CSSF publishes circular on the authorisation and organisation of Luxembourg management companies subject to chapter 15 of the law of 2010 on UCIs and investment companies which have not designated a management company.

We would like to inform you that the Commission de Surveillance du Secteur Financier (the “CSSF”) has released on 26 October 2012 a new circular CSSF 12/546 (the "Circular") on the authorisation and organisation of Luxembourg management companies subject to Chapter 15 of the law of 17 December 2010 on undertakings for collective investment (“UCIs”) and investment companies which have not designated a management company (i.e. self-managed investment companies or sociétés d’investissement autogérées, also known as “SIAG”). The scope of application of this Circular extends to branches and representative offices which have been established abroad.

This new Circular replaces the CSSF circulars 03/108 and 05/185 applicable to Luxembourg management companies and SIAG and incorporates the recent Circular 11/508.

As indicated below, the Circular implements various changes impacting the CSSF’s regulatory practice and also provides for additional clarifications on a range of topics.

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