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ARTICLE · 28 OCTOBER 2014

CSSF Circular 14/592 On Guidelines Of ESMA On ETFs And Other UCITS Issues

Chevalier & Sciales
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The CSSF implemented the revised guidelines issued by ESMA on ETFs and other UCITS issues for regulators and UCITS management companies.

LuxembourgFinance and Banking
Olivier Sciales
Olivier Sciales
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The CSSF published on September 30 Circular 14/592, implementing into Luxembourg's regulatory framework the revised guidelines issued by the European Securities and Markets Authority on August 1 on ETFs and other UCITS issues for regulators and UCITS management companies. The changes took effect on October 1.

The circular, which supersedes CSSF Circular 13/559, applies to UCITS funds (those subject to Part I of Luxembourg's investment funds law of December 17, 2010) and to individuals involved in their operation and supervision.

The new guidelines provide for a derogation from the rules that limits the maximum exposure of a basket of collateral to a given issuer to 20% of the UCITS fund's net asset value.

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