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ARTICLE · 18 JULY 2012

New CSSF Circular Regarding Dormant Sub-Funds Of UCIS

Wildgen
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The new CSSF circular 12/540 has been issued on 9 July 2012 and provides clarification on the situation of dormant sub-funds of undertakings for collective investment ("UCI") subject to the Luxembourg law of 17 December 2010 on undertakings for collective investment or the Luxembourg law of 13 February 2007 on specialized investment funds, as amended

LuxembourgFinance and Banking
Wildgen
Wildgen
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The new CSSF circular 12/540 has been issued on 9 July 2012 and provides clarification on the situation of dormant sub-funds of undertakings for collective investment ("UCI") subject to the Luxembourg law of 17 December 2010 on undertakings for collective investment or the Luxembourg law of 13 February 2007 on specialized investment funds, as amended.

Scope

Within this circular, "dormant sub-funds" shall mean (i) compartments not yet launched since their authorization by the CSSF (i.e. without any prompt issuance of shares), (ii) compartments launched but having become inactive and not promptly reactivated (i.e. full redemption of shares) or (iii) compartments in liquidation (i.e. upon the relevant corporate decision).

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