On August 23rd 2018, the CSSF issued Circular 18/698 on the authorisation and organisation of investment fund managers and anti-money laundering and counter terrorist financing in relation to transfer agents and investment fund managers (the “Circular”). The Circular immediately entered into effect.
The Circular replaces CSSF Circular 12/546 applicable to Luxembourg management companies and self-managed UCITS. It imposes similar requirements to those applying under 12/546 on Luxembourg alternative investment fund managers as well as enhances the requirements and provisions applicable under the CSSF Circular 12/546 regime. The Circular also applies to branches and representative offices established by Luxembourg investment fund managers in Luxembourg or abroad as well as to transfer agents with respect to anti-money laundering and counter terrorist financing provisions.
The Circular consolidates in writing what was already the practice imposed by the CSSF and provides some clarifications and a number of new requirements. The main changes introduced by the Circular are as follows: