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ARTICLE · 18 MAY 2011

CSSF Circular 11/508 For Compliance Of Mancos With UCITS IV Requirements

Wildgen
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On 15 April 2011 the Luxembourg regulator of the financial sector (Commission de Surveillance du Secteur Financier – "CSSF"), issued a new circular reminding the Luxembourg fund industry of their obligation to adapt to the new regulatory regime, commonly referred to as "UCITS IV", within short.

LuxembourgFinance and Banking
Wildgen
Wildgen
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On 15 April 2011 the Luxembourg regulator of the financial sector (Commission de Surveillance du Secteur Financier – "CSSF"), issued a new circular reminding the Luxembourg fund industry of their obligation to adapt to the new regulatory regime, commonly referred to as "UCITS IV", within short.

The newly released CSSF circular 11/508 (the "Circular") highlights and clarifies the upcoming organizational requirements for Luxembourg located UCITS management companies and self-managed investment companies in accordance with the Directive 2010/43/EC, as transposed into Luxembourg law by the CSSF regulation 10-4 dated 17 December 2010.

As a quick reminder, the law of 17 December 2010 on undertakings for collective investments (the "UCITS Law 2010") has implemented the UCITC IV-Directive 2009/65/EC into Luxembourg law. One of the declared objectives of UCITS IV was the creation of a "level playing field" with regard to the substance and organizational requirements for

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