Communication on the launch of a Standardised Model Articles of Incorporation for UCITS – an additional model template to support the examination of an application for approval of a new UCITS

The CSSF has introduced the Standardised Model Articles of Incorporation for UCITS, complementing the previously launched Standardised Model Prospectus on 17 November 2022 (see eventid=18307). The new model template is specifically designed to support applicants seeking approval for a new UCITS set up in corporate form (SICAV).
The main objective behind the development of the Model Articles of Incorporation is to simplify the drafting process for SICAV projects with average complexity. By standardising the content, the CSSF aims to streamline the examination of applications, facilitating the processing of the application file.
The Standardised Model Articles of Incorporation does not impose any new regulatory requirements and does not guarantee approval. The existing authorization process for UCITS remains unchanged, from the initial request submission to the exchange of comments and the final approval process, as detailed on the CSSF website’s „Authorisation of a UCITS“ page.
While the Model Articles of Incorporation reflects current industry practices, its content is universal and might require customization to suit the unique context and circumstances of individual SICAV projects. The Standardised Model Articles of Incorporation offers some flexibility in adding or modifying text, but these alterations should not undermine the advantages of standardization.
The Articles of Incorporation must be submitted to the CSSF for approval. The approved Articles are deemed valid upon publication on RESA (Recueil électronique des sociétés et associations) and can be formalized as a notarial deed.
For more detailed information regarding the scope, conditions of use, and practical guidance concerning the proposal, interested parties can visit the dedicated page on the CSSF website related to the Standardised Model Articles of Incorporation.
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Along its prior User Guide of the Standardised Model Prospectus for UCITS of 15 November 2021, the CSSF now published a new User Guide for the Standardised Model Articles of Incorporation for a UCITS set up in the form of a société d’investissement à variable (SICAV), aiming to provide practical information on the steps to consider when drafting Articles of Incorporation by using the Standardised Model Articles of Incorporation for UCITS.
The new user guide outlines the characteristics of the UCITS project suitable for the model and advises against extensive modifications. Drafters should have knowledge of relevant laws and consider professional assistance if needed. The customization process involves filling out variable text fields and adapting the wording to the project while adhering to specific formatting guidelines.