CSSF Circular 14/587 regarding provisions applicable to credit institutions acting as depositary of UCITS under Part I of the Luxembourg Law of 17 December 2010 – transition period extended to 18 March 2016.

The purpose of the CSSF Circular 14/5871 published on 11 July 2014 was to clarify the depositary regime provided for in the relevant UCITS law of 2010 and defining the new organisational provisions which must be put in place for UCITS depositaries established in Luxembourg as well as for UCITS as regards the missions, obligations and rights relating to the function of UCITS depositary2.

On 23 March 2015 the CSSF published the CSSF Circular 15/6083 which amended point 187 of the CSSF Circular 14/587 by extending the deadline for compliance with the provisions from 31 December 2015 to 18 March 2016 at the latest. This modification is in line with the new transposition deadline of the UCITS V Directive4 into the national law of EU Member States.

The CSSF will further amend in due time, and with an effective date of 18 March 2016, the CSSF Circular 14/587 in order to adapt the provisions concerning the depositary aspects of the UCITS V Directive and delegated acts where relative.

Please note that both CSSF Circulars 14/587 and 15/608 are, for the time being, only published in French.


1 Source : CSSF site:http://www.cssf.lu/fileadmin/files/Lois_reglements/Circulaires/Hors_blanchiment_terrorisme/cssf14_587_upd230315.pd f

2 For more information, please refer to our alert "UCITS depositary regime clarified by the CSSF" published on 24 July 2014:  http://www.wildgen.lu/publications/articles/ucits-depositary-regime-clarified-cssf

3 Source : CSSF site : http://www.cssf.lu/fileadmin/files/Lois_reglements/Circulaires/Hors_blanchiment_terrorisme/cssf15_608.pdf

4 Directive 2014/91/EU amending Directive 2009/65/EU

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