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ARTICLE · 26 APRIL 2013

Luxembourg CSSF Published Circular 12/540 On Non-Launched, Inactive And Closed Fund Compartments

Chevalier & Sciales
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A discussion on circular CSSF 12/540, which aims to provide clarification regarding compartments of investment funds that have been approved by the CSSF but not yet launched, or that have been launched but have become inactive or are in liquidation, and regarding information to be provided to the regulator in these cases.

LuxembourgFinance and Banking
Olivier Sciales
Olivier Sciales
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Luxembourg's financial regulator, the Financial Sector Supervisory Authority (CSSF) published on July 9 a circular aimed at all Luxembourg undertakings for collective investment established under the funds law of December 17, 2010 (implementing the Ucits IV Directive) and the Specialised Investment Fund law of February 13, 2007.

Circular CSSF 12/540 aims to provide clarification regarding compartments of investment funds (but not classes of shares or units within them) that have been approved by the CSSF but not yet launched, or that have been launched but have become inactive or are in liquidation, and regarding information to be provided to the regulator in these cases.

According to the circular, a non-launched compartment is one for which approval by the CSSF is not followed promptly by the issue of its units. A compartment that has been launched may become inactive if all its units are redeemed, and this is not followed by prompt reactivation and new

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