New CSSF Circular For Luxembourg Investment Fund Managers And AML Requirements Applicable To Investment Fund Managers And Registrar Agents.
The CSSF issued on 23 August 2018 a new circular 18/698 ("Circular") repealing CSSF Circular 12/456.
Unlike CSSF Circular 12/546 which was only applicable to UCITS management companies, the new Circular relates to the approval process and organisation of both (i) UCITS management companies subject to chapter 15 of the Luxembourg law of 17 December 2010 concerning undertakings for collective investment and (ii) alternative investment fund managers subject to chapter 2 of the Luxembourg law of 12 July 2013 concerning AIFMs (both together being referred to in the Circular as (Gestionnaires de Fonds d'Investissement, GFI, "Investment Fund Managers"). It also applies to self-managed UCITS and self-managed AIFs and also contains certain provisions regarding management companies subject to chapter 16 of the aforementioned law of 2010. Finally, in the context of combatting anti-money laundering it contains provisions which are not only applicable to Investment Fund Managers but also to registrar agents.
By means of this Circular, the CSSF confirms its most recent regulatory practice in the authorisation of Investment Fund Managers and points out that it pays special attention to the internal organisation, substance, policies and procedures of Investment Fund Managers with a specific emphasis on the need for appropriate human resources to be available to an Investment Fund Manager in consideration of the volume and nature of its activities. In that respect, the Circular specifies (i) the number of conducting officers and employees required by Investment Fund Managers, and (ii) the numbers of mandates that directors and conducting officers are authorised to have.
The latter implies that the Circular does not only have an impact on Investment Fund Managers but also affects members of the board of directors of Investment Fund Managers, UCITS, AIFs and special purpose vehicles related thereto. The number of mandates held by them and the time they dedicate thereto may, in combination with the other professional activities they pursue, not exceed the thresholds set forth in the Circular or, if such thresholds are exceeded, they must justify their time commitment to the CSSF.
The CSSF...
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