CSSF FAQ – SIF and SICAR that do not qualify as alternative investment funds (AIFs)

The present document, originally published in July of 2017, refers to a list of questions and answers (FAQ) related to SIF and SICAR that do not qualify as alternative investment funds (AIFs) with the objective of bringing further clarity.
In the latest update, representing version 6 of the FAQ, a replacement of the terms “central administration” by “UCI administrator” in line with CSSF Circular 22/811 has been made to Question 2. We therefore would like to reproduce the question in full, together with a short summary of the answer:
Question 2: What are the conditions to comply with in case of data transfer by a UCI administrator or a depositary to another service provider?
Answer: Under Article 41(2a) of the amended financial sector law, if a UCI administrator or depositary outsources services involving the transfer of relevant information to a third party, they must obtain client approval for the outsourcing, type of information, and country of establishment of the outsourcing entities. Prior to transferring investor information, UCI or IFM must disclose this to investors through the prospectus and application form, and inform existing investors about any updates to fund documents via letter, email, or other means specified in the prospectus. These requirements are independent of the General Data Protection Regulation (EU) 2016/679 if applicable.