The CSSF has recently clarified, in its FAQ on undertakings for collective investment
(UCIs):
(i) The impact of the ESMA Opinion on UCITS share classes on
Luxembourg UCITS share classes.
The newly added questions and answers include information on the
CSSF's position on the transitional provisions included in the
ESMA Opinion and the high-level principles adopted by ESMA, i.e.
common investment objective, non-contagion, pre-determination, and
transparency.
(ii) The application of the rules provided in the UCITS V
Delegated Regulation (Regulation (EU) 2016/438) to ensure the
independence of the UCITS management company from the UCITS
depositary. On 11 July 2017, ESMA also updated its Q&A on the
application of the UCITS Directive, amongst other, on the same
subject by adding a new Section VIII-"Independence of
management boards and supervisory functions".
