LINARI LAW

CSSF to replace visa-approval procedure for fund prospectuses

Exciting changes are coming to Luxembourg’s fund industry! Starting April 2025, the CSSF will replace its traditional visa-approval process with a cutting-edge e-Identification system for regulated fund prospectuses. This shift promises enhanced efficiency, greater flexibility, and a fully digitalized submission process. But what does it mean for fund managers and investors?

 

Starting in April 2025, the CSSF will launch a new e-Identification system, replacing the existing visa procedure for prospectuses of certain regulated funds. This transition aims to modernize administrative processes, enhance efficiency, and maintain strong investor protection.

Under the new system, each UCITS, Part II UCI, SICAR, and SIF prospectus will receive a unique identification number and an e-Identification date, both of which will be clearly displayed on the first page of such a prospectus. All submissions for new or updated prospectuses will go through the dedicated eDesk e-Identification Prospectus application, ensuring a more streamlined and digitalized approach.

Alongside this change, the CSSF is updating its related administrative procedures. A list of amendments that do not require legal authorization or prior review will determine which amendments can now be incorporated into the prospectus without prior CSSF approval. To support market participants, a comprehensive guide will be made available via eDesk by end-March 2025.

While this initiative introduces greater flexibility, the CSSF reserves the right to conduct post-review assessments of amendments that were not subject to prior approval, in line with its risk-based approach. Importantly, any modifications that legally require CSSF authorization will continue to follow the existing approval process.

Beyond simplifying regulatory procedures, this modernization effort underscores the responsibility of fund governing bodies in ensuring compliance with regulatory standards.

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