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ARTICLE · 06 SEPTEMBER 2018

New CSSF Circular 18/697 On Non-UCITS Depositaries

ELVINGER HOSS PRUSSEN, société anonyme
Explore more from ELVINGER HOSS PRUSSEN, société anonyme

By way of preamble and as a reminder, a depositary of a Luxembourg fund may currently fall under either (1) the regime of the UCITS Directive and Regulation ("UCITS Depositary Regime") ...

LuxembourgFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

By way of preamble and as a reminder, a depositary of a Luxembourg fund may currently fall under either (1) the regime of the UCITS Directive and Regulation ("UCITS Depositary Regime"), (2) the regime of the AIFM Directive and Regulation ("AIFM Depositary Regime"), or (3) the distinctive regime provided for by Luxembourg Law ("Luxembourg Depositary Regime"). Unregulated Luxembourg funds which are not managed by an authorised AIFM are simply not required to appoint a depositary.

Back in October 2016, the CSSF published Circular 16/6441 in order to provide clarification on the UCITS Depositary Regime. On 23 August 2018, the CSSF published Circular 18/697 which is applicable to non-UCITS depositaries. This new circular provides clarification on both the AIFM and Luxembourg Depositary Regimes.

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