Fund Distribution Alert 2021-16

EU: Directive 2019/1160 Transposition Update - Luxembourg

EU: Directive 2019/1160 Transposition Update - Luxembourg


Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg


On 2 August 2021, a new law will enter into force in Luxembourg concerning the distribution of foreign funds in the country, transposing the EU Directive 2019/1160 without additional gold-plating. This means that a physical presence for the fulfilment of facilities services in terms of payments and information to investors will no longer be required in Luxembourg as of 2 August 2021.

The new law amends the previous laws from 17 December 2010 (for UCITS) and from 12 July 2013 (for AIFs).

It is currently only available in French and can be accessed in full here.

On 28 July 2021, the Commission de Surveillance du Secteur Financier published its Circular CSSF 21/778 amending the previous Circular CSSF 11/509 about the notification procedures to be followed by a Luxembourg UCITS wishing to market its units in another Member State of the European Union and by a EU UCITS of another Member State wishing to market its units in Luxembourg.

It is available in English and can be accessed in full here.

Circular CSSF 21/778 especially gives more information about the file to be submitted with CSSF, as home authority, in case of de-notification of a Luxembourg UCITS, as follows:

To be noted that those templates provide that in case the UCITS proceeds with the de-notification with remaining investors, it commits to inform the CSSF as soon as there is no investor anymore.

For further information on the directive, please consult our fund distribution alert dated 16 July 2019 accessible here.

Please feel free to contact us should you require any additional information.

Said Fihri

+352 22 51 51 7892

Stephanie Zedda

+352 22 51 51 7271