Luxembourg's Financial Sector Supervisory Authority (CSSF)
has issued on October 11, 2016 Circular 16/644, which sets out
revised rules applicable to all Luxembourg credit institutions
acting as depositary banks for UCITS funds as well as to all
Luxembourg UCITS, including self-managed funds, and/or their
management companies.
The circular sets out regulatory requirements clarifying rules
under the updated Luxembourg investment fund law implementing the
UCITS V directive, which came into force on June 1, and the
European Commission's Level 2 delegated regulation EU2016/438
regarding the obligations of depositaries, as well as various other
matters.
For the most part the rules detailed in the CSSF circular are
supplementary to the revised UCITS regime, providing clarification
in areas such as the organisational requirements relating to the
chain of custody and detailing the duties and responsibilities of
the designated UCITS depositary and any sub-custodians, as
