The CSSF has extended the transition deadline for CSSF Circular 14/587 applicable to Luxembourg credit institutions acting as depositaries for UCITS (“CSSF Circular 14/587”) by way of its Circular 15/608 published yesterday on 23 March 2015. According to this latest development, Luxembourg credit institutions acting as depositaries for UCITS must align their operational set-ups and network agreements with CSSF Circular 14/587 by 18 March 2016 at the latest. As you may remember, the end of the previous transition period for CSSF Circular 14/587 was set for 31 December 2015 (see our newsflash of 16 July 2014). The CSSF deemed this extension of the transition period necessary in view of the Commission’s delay in publishing the level 2 measures for Directive 2014/91/EU amending Directive 2009/65/EC relating to UCITS as regards depositary functions (commonly referred to as “UCITS V Directive”) thus granting Luxembourg credit institutions acting as depositaries for UCITS the full transition period provided for by UCITS V Directive and the maximum time period available to adapt their operational set-ups and network agreements to the Commission’s level 2 measures. According to current information, the Commission’s level 2 measures for the UCITS V Directive, which were previously expected to be formally adopted in April, will apparently not be ready before the third or even fourth quarter of 2015. While awaiting the outcome, the CSSF has announced that it will be reviewing CSSF Circular 14/587 in due time with a view to adapting certain aspects to Directive UCITS V and the level 2 measures.


Isabelle Lebbe

Isabelle Lebbe is a Partner in the Investment Management practice of Arendt & Medernach. She specialises in a wide range of investment funds with a focus on regulated funds. She advises clients on the corporate, regulatory and tax aspects of the creation, marketing and operation of investment funds and management entities. Isabelle also works with her colleagues in the litigation team on regulatory complaints and judicial proceedings involving regulated funds or their service providers. She has been a member of the Luxembourg Bar since 1999. Isabelle is a regular conference speaker. She is a chairman or member of a number of committees and sub-committees established by the Association of the...



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