LU - New Luxembourg circular on non-UCITS depositories


On 23 August 2018, the CSSF published Circular 18/697 applicable to non-UCITS depositories.

First and foremost, Circular 18/697 provides further clarifications and details on non-banking entities which are eligible, under certain conditions, to operate as AIF depositories. These include some qualified investment companies, professional depositories of assets other than financial instruments and designated entities pursuant to the 2013 Law on alternative investment fund (AIF) managers. Circular 18/697 further outlines a host of special measures to be observed by depositories when keeping other assets (non-financial instruments) belonging to funds that invest in real estate, in other funds, in unlisted issuers, in intellectual property, in derivatives, etc. As concerns segregation, and pursuant to the European Commission Regulation of 12 July 2018, Circular 18/697 no longer requires the fund's general cash account to be managed by the fund depository. Circular 18/697 came into force on 1 January 2019, while the aforementioned European Commission Regulation will not take effect before 2020

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