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ELTIF CSSF publishes ELTIF’s application form Background The Regulation (EU) 2015/760 of The European Par- liament and of the Council of 29 April 2015 on Euro- pean Long-term Investment Funds (“ELTIF”) applies in Luxembourg since 9 December 2015. What’s in there? On 21 December 2015, the CSSF published the ap- plication form to be completed and submitted to the CSSF by each applicant requesting agreement as an ELTIF ( AVAILABLE HERE) . What’s next? Once completed, the ELTIF application form shall be sent electronically to setup.uci@cssf.lu REPORTING CSSF Circular 15/627 on new U 1.1 reporting for investment funds (UCITS, UCI’s, SIFs, SICARs) Background The LMI Circular 97/136 and the CSSF Circular 07/310 currently in place require monthly data (ta- ble O.1.1) to be submitted to the CSSF. Such data includes amongst others financial information on the unit/share class for the reference month or in- formation on investment income and expenses for the reference month in the base currency of the UCI. What’s in there? On 3 December 2015, the CSSF published its Cir- cular 15/627 (the “Circular”) on a new monthly re- porting (referred to as “U 1.1 reporting”) repealing the reporting requirements pursuant to LMI Circular 97/136 and CSSF Circular 07/310. Entities captured in the scope of the U 1.1 reporting

« Furthermore,the non-EUAIF shall be sub- ject to diversification and concentration limits and shall comply with investment policies that are comparable to those provided under Part II of the Law of 17 December 2010 on undertaking for col- lective investments. D - REAL ESTATE ASSETS In order to ensure minimum risk spreading, the non-EU AIF shall not invest more than 20% of its assets in a single real estate investment. In addition, the sum of the non-EU AIF borrow- ings shall not exceed on average, 50% of the estimated value of all assets. (2) Exemptions to the rules above, real estate may be granted by the CSSF based on a paper justification taking into consideration the spe- cific investment policy of the non-EU AIF. IV - PROVISIONS RELATING TO THE REDEMP- TION, REPURCHASE AND SUBSCRIPTION OF UNITS OR SHARES AND INFORMATION DISCLO- SURE (ARTICLE 8) (1) An non-EU AIF authorised pursuant to the Reg- ulation shall appoint a credit institution for the payment, the repurchase and the subscription of units or shares to be made to the investors in Luxembourg; (2) In addition, a non-EU AIF authorised shall take all necessary measures to make the information and documents required by this Regulation available to investors. in one of the following languages: French, English, German or Luxembourgish. They have made available through a website. V - LUXEMBOURG MARKETING RULES (ARTICLE 9) The AIFM marketing non-EU AIF to retail investors in Luxembourg shall also comply with the law of 8 April 2011 (as amended by the law of 2 April 2014) concerning the implementation of a consumer code. Pursuant to Article 46 of the AIFM Law, the CSSF shall be informed in case the non-EU AIF intends to cease the marketing of units or shares to retail in- vestors in Luxembourg.

are listed below:

« Luxembourg domiciled undertakings for collective investment (“UCIs”);

« Specialised investment funds (“SIFs”);

« Investment companies in risk capital (“SICARs”); In this regard, the monthly information to be sub- mitted to the CSSF by UCITS, Part II UCIs, SIFs and SICARs will be used for statistical and supervisory purposes. The reporting files will have to be submit- ted electronically using exclusively channels accept- ed by the CSSF. This U.1.1 reporting will allow the following consid- erations: « Extension of the scope of the existing monthly re- porting to SICARs; « Enhancement of the content of the reporting in terms of financial, functional and descriptive infor- mation and the financial data; « Conversion the current format into XML format; « Facilitating the exchange of information between UCIs and the CSSF. The U.1.1 reporting shall cover the period going from one month from the last report submitted at the last day of every month (the “Reference Date”). The U.1.1 reporting shall be drawn up separately for each sub-fund. No consolidation is required at um- brella level. The U.1.1 shall state the currency in which the finan- cial figures are expressed. The Circular also introduces new concepts, such as “reporting status”, whereby the UCI will have to choose one of these options: “final”, “provisional”, or “null report”. The content of the reporting will be limited to general information on the report and the sender, on the UCI, financial information on the UCI, general information on the unit/share class.

THE CIRCULAR IS AVAILABLE HERE.

What’s next? All UCIs in scope of the Circular will have to provide the U 1.1 reporting as from 30 June 2016.

THE REGULATION (ONLY IN FRENCH) IS AVAILABLE HERE. What’s next?

This Regulation has been published in the Me- morial on December 2, 2015 and on the CSSF’s website. It entered into force on the first day of the month following its publication in the Memorial on January 1, 2016.

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