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CHANGE OF POLICY
In order to enhance further convergence at the European Level in the field of the UCITS Directive, the CSSF has changed its policy with regard to UCITS investing in other UCI.
The FAQ 1.4) which stated that, “Non-UCITS ETFs are eligible investments for UCITS if they effectively comply with all criteria of Articles 2(2) and 41(1)(e) of the Law 2010, notwithstanding that the offering documents of non-UCITS ETFs grant possibilities which are not equivalent to requirements applicable to UCITS. Given the specificities of each other ETF, an eligibility analysis must be carried out on a case-by-case basis and the UCITS must continuously ensure that the investment rules applied are equivalent to the investment rules...
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