In its press release 18/02 of 5 January 2018 (the Press Release), the Luxembourg supervisory authority for the financial sector (Commission de surveillance du secteur financier – CSSF) informs about a change of policy regarding Luxembourg UCITS investing in other UCI (the Non-UCITS).1
According to the past CSSF policy, Luxembourg UCITS were allowed to invest in a non-UCITS ETF if the Luxembourg UCITS ensured that the non-UCITS ETF effectively complied with the criteria for other UCI set out in articles 2(2) and 41(1)(e) of the 2010 Law, even if the offering documents of such non-UCITS ETF granted possibilities which were not equivalent to requirements applicable to UCITS.
Since 5 January 2018, the CSSF requires that Non-UCITS in which Luxembourg UCITS invest, fulfill all the conditions laid down in the 2010 Law and Directive 2009/65/EC (UCITS Directive) for UCITS eligible investments. These imply in particular (emphasis added):
The CSSF stresses in the Press Release that Non-UCITS shall be prohibited from investing in illiquid assets (such as commodities and real estate) and says that mere compliance in practice with the requirements 2) and 3) above is not sufficient.
Luxembourg UCITS must:
In the first quarter of 2018 the CSSF will contact the investment fund managers which have invested in such UCIs to check if they comply with the new policy.
1 The CSSF’s FAQ concerning the Luxembourg law of 17 December 2010 (2010 Law) relating to undertakings for collective investment (FAQ) has been updated to reflect this change.
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