannah Seulgee Jung
Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)
Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017