End of transitional period for the marketing of UK UCITS pushed back to 31 July 2021
On 9 February 2021, the Luxembourg Parliament (Chambre des Députés) adopted the draft law No. 7736 (the “Draft Law”). The Draft Law amends, inter alia, the law of 17 December 2010 relating to undertakings for collective investment (the “UCI Law”) by pushing the deadline of the transitional arrangements between Luxembourg and the UK for marketing UK UCITS to retail investors in Luxembourg to 31 July 2021.
UK ManCo vs non UK ManCo
This marketing extension only applies to UK UCITS managed by a UK authorized management company, which were already marketed in Luxembourg as of 31 January 2021 on the basis of Article 100, paragraph 1 of the UCI Law.
UK UCITS managed by non-UK management companies do not qualify for this extension unless the management company is an Alternative Investment Fund Manager (AIFM) pursuant to Directive 2011/61/EU. If such is the case, those UCIs can be marketed based on Article 46 of the Law of 12 July 2013 on AIFM.
Please see our previous article on the Draft Law for further information.