Last Updated on June 10, 2025 by Arnaud Collignon
Changes in the CSSF Visa Procedure for UCI Prospectuses
The Commission de Surveillance du Secteur Financier (CSSF) has announced significant updates to the visa procedure for Undertakings for Collective Investment (UCI) prospectuses. These changes follow the introduction of the Key Investor Information Document (KIID), which aims to enhance investor protection and improve the clarity of investment information.
Key Updates to the Visa Procedure
With the implementation of the KIID, the CSSF has streamlined its review process for UCI prospectuses. Here are the main changes:
- Introduction of the KIID: The KIID must now be included with all UCI prospectuses. This document provides essential information in a standardized format, making it easier for investors to understand the investment product.
- Shortened Review Timeline: The CSSF aims to expedite the review process, allowing for quicker approvals of prospectuses that comply with the new requirements.
- Enhanced Transparency: The KIID is designed to present key information clearly, helping investors make informed decisions.
Implications for Fund Managers
Fund managers must ensure that their prospectuses are updated to include the KIID and comply with the new CSSF guidelines. This will not only facilitate a smoother approval process but also align with best practices in investor communication.
Conclusion
These changes reflect the CSSF’s commitment to improving investor protection and enhancing the overall quality of information available to investors. Fund managers are encouraged to familiarize themselves with the new requirements to ensure compliance and maintain investor trust.