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ARTICLE · 06 FEBRUARY 2015

CSSF FAQ - Immobilisation Of Bearers Shares

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On December 30th 2014, the Luxembourg Supervisory Authority for the Financial Sector published its "Frequently Asked Questions in relation to investment funds established in Luxembourg concerning the Law of 28 July 2014 regarding immobilisation of bearer shares and units".

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

On December 30th 2014, the Luxembourg Supervisory Authority for the Financial Sector ("CSSF") published its "Frequently Asked Questions in relation to investment funds established in Luxembourg concerning the Law of 28 July 2014 regarding immobilisation of bearer shares and units" (the "FAQ").

The purpose of the FAQ is to draw the investment fund sector's attention to the implications of the law of July 28th 2014 regarding the immobilisation of bearer shares and units (the "2014 Law") for regulated investment fund structures and for investors.

Pursuant to the 2014 Law, all regulated investment funds (which include UCITS, Part II UCIs, SIFs and SICARs) under the corporate form of a société anonyme or a société en commandite par actions and those which are constituted as fonds commun de placement and which issue or have issued bearer shares/units (hereafter the "Impacted Investment Funds") must appoint a depositary which shall keep those bearer shares/units in

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