New Depositary Standards In Anticipation Of UCITS V

CSSF Circular 14/587 – Rules applicable to credit institutions acting as depositary of UCITS under Part I of the Law of December 17th, 2010 on undertakings for collective investment and to all UCITS, represented by their management company as the case may be

On Tuesday July 15th 2014 the Commission de Surveillance du Secteur Financier (the "CSSF") issued Circular 14/587 (the "Circular") which is applicable to UCITS' depositary banks and to the UCITS themselves regarding their relationship with their depositaries.

The aim of the Circular is to align the requirements applicable to UCITS' depositaries with the requirements imposed by Directive 2011/61/EU on alternative investment fund managers ("AIFMD"). Such alignment anticipates the implementation of the UCITS V Directive into Luxembourg law.

The Circular focuses on the following points:

Asset segregation within the depositary; Initial and continuing due diligence procedure on all...

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