News Flash 08/23/2018
New Circular CSSF 18/698 on substance requirements for investment fund companies in Luxembourg
Today, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) issued the Circular CSSF 18/698 on (i) authorisation and organisation of investment fund managers incorporated under Luxembourg law (UCITS and AIFs) and (ii) specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agent.
The Circular mainly contains detailed rules and requirements applicable to the shareholders of management companies regarding minimum shareholders’ equity, management bodies of the company, administrative organisation, corporate governance, and internal controls. Special focus is given to the provisions concerning the delegation of key functions.
The Circular applies to UCITS, AIFMs, and management companies subject to chapter 16 of the Law of 17 December 2010 and comes into force with immediate effect.