The CSSF has published on December 30 last year a set of
frequently-asked questions and responses regarding the impact on
Luxembourg-domiciled investment funds of the legislation of July
28, 2014 regarding immobilisation of bearer shares and units.
In addition to definitions of terms used in the legislation, the
Q&As clarify points such as the date of entry into force of the
law (August 18, 2014), and the types of funds it affects (UCITS,
UCIs, SIFs and SICARs incorporated in the form of an S.A., S.C.A.
or FCP and that have issued bearer shares or units which are still
outstanding).
The legislation obliges the board of directors or management
board of the fund or its management company to appoint a depositary
(not necessarily the depositary used by the fund for the
safekeeping of its assets) and obliges the holder of bearer shares
or units to deposit them with the depositary. Criminal sanctions
are applicable to the management board of investment funds
