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ARTICLE · 12 SEPTEMBER 2022

CSSF Circular 22/811 On UCI Administrators

Chevalier & Sciales
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On May 16, 2022, the CSSF issued a new circular 22/811 regarding the authorisation and organisation of entities acting as UCI administrator (the Circular) replacing Chapter D of Circular IML 91/75.

LuxembourgFinance and Banking
Olivier Sciales
Olivier Sciales
Cecile Rechstein
Cecile Rechstein
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On May 16, 2022, the CSSF issued a new circular 22/811 regarding the authorisation and organisation of entities acting as UCI administrator (the Circular) replacing Chapter D of Circular IML 91/75. The Circular clarifies the activity of UCI administrators by specifying the principles of sound governance, the CSSF requirements on internal organisation, and good practices applicable to them.

What are the activities covered by the Circular?

The UCI administration activity may be split into three main functions:

  1. The registrar function
    The registrar function encompasses all tasks necessary to maintain the UCI's unit-/shareholder register. The reception and execution of orders relating to units/shares subscriptions, redemptions, and income distribution (including the liquidation proceeds) are part of the registrar function.

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