On 12 February 2025, the CSSF introduced a new simplified procedure for creating new share classes that do not require a prospectus update. This applies to UCITS, UCI Part II, SIFs, and SICARs.
The key points include that:
- the procedure is available only for share classes whose characteristics are already defined in the current prospectus.
- submissions must follow the dedicated form and include a standardised table with all relevant details.
The form requires the fund to confirm that the share class adheres to certain requirements including that the management body of the fund has approved the share class, that the prospectus defines all of the characteristic of the share class, for UCITS that the new share class complies with ESMA’s guidelines on share classes and if applicable, that a PRIIPs KID will be transmitted to the CSSF in due course.
This change aims to streamline approvals while maintaining regulatory clarity. Fund managers should ensure compliance with the outlined requirements when submitting new share class requests.
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