Further to the publication on 24 October 2012 of the new CSSF circular (the “Circular”) on the authorisation and organisation of Luxembourg management companies subject to Chapter 15 of the law of 2010 (“Chapter 15 management companies”) and investment companies which have not designated a management company ("SIAGs"), the CSSF published on 31 October 2012 a press release on the concept of promoter, in which it repeals the requirement of a promoter as from 30 June 2013 for UCITS which have designated a Chapter 15 management company or which are self-managed.

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