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ARTICLE · 09 DECEMBER 2021

Taxonomy Regulation Level 1: CSSF Announces A Fast Track Procedure For UCITS

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_On 2 December 2021, the CSSF announced in a Press Release, that it had implemented a fast track procedure for UCITS, to submit their amendments in the funds' legal documentation in the context of Regulation (EU) ...

European UnionFinance and Banking
Wildgen
Wildgen
Mark Shaw
Mark Shaw
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On 2 December 2021, the CSSF announced in a Press Release, that it had implemented a fast track procedure for UCITS, to submit their amendments in the funds' legal documentation in the context of Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investments (the "Taxonomy Regulation") and Regulation 2019/2088 on sustainability-related disclosures in the financial services sector ("SFDR").

The fast track procedure for UCITS allows their management companies to submit to the CSSF an updated prospectus/issuing document version of the UCITS for visa stamp by 17 December 2021, in order to obtain the visa stamp before 31 December 2021. They need to also file a signed confirmation letter together with the updated prospectus/issuing document. In order to benefit from this fast track procedure, the updates must be limited to reflect the changes required under Articles 5, 6 and 7 of the Taxonomy Regulation.

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