Luxembourg CSSF Published Circular 12/540 On Non-Launched, Inactive And Closed Fund Compartments
Luxembourg's financial regulator, the Financial Sector Supervisory Authority (CSSF) published on July 9 a circular aimed at all Luxembourg undertakings for collective investment established under the funds law of December 17, 2010 (implementing the Ucits IV Directive) and the Specialised Investment Fund law of February 13, 2007.
Circular CSSF 12/540 aims to provide clarification regarding compartments of investment funds (but not classes of shares or units within them) that have been approved by the CSSF but not yet launched, or that have been launched but have become inactive or are in liquidation, and regarding information to be provided to the regulator in these cases.
According to the circular, a non-launched compartment is one for which approval by the CSSF is not followed promptly by the issue of its units. A compartment that has been launched may become inactive if all its units are redeemed, and this is not followed by prompt reactivation and new subscription and issue of units, leaving it without assets in the form of cash or securities.
If the board of directors of an investment company or management company decides to liquidate a compartment of a fund, it must be removed from the fund's prospectus or offering document at its next update, which must be no more than six months following the liquidation decision. The board's decision to close a compartment by realising and distributing all its assets to investors is considered a liquidation.
A non-launched compartment or one awaiting reactivation that appears in the fund's current prospectus or offering document may remain there, subject to the proviso that the compartment will have 18 months to be launched from the date of the CSSF's approval letter or the date on which it became inactive respectively. Existing compartments of either kind have 18 months from the date of publication of the circular.
If at the end of 18 months the compartment has not been launched or reactivated, if it is not contained in the fund's current prospectus or offering document, the CSSF will consider its...
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