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Prospectus updates for Luxembourg-domiciled funds

As a result of new directives and regulations, all Luxembourg-domiciled funds’ prospectuses have been updated to comply with the new requirements as of 1 January 2023. No changes have been made in the management of the funds and you as an investor are not required to act due to these changes, but we wish to make you familiar with them.

Prospectus updates for all Luxembourg-domiciled funds

New Annexes related to SFDR:

As part of the implementation of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR), all sub-funds now have their sustainability related disclosures located in an Annex at the end of the prospectus. The disclosures are mandatory for all sub-funds that adhere to article 8 or 9 of SFDR and provide a better picture of each sub-fund’s sustainability commitment and taxonomy alignment. 

Sustainability risks have been further clarified:

In order to achieve greater transparency of the fund’s sustainability commitment, the sustainability approach in the general part of the prospectus has been amended to further highlight sustainability risks.

Prospectus updates for all Luxembourg-domiciled UCITS (Undertakings for Collective Investment in Transferable Securities) funds

Clarification made concerning ancillary assets: 

Following a recent FAQ by the financial authority in Luxembourg, Commission de Surveillance du Secteur Financier (CSSF), the amount of cash any sub-fund may hold has been limited to 20%. Although the management company already had this as an internal limit, it is now clarified in the general part of the prospectus. The wording concerning other liquid assets that are held on an ancillary basis have also been clarified. 

New requirement for UCITS funds relating to covered bonds:

 As a result of Directive (EU) 2019/2162 being implemented in Luxembourg Law, we have updated the prospectuses to reflect this regulatory change and to define the meaning of “covered bond” as per the requirement of the directive.