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ARTICLE · 16 JANUARY 2018

CSSF Press Release 18/02 – Change Of Regulatory Practice

ELVINGER HOSS PRUSSEN, société anonyme
Explore more from ELVINGER HOSS PRUSSEN, société anonyme

On 5 January 2018 the CSSF announced in a press release that they are rescinding their standing position in relation to the assessment of the eligibility criteria of non-UCITS open-ended ETFs and other UCIs ...

LuxembourgFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

Investment by UCITS in other UCIs including non UCITS-ETFs

On 5 January 2018 the CSSF announced in a press release (the "Press Release") that they are rescinding their standing position in relation to the assessment of the eligibility criteria of non-UCITS open-ended ETFs and other UCIs (the "Target UCI") in accordance with Article 41(1)(e) of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment (the "2010 Law").

The CSSF's new position (the "New Position") in the Press Release provides that compliance with the eligibility criteria for a Target UCI (detailed below) needs to be assessed on the basis of the restrictions contained in the Target UCI's constitutional documents. Mere compliance in practice by the Target UCI is no longer sufficient.

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