CSSF – Simplified Procedure For Creating New Share Classes

On 12 February 2025, Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF"), introduced a simplified procedure ("Procedure") for creating new share class(es) that do not require a prospectus update.

The Procedure applies to undertakings for collective investment in transferable securities ("UCITS"), specialised investment funds (SIFs), undertakings for collective investment governed by Part II of the law of 17 December 2010, as amended (Part II UCIs) and investment companies in risk capital (SICARs).

Principles

To avail of the Procedure, each of the following conditions must be satisfied:

• the directors of the relevant fund or management company (in the case of an FCP¹) have approved the creation of the new share class(es) prior to the submission of the 'New Share Class(es) Form' ("Form") to the CSSF and the documentation related to the creation of the new share class(es) must be available upon request;