Change of Authorisation Process for new UCI and/or new sub-funds
In a communiqué of 30 July 2021, the CSSF announced the introduction of a new questionnaire named “Fund Pre-Inception Readiness Review” to be completed together with the application file relating to the authorisation process of new regulated funds and/or sub-funds to be added to existing regulated fund structures. The document is to be filled out in respect of UCITS, Part II Funds, SIFs and SICARs, by the investment fund manager contemplating the management of such new fund or an additional sub-fund in an existing structure. The questionnaire will streamline the authorisation process by replacing the series of confirmations regarding the preparatory work and assessments that are currently requested separately.
Simplification of Assessment of Contracts with Service Providers
The CSSF also issued guidance on good practice in drafting contracts with service providers, which do not need to be assessed by the CSSF anymore. Only the final signed agreements need to be submitted along with a standardised letter. This letter, confirming that the agreements are in compliance with legal and regulatory requirements, has to be signed by the person entrusted with the verification of the entity’s documentation.
The Fund Pre-Inception Readiness Review and the standardised letter will have to be submitted in PDF format for funds applications falling within the scope of eDesk via the relevant path in eDesk. For applications falling outside of eDesk, these will have to be submitted via email to the respective generic email address.
Guidance on Documents Supporting Applications
To clarify what is expected in terms of documents required to support applications, the CSSF further issued guidelines to be followed when submitting documents and an overview table containing lists of the required documents to be submitted in the context of an application for approval of a new regulated fund or sub-fund thereof.
These changes are applicable as of 16 August 2021.