Today, the Commission des Surveillance du Secteur Financier (CSSF) published a press release to confirm that it expects all Luxembourg UCITS to comply with ESMA’s opinion on UCITS share classes (the Opinion).
Share classes that are not compliant with the Opinion, but established prior to 30 January 2017 should be closed for subscription by new investors by 30 July 2017 at the latest, and for additional investment by existing investors by 30 July 2018 at the latest.
New share classes of UCITS need to comply with the Opinion from their inception.
The Opinion was issued on 30 January 2017 and lays down both high level principles to be complied with when setting up different classes of shares within a UCITS or any compartment thereof and provides for transitional provisions.
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Compliments of Loyens & Loeff – a member of the EACCNY