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ARTICLE · 04 SEPTEMBER 2018

More Rules Impacting The Non-UCITS Depositary Industry

Arendt & Medernach
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On 23 August 2018, the Luxembourg supervisory authority of the financial sector, the CSSF, published a new circular, Circular 18/697 (the "Circular"), which is addressed to Luxembourg credit institutions ...

LuxembourgFinance and Banking
Isabelle Lebbe
Isabelle Lebbe
Mathieu Scodellaro
Mathieu Scodellaro
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On 23 August 2018, the Luxembourg supervisory authority of the financial sector, the CSSF, published a new circular, Circular 18/697 (the "Circular"), which is addressed to Luxembourg credit institutions, investment firms and certain professionals of the financial sector acting as depositaries for non-UCITS. The majority of the rules set out in the new Circular supplement the Luxembourg AIFM Law and Commission Delegated Regulation (EU) 231/2013 with regard to depositaries (the "AIFMD level 2 measures"). They clarify the organisational requirements and the best practices to be followed by Luxembourg professionals when acting as depositaries.

The new Circular not only provides a set of regulatory requirements clarifying certain rules provided by the Luxembourg AIFM Law and the AIFMD level 2 measures, but also provides clarification on certain aspects beyond these rules by notably providing guidance to be followed by depositaries when servicing investment funds

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