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What’s next? The law of 28 July 2014 entered into force on 18 August 2014. THE FINAL TEXT OF THE LAW, AS PUBLISHED IN THE MÉMORIAL ON 14 AUGUST 2014, IS AVAILABLE HERE (ONLY AVAILABLE IN FRENCH). CSSF Circular clarifying new complaints handling policy rules Background The CSSF regulation 13-02 (“the Regulation”) was published on 28 October 2013. The Regulation aims at facilitating the settlement of customer complaints against professionals subject to the prudential su- pervision of the CSSF (“Professionals”) by avoiding judicial procedures. Sections 1 and 3 of the Regulation regarding the out- of-court resolution of complaints filed with the CSSF entered into force on 1 January 2014. Section 2 of the Regulation lays down the obliga- tions of Professionals (i.e. any natural or legal person falling under the prudential supervision of the CSSF) in relation to the internal processing of claims submitted to them and has entered into force on 1 July 2014. Circular 14/589 specifies the obligations provided for in section 2 of the Regulation. What’s in there? COMPLAINT HANDLING PROCEDURES Professionals must put into place a complaint management policy. That policy must take into consideration all potential aspects of complaint treatment, providing information on the reasona- ble and prompt procedures and shall be set out in a written document. Each envisaged procedure

What’s next? The complaint handling policy should be at least published on the website of the Professional. For the period running from 1 July 2014 until 31 De- cember 2014, Professionals will need to report to the CSSF not later than the 1 st of March each year. How- ever, UCITS management companies may provide such report up to one month following the general meeting approving the annual financial statements. Entry into force of CSSF Regulation 13-02 on complaints handling policy Background The CSSF regulation 13-02 (the “Regulation”) was published on 28 October 2013. As a reminder, the Regulation aims at facilitating the settlement of customer complaints against profes- sionals by avoiding judicial procedures. It sets forth, amongst others, the rules applying to the admissibil- ity of claims presented to the CSSF and the running of the procedure. The CSSF took the opportunity to clarify the obligations of professionals (i.e. any natural or legal person falling under the prudential supervision of the CSSF) in relation to the internal processing of claims submitted to them. The first section of the Regulation regarding the out- of-court resolution of complaints filed with the CSSF entered into force on 1 January 2014. What’s in there? Section 2 of the Regulation regarding the provisions applicable to professionals entered into force on 1 July 2014. Therefore, each professional shall es- tablish a complaints management policy including the following information:

must be laid down in the policy. Professionals must make sure that each complaint is being registered electronically and saved. Complaints must be treated in a reasonable time, depending on their subject matter and the nature of com- plaint. No complaint shall remain unanswered. The complaint handling measures as provided for in Articles 15 and 16 of the Regulation are not ex- haustive. Professionals may implement different or additional complaint handling channels, depend- ing on the amount of complaints they face and the complexity of requests, such as call centres and hotlines. RESPONSIBILITIES OF THE BOARD OF DIREC- TORS (SPECIFICATIONS REGARDING ART. 15 OF THE REGULATION) The conducting officers are responsible for the policy and procedures regarding complaint han- dling. The conducting officer responsible for such function (the “Responsible Person”) shall allocate the human resources and the technology required for the proper implementation of the complaint management policy and procedures. He shall also undertake regular controls of these mechanisms in relation to the tasks performed by the compli- ance and the audit department. The Professional’s internal procedure must ensure that the complaint handling data is being provided to the Responsible Person, making sure that the rele- vant communication channels are in place. The data must provide details on the respective complaint subject, the correcting measures taken so far and the effect of these measures. COMMUNICATION TO THE CSSF Under Article 16 of the Regulation, Professionals must communicate to the CSSF, on an annual basis, a table including the number of complaints registered by the Professional, classified by complaint types, as well as a summary report of the complaints and the relevant measures that have been taken to handle them. Sim- ple enquiries for solely informational or explanatory purposes are to be excluded from the report. A sam- ple table is now included in Circular 14/589.

« Details of how to complain;

« The procedure followed by the professional to han- dle the complaint.

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