On 14 July 2024 the CSSF updated its FAQ on notification procedures related to Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “CBDF Regulation”). This update highlights significant changes affecting notifications submitted to the CSSF.
UCITS Notifications
The updated FAQ provides clarity on several key aspects for UCITS notifications:
Attestations
Concerning notifications for UCITS, question 2 has been deleted and question 9 of the FAQ has been updated clarifying that the CSSF UCITS attestations must no longer be requested when preparing the notification packages as part of the cross-border marketing and management activities. The attestations will be generated and added directly by the CSSF to the notification packages.
File Naming Convention
The updated question 15 the FAQ precises the file naming convention which shall be used for an additional version of the prospectus (such as a translation or a version with a country supplement):
DOCREP-ENNNNNNNN-CCCCCCCC-PPPP-YYYY-MM-DD-PC-LL-0000.pdf
instead of
DOCFDB-ENNNNNNNN-CCCCCCCC-PPPP-YYYY-MM-DD-PC-LL-0000.pdf
In parallel, the CSSF system has been modified and therefore it will not be accepting the earlier file naming convention (i.e. the “DOC FDB” version) for an alternative version of a prospectus, resulting in an automated rejection.
The DOCFDB (Feedback) prefix is solely used for documents with an electronic signature, which have been issued by the CSSF, such as the visa-stamped prospectus. Hence, alternative versions of a prospectus are required to use the DOCREP (Repository) prefix provided that these documents do not contain an electronic CSSF signature.
AIFM Notifications
Changes to the AIFM notifications are also addressed in the updated FAQ:
Attestations
As for the AIFM notifications, question 5 has been updated. Similar to UCITS, question 5 clarifies that the CSSF AIFM attestations must no longer be requested when preparing notification packages, as they will also be generated and added directly by the CSSF to the notification packages.
File Naming Convention
The updated file naming convention applies exclusively to UCITS. AIFM notifications are not impacted by this change. Simultaneously the CSSF updated its “Guidelines on cross-border marketing notification and de-notification procedures” in order to meet its obligations in relation to the reporting of cross-border marketing of AIFs and UCITS in accordance with Article 13 of the CBDF Regulation.
For further information please see our article entitled CBDF I Collection of new marketing information for UCITS and AIFs.
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