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ARTICLE · 15 NOVEMBER 2016

New CSSF Circular 16/644 On UCITS Depositary Bank Duties

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The New Circular is addressed to Luxembourg credit institutions acting as depositary banks for UCITS and to all Luxembourg UCITS and managements companies acting for these UCITS.

LuxembourgFinance and Banking
Gabrielle Jaminon
Gabrielle Jaminon
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On 11 October 2016, the Commission de Surveillance du Secteur Financier ('CSSF') published the CSSF Circular 16/644 (the 'New Circular') which is a revised set of rules of the former CSSF Circular 14/587 ('Circular 14/587'). The New Circular repeals and replaces Circular 14/587.

The New Circular is addressed to Luxembourg credit institutions acting as depositary banks for UCITS and to all Luxembourg UCITS and managements companies acting for these UCITS. It includes clarifications of the regulatory requirements contained in the Law of 17 December 2010, as amended (the 'Law of 2010') and by the Commission Delegated Regulation (EU) 2016/438 (the 'Regulation'). The New Circular also clarifies the regulatory framework applicable to depositary banks for UCITS by adding new definitions and requirements and confirming the vast majority of the rules previously detailed in Circular 14/587.

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