ESG: Key elements on the SFDR RTS accelerated procedure with the CSSF

This press release of 6 September 2022 follows from the press release published on the 27 July 2022, where the CSSF reminded the investment fund industry of the 1 January 2023 deadline for specific UCITS and AIF updates of pre-contractual documents.

This press release is to inform the investment fund industry that the announced regulatory technical standards (RTS) confirmation letter, which should accompany and support the filing of a prospectus/issuing document in the update on sustainability-related disclosure (SFDR) with regards to the RTS, is available and can be downloaded directly from the CSSF website, both for UCITS and AIFs.

The distinction between the two versions of the RTS confirmation letter must be respected, by using the version reflecting the fund type concerned (UCITS or AIF).

The CSSF also reminds practitioners intending to update pre-contractual documents that they can benefit from an accelerated examination and visa stamping of the prospectus, subject to certain conditions as follows:

• the amendments to pre-contractual documents must be only limited to the inclusion of the templates in the annexes of the Commission Delegated Regulation (EU) 2022/1288 (2022 Regulation), and that for all of the sub-funds subject to Article 8 or 9 SFDR of the fund;
• the updated and filed prospectus must be accompanied by the RTS confirmation letter and the related table requested, which must be duly completed and signed by the authorised individuals;
• any amendments made outside those regarding the insertion of the standardised annexes of the 2022 Regulation must be minor and only of editorial nature, without representing a material change for investors; and
• a specific sequential process must be followed for an accelerated examination and visa stamp procedure:

1. The submission for the examination of a draft prospectus/issuing document must include the templates in track changes (comparing the last visa-stamped prospectus/issuing document), the RTS confirmation letter and the related table requested;

2. where relevant, the CSSF will provide comments to the applicant, with a request of prompt clarification or confirmation, and if necessary, reiteration until completion and consent on disclosures to be included; and

3. following the completion and consent stage, a transmission will be provided to the applicant with information regarding the end of the examination phase and an invitation to upload the consented prospectus version, a clean version in PDF format and in accordance with Circular CSSF 19/708 regarding the electronic transmission of documents to the CSSF.

The accelerated examination and processing is only available until the 31 October 2022 and any transmission, in accordance with the above process, after this date will only be considered on a best effort basis.

Prospectuses/issuing documents filed through ordinary amendments, and thus updated with regards to the SFDR RTS and other material changes to the prospectus/issuing document, will also be examined on a best effort basis.