CSSF Circular 22/810 – Pre-marketing And Cross-border Marketing Notification Procedures – Fund Management/ REITs


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On 12 May 2022, the CSSF published Circular 22/810 on the
procedures to be followed by Luxembourg-based undertakings for
collective investment in transferable securities
(UCITS) and investment fund managers in order to
notify pre-marketing or cross-border marketing of units or the
discontinuation of such activities. The circular follows the
introduction of an additional notification procedure for the
discontinuation of cross-border marketing of sub-funds of UCITS and
alternative investment funds (AIFs) and new
requirements for alternative investment fund managers
(AIFMs) in the event of pre-marketing, as
described in Directive 2019/1160 of the European Parliament and the
Council of 20 June 2019. 

Circular 22/810 indicates that the new procedures will
gradually be made available on the CSSF’s eDesk. 
CSSF Circular 22/810 is available only in
French. 

Due to the introduction of Circular 22/810, Circular 11/509
will be repealed. 

Scope of Circular 22/810 

The circular applies to supervised entities and to certain
notification procedures, including for the marketing (and
discontinuation of the marketing) of units of UCITS and
pre-marketing in Luxembourg or another Member State by
Luxembourg-based AIFMs (pursuant to Article 28-1 of the AIFM Act
2013). 

eDesk information and procedures 

The CSSF indicates that it will be possible to complete certain
procedures relating to pre-marketing and cross-border marketing
only via eDesk (
ePassporting eDesk). 

A list of relevant procedures can be found on the eDesk
homepage. This list will be updated regularly and should be
consulted by the entities concerned. Additional information and
instructions in the form of a user guide will also be made
available on eDesk.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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