On 12 February 2025, the Commission de Surveillance du Secteur Financier (CSSF) introduced a simplified procedure for creating new share classes that do not require a prospectus update. This initiative aims to streamline the approval process and provide greater flexibility to investment fund managers. 

The new procedure applies to the following types of investment funds: 

• Undertakings for Collective Investment in Transferable Securities (UCITS) 

• Specialised Investment Funds (SIFs) 

• Funds governed by Part II of the 2010 Law (UCI Part II) 

• Investment Companies in Risk Capital (SICARs) 

Importantly, this simplified approach is only available for new share classes whose characteristics are already defined in the fund’s current prospectus/offering document. 

To benefit from this streamlined procedure, fund promoters must: 

• Comply with the principles set out by the CSSF in the dedicated form;
• Submit a complete application, including all necessary details on the new share class using the CSSF’s standardised table; and
  
• Ensure that the new share class fully aligns with the existing prospectus and does not introduce new characteristics requiring an update. 

The introduction of this simplified procedure is a significant step forward for fund managers, allowing them to launch new share classes more efficiently and with reduced administrative burden. However, it remains crucial to ensure that any new class strictly adheres to the existing prospectus terms to avoid triggering a mandatory update. 

With this initiative, the CSSF continues to modernise and simplify regulatory procedures for Luxembourg-based investment funds. 

 For further guidance or assistance in implementing this procedure, our investment management team remains available to support you.