The Luxembourg Financial regulator (Commission de Surveillance du Secteur Financier, the "CSSF") issued the circular 12/546 on 24 October 2012 regarding the authorisation and organisation of Luxembourg management companies subject to chapter 15 of the law dated 17 December 2010 relating to undertakings for collective investments (the "2010 Law") and investment companies (i.e. SICAVs) qualifying as UCITS which have not designed a management company within the meaning of article 27 of the 2010 L