Authorisation & Organisation Of Luxembourg Management Companies

The Luxembourg Financial regulator (Commission de Surveillance du Secteur Financier, the "CSSF") issued the circular 12/546 on 24 October 2012 regarding the authorisation and organisation of Luxembourg management companies subject to chapter 15 of the law dated 17 December 2010 relating to undertakings for collective investments (the "2010 Law") and investment companies (i.e. SICAVs) qualifying as UCITS which have not designed a management company within the meaning of article 27 of the 2010 Law (the "self-managed SICAVs").

With the Circular 12/546 of 24 October 2012 (hereinafter referred to as the "Circular") the CSSF has gathered all provisions of CSSF circulars for the approval and organisation of management companies subject to chapter 15 of the 2010 Law (the "Management Companies"), i.e. management companies of undertakings for collective investment in transferable securities complying with the Directive 2009/65/EC of 13 July 2009 ("UCITS") in one document and has given more precisions on the conditions thereof.

Further to the issuance of this Circular, the CSSF has published a press release 12/45 on 31 October 2012 to specify that the promoter requirement will no longer...