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ARTICLE · 16 APRIL 2015

UCITS V - CSSF Circular 15/608

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The initial deadline applicable to UCITS custodian banks in order to comply with Circular 14/587 was December 31st 2015.

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

On March 23rd 2015, the CSSF published Circular 15/608 (the "Circular"), which amends the date of entry into force of CSSF Circular 14/587 ("Circular 14/587") on the provisions applicable to credit institutions acting as custodian banks of Luxembourg undertakings for collective investment in transferable securities ("UCITS").

As further described in a previous article dated July 2014, the aim of Circular 14/587 is to align the requirements applicable to UCITS custodian banks with the future requirements of Directive 2014/91/EU of July 23rd 2014 on UCITS as regards depositary functions, remuneration policies and sanctions ("UCITS V Directive").

The initial deadline applicable to UCITS custodian banks in order to comply with Circular 14/587 was December 31st 2015.

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