Cross-border Distribution Update

Regulation (EU) 2019/1156("CB Regulation") and Directive (UE) 2019/1160("CB Directive") on cross-border distribution became applicable on 2 August 2021. On the same date, ESMA published the Guidelines on marketing communications under the CB Regulation("Marketing Communications Guidelines"). The CB Directive was implemented in Luxembourg by means of the Law of 21 July 2021.

The CB Directive notably includes:

• a pre-marketing definition for AIFMs.
• a de-notification process for marketing of units/shares of UCITS and AIFs. In this context the CSSF has published a Circular on the process of de-notification of Luxembourg-based UCITS (Circular CSSF 21/778) which updates Circular CSSF 11/509on the notification procedures to be followed by a UCITS;