The CSSF's Position In Respect Of ESMA's Opinion On UCITS' Share Classes

On 13 February, 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier –CSSF) announced its position in respect of ESMA's opinion by issuing press release n°17/06. The CSSF expects UCITS under its supervision to take the necessary measures to comply with the transitional provisions set forth in ESMA's opinion (as outlined in our previous legal alert on this topic):

• New investors should close existing share classes for investment by 30 July, 2017 at the latest.
• Existing investors should close existing share classes for additional investment by 30 July 2018 at the latest.

The CSSF also stated that from now on UCITS that want to launch new share classes must comply with ESMA's common principles for setting up share classes in UCITS. The position that other national regulators will take in respect of the opinion will need to be monitored.