Distribution & Cross Border Street
The Fund Registration Services are defined as the registration of a new fund or umbrella with its sub-fund(s) in one or several jurisdiction(s). For funds domiciled in an EU Member State requesting distribution in another EU Member State, the registration service will be performed in accordance with the UCITS notification process and in compliance with local regulatory requirements. For the avoidance of doubt Funds Avenue SA does not provide any tax related services.
The services offered by Funds Avenue SA in relation to an initial authorization can be summarized as follows:
- Compilation of necessary documents for the notification file.
- Completion of the notification letters to be submitted to the CSSF and the host authorities via the electronic filing platform.
- Drafting of a list disclosing the documents required for the notification file and expected timing and costs of the notification.
in many jurisdictions, legislation requires the appointment of local representatives or paying agents. If required, we can provide assistance with such appointment by providing names and contact details as appropriate;
Funds Avenue SA will source an external translation agency to translate the funds’ documents into the required foreign languages;
Funds Avenue SA will liaise with the representatives of the fund and all the third parties to ensure that they carry out their necessary tasks as efficiently and as quickly as possible. This will involve:
- Collation, completion and execution of necessary agreements with third parties;
- Collation and completion of necessary application forms and supplementary information;
- Monitoring of disclosure requirements of the Fund documents related to the registration;
- Answering any questions raised by the third parties with respect to the application.
Once registered in a particular jurisdiction, the fund will be required to comply with various local distribution and regulatory obligations. Many of these obligations require the submission of certain documents and information. The services offered by Funds Avenue SA will include the following:
Funds Avenue SA will liaise with the different contacts at fund level and other third parties as appropriate to assist in view that deadlines of the required filings are met;
Liaison with the Fund, Fund Administrator and/or lawyers (as appropriate) to ensure that Articles of Incorporation, Prospectus, KIIDs, Annual and Semi-Annual Reports are filed with the regulators as required;
Funds Avenue SA will compile the necessary fund documents, complete notification letters and supplementary documents and submit the updated fund documents to the competent local supervisory authorities;
Upon request, liaison with the fund, Fund Administrator and/or regulators regarding the filing of AGM notices as appropriate;
Upon request, Funds Avenue SA will assist in having AGM notices translated and published as required.
The objective of the Cross-Border Distribution Directive and Regulation (“CBDR”) is to improve and simplify the cross-border distribution of investment funds within the EU. The directive and regulation apply to both UCITS and AIFs.
On 20 September 2022, the CSSF published an FAQ providing details on the Funds’ Marketing Communications. The FAQ clarifies the CSSF’s expectations regarding:
Article 4 of the European Regulation to facilitate the cross-border distribution of collective investment undertakings (entered into force on 02 August 2021);
The ESMA guidelines on marketing communications that came into force in Luxembourg following the adoption of CSSF Circular 22/795 (2 February 2022).
Today, the marketing rules on marketing communication are fully applicable. There is no adjustment period to comply with the FAQ. Management companies are advised to:
review and update as necessary their internal policies and marketing procedures;
ensure that fund distributors and intermediaries involve the AIFM in the preparation of all marketing communications and submit them for validation to the AIFM prior to submission to investors;
prepare a checklist, in order to comply with the Regulation and ESMA, and ensure that the marketing documentations of the funds are reviewed and validated
have controls to identify marketing documentation that include sustainability information and to verify that these marketing documentation do not contradict pre-contractual information related to SFDR, in accordance with Article 13 of the Regulation
Marketing communications for investment vehicles, such as factsheets, brochures, presentations, press articles, and any other form of marketing communication must be compliant with local marketing and advertising rules. We will review your marketing communications to ensure they are compliant with local rules applicable in each EU country. This service includes:
Providing advice in relation to the marketing communications in scope, based on the local applicable marketing and advertising rules in the selected jurisdictions;
Providing a gap-analysis between the local marketing and advertising rules of the jurisdictions in scope and the marketing communications provided;
Providing a gap analysis between the prospectus/KIID/PRIIP-KID and the marketing communications provided;
Providing advice should marketing communications be non-compliant;
We help our clients gain strategic market insights. We offer the services of an experienced, multi-lingual team based in Luxembourg that is familiar with current European regulatory requirements.
Our team will support and guide you through the challenges of designing, implementing and maintaining a multi-jurisdictional fund distribution strategy.
We organize Roadshow, Presentations, Roundtables events for our clients. Our team will take care of the entire organization in collaboration with you