Circular CSSF 21/778 | UCITS marketing notifications

On 28 July 2021, the CSSF issued Circular 21/778, regarding “Update of the Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160” (the “Circular”); the Circular amends Circular CSSF 11/509 on “Notification procedures to be followed by a UCITS governed by Luxembourg Law to market its units in another Member State of the European Union and by a UCITS of another Member State of the European Union wishing to market its units in Luxembourg”.
The Circular has been issued with the aim to align the current technical provisions governing the cross-border marketing procedure for UCITS with the provisions of Directive (EU) 2019/1160 of 20 June 2019, on cross-border distribution of collective investment undertakings (the “Cross-Border Distribution Directive”), as implemented in Luxembourg by the Law of 21 July 2021. 
Following the Cross-Border Distribution Directive, the Circular updates some of the rules provided in Circular 11/509 for the notification procedures applicable to UCITS governed by Luxembourg law. Particularly, it adds a new kind of notification procedure, to be used in the case of discontinuation of marketing arrangements. Consequently, any UCITS governed by Luxembourg law will be subject to three different kinds of notification procedures:

1. initial notification, to be submitted by any UCITS proposing to market all or part of its units in a host Member State (in case of umbrella UCITS, the initial notification needs to be proposed for any compartment or new compartment and in case of classes of shares; it needs to be provided for each new class of shares noting that the CSSF has further clarified that this procedure is not yet available);
2. notification of amendments to the documents provided in the context of the initial notification; and
3. de-notification, for the case of discontinuation in the marketing, which has to be done on a sub-fund and/or share or unit class level. It is only required to include the de-notification letter in the package and template de-notification letters (one for compartment and one for share-class) are available. 

De-notification must be submitted in the form provided in Annex VI of the Circular, also published on the CSSF website. 
Documents for each notification procedure must be submitted to the CSSF electronically in accordance with CSSF Circular 19/708, regarding the electronic transmission of documents to the CSSF.