CSSF FAQ CBDF – Notification procedures (updated on 29.06.2023)

The FAQ on CBDF notification rules regarding cross-border distribution of collective investment undertakings has been updated by the CSSF.
These rules were introduced into the Luxembourg Laws of 17 December 2010 and of 12 July 2013 following Directive (EU) 2019/1160. The purpose of these FAQs is to highlight the changes for notifications to the CSSF as of 2 August 2021.
The document may be updated when necessary, and the CSSF reserves the right to adapt its approach to any matter covered by the FAQs at any time. It is recommended that individuals regularly check the website of the CSSF for any updates related to this matter. More detailed information can be found in Circular CSSF 11/509 (as amended by Circular CSSF 21/778).
In the current version, updated on 29 June 2023, a deletion of „replacement of the AIFM“ as an example of a life-cycle event in Q3. b) has been made. We therefore would like to present Question 3b in full, quote:
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Q3. b) In which cases do I have to submit a de-notification letter?
A de-notification letter has to be submitted via the secured channels by using the appropriate procedures for every sub-fund or share-class which ceases to market shares/units in a given host Member State, independent of the reason for de- notification (i.e. mergers, dissolutions, liquidations, closure of sub-funds with a limited period of time, closure of sub-funds and/or share-classes that were never officially launched, as well as for voluntary denotifications). An email informing the CSSF is not considered as a valid de-notification. As indicated on our website, the template de-notification letters that need to be used are:
– De-notification letter UCITS compartment – CSSF
– De-notification letter UCITS share class – CSSF
For a non-voluntary de-notification of marketing arrangements of a UCITS share class or sub-fund in case of a life-cycle event, i.e. in case of a termination, liquidation, merger or at the end of a limited term of such share class or sub-fund, the CSSF is of the opinion that Article 54-1 of the UCI Law does not apply (although a de-notification letter still needs to be submitted).
In case of voluntary de-notifications (i.e. in cases other than life-cycle events), if no investors residing in the host Member State are invested in the relevant share class or sub-fund at the time of de-notification in such Member State, the CSSF considers that the requirement under Article 54(1) a) of the UCI Law does not apply. In such case, a comment should be added in the de-notification letter under the section additional information which states that no investors are left and thus cannot be contacted.