On 11 September 2024 the CSSF updated its “Guidelines on cross-border marketing notification and de-notification procedures” (“Guidelines”) in order to meet its obligations in relation to the reporting of cross-border marketing of AIFs and UCITS. This update is in accordance with Article 13 of the Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (“CBDF Regulation”).
Key updates to the guidelines
The Guidelines now require the submission of the following additional information for cross-border marketing. The notifications have been updated to include the fields covering the following:
- predominant AIF Type
- contact point(s)
- facilities for investors.
Predominant AIF Type
From 11 November 2024 each notification relating to an AIF will have to indicate its predominant AIF Type i.e. Hedge fund, Private Equity Fund, Real Estate Fund, Fund of Funds, Other or none.
Submission procedure – contact point
During the submission of the application, as elaborated under section 4 of the Guidelines, within eDesk it will be possible now to name a contact point concerning the notification letter, and when applicable the contact point concerning invoices. The information on the contact point is however not available for pre-marketing requests.
Submission procedure - facilities to investors
Within the eDesk procedure, a section will also be provided enabling to define the contact(s) information concerning the facilities for investors which must coincide with the information in the notification letter document. However, this section is only available for UCITS initial notification.
The requirement to provide information on the predominant AIF type, contact point(s) and facilities to retail investors when submitting CBDF applications to the CSSF will be applicable as from 11 November 2024.
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