New CSSF Circular Regarding Dormant Sub-Funds Of UCIS
The new CSSF circular 12/540 has been issued on 9 July 2012 and provides clarification on the situation of dormant sub-funds of undertakings for collective investment ("UCI") subject to the Luxembourg law of 17 December 2010 on undertakings for collective investment or the Luxembourg law of 13 February 2007 on specialized investment funds, as amended.
Scope
Within this circular, "dormant sub-funds" shall mean (i) compartments not yet launched since their authorization by the CSSF (i.e. without any prompt issuance of shares), (ii) compartments launched but having become inactive and not promptly reactivated (i.e. full redemption of shares) or (iii) compartments in liquidation (i.e. upon the relevant corporate decision).
Consequences
The two first categories of sub-funds as mentioned above (sub-funds not yet launched or inactive sub-funds) will now have an eighteen months time period starting from the date of their CSSF authorization to be launched or, starting from the date on which they became inactive, to be reactivated. Should the situation not change after this eighteen months time period (i.e. lack of launching respectively reactivating) the CSSF will consider, if the sub-fund is not contained in the current offering document of the UCI concerned, the proposed launching as abandoned and, if the sub-fund is contained in the current offering document of the UCI concerned, that the relevant sub-fund must be removed from this offering document at its next update (however at...
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