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By Thierry Blondeau, partner, PwC Luxembourg
On 26 October 2012, the Luxembourg Regulator (“CSSF”) issued the long expected Circular CSSF 12/546 on the agreement and organisation of UCITS management companies and self-managed investment companies (the “Circular”).
The aim of the Circular is to
- Summarise the regulations applying to UCITS management companies and self-managed investment companies in one unique reference text;
- Reemphasise the importance of proper governance and management control in UCITS management companies; and
- Providing clarification and interpretation of certain applicable regulatory requirements and CSSF regulatory practice, in particular, in the area of own funds, senior management, outsourcing and...
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