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ARTICLE · 14 OCTOBER 2014

CSSF Circular 14/587 – New Rules Applicable To Depositary Banks

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The CSSF issued a new Circular which is applicable to UCITS' depositary banks and to the UCITS themselves regarding their relationship with their depositaries.

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

On 15th July the Commission de Surveillance du Secteur Financier (the "CSSF") issued a new Circular 14/587 (the "Circular") which is applicable to UCITS' depositary banks and to the UCITS themselves regarding their relationship with their depositaries.

The aim of the Circular is to align the Requirements applicable to UCITS' depositaries with the requirements imposed by Directive 2011/61/EU on alternative investment fund managers ("AIFMD"). Such alignment anticipates the implementation of the UCITS V Directive into Luxembourg law.

The Circular will supersede the previous IML Circular91/75.Such new Circular represents a Shift from the previous "principle-based approach" to more stringent and detailed rules.

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