CSSF launched a Standardised Model Prospectus for examination for approval of new UCITS
On 17 November 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) issued a press release announcing the availability of a Standardised Model Prospectus that applicants can use to submit an application for approval of a new UCITS.
The Standardised Model Prospectus is developed to facilitate the drafting of a conventional prospectus for a UCITS project of average complexity and to facilitate through standardisation its examination by the CSSF during the processing of the application file. It provides freedom to add or alter text, however limited to the extent to not override the benefit of standardisation.
While the Standardised Model Prospectus is set up to reflect current and up-to-date practice, the content is composed of information of a general nature and may need customisation to suit the context and circumstances of any specific fund project. More information on the manner and degree of customisation of the prospectus can be found in the “Sub-Fund Specific Guidance” and the “User Guide” here.
CSSF emphasises that the Standardised Model Prospectus shall not be considered a new regulatory requirement or a guarantee for approval. The current authorisation process covering the submission of a request, the exchange of comments where relevant and the approval process of a UCITS remains unchanged as described on the webpage “Authorisation of a UCITS”.
CSSF’s press release can be found here.
The Standardised Model Prospectus page can be accessed here.