Cross-Border Activity Notifications in the EEA

Background

On March 25, 2024, the European Commission introduced new Regulatory Technical Standards (RTS) - Commission Delegated Regulations (EU) 2024/911 and 2024/912 - and Implementing Technical Standards (ITS) - Commission Implementing Regulations (EU) 2024/910 and 2024/913 - regarding cross-border activity notifications for Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS).

Subsequently, on June 25, 2024, the CSSF notified relevant entities in a communiqué that updated notification templates are now accessible on its website and will become mandatory as from July 14, 2024.

Key Takeaways

• Separate notification templates for AIFs, and UCITS are now requested.

• Updated templates for the main notification letter for UCITS and AIFs management activities established in another Member State have been released.

• Specific templates for notifying persons responsible for a branch have been introduced. This template will need to be attached to the notifications concerning the establishment of a branch and the modification of a branch, if applicable.

• New CSSF Annexes to the Notification letters above have been published.

• CSSF attestations for AIFs and UCITS will no longer be requested for the cross-border activity notification. These will now be generated and included by the CSSF itself, in the notification packages directly.

• The transmission process will however remain unchanged. Entities concerned must send the relevant notification forms and the annexes via email to the CSSF, as usual. Subsequently, a dedicated eDesk module will be implemented. More details will be provided before the enforcement date of July 14.

Templates

UCITS’ New Notification Templates

• CSSF Annex to the Notification Letter under Articles 17 and 18 of the UCITS Directive

• Notification letter - Notification made by a Management Company of its intention to pursue the activities for which it has been authorised in another Member State in accordance with Article 17(2) or Article 18(1) of Directive 2009/65/EC

• Notification letter - Notification of person responsible for a branch related to the intention of a Management Company to establish a branch in a Member State other than its Home Member State in accordance with Article 17, paragraph (2), letter (D), of Directive 2009/65/EC

AIFs’ New notification Templates

• CSSF Annex to the Notification Letter under Article 33 of the AIFMD 

• Notification letter - Notification of the intention of an AIFM to manage AIFs established in a Member State other than its Home Member State in accordance with Article 33(2) of Directive 2011/61/EU or to establish a branch in accordance with Article 33(3) of Directive 2011/61/EU

• Notification letter - Notification of person responsible for a branch related to the intention of an AIFM to establish a branch in a Member State other than its Home Member State in accordance with Article 33, paragraph (3), letter (C), of Directive 2011/61/EU