Article Post on 10 March 2017

New CSSF application questionnaire for the setting up of SIFs, SICARs and Part II funds

On 15 February 2017, the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), issued press release 17/07 on the introduction of a new application questionnaire for the setting up of specialised investment funds (SIFs), investment companies in risk capital (SICARs) and non-UCITS retail funds subject to part II of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended (Part II funds).

This new application questionnaire follows in the footsteps of a similar questionnaire that has been in use for the past few years with respect to the setting up of UCITS, and it not only requires information included in the offering document of the relevant fund (e.g., names of the service providers, fees, share classes) but also additional information relating to, among other things, the shareholders of the initiator of the fund, conflicts of interest and the European Market Infrastructure Regulation (EMIR).

In addition, it should be noted that the questionnaire also includes a section that applies to SIFs, SICARs and Part II funds that qualify as European long-term investment funds.

As with the CSSF application questionnaire for setting up UCITS, the documents attached to the application should follow a specific naming convention.

This new application questionnaire must be used moving forward for the setting up of any new SIFs, SICARs and Part II funds. However, requests introduced before 15 March 2017 can still continue to employ the previous request form. After this date, the use of the new application questionnaire will be mandatory.

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