Publication of three new questions and answers provided by the European Commission on investment management related queries

The CSSF informs all investment fund managers and other relevant stakeholders that the European Commission has recently provided answers to three investment-management-related queries.

Please see below a brief overview of the topics associated with these answers together with direct links to the European Securities and Markets Authority's website where these answers can be found:

• Clarification on the date of application of the six-month derogation from the investment restrictions foreseen in Articles 52 to 55 of Directive 2009/65/EC, as amended ("UCITS Directive") for newly authorised undertakings for collective investment in transferable securities ("UCITS") under Article 57(1) of the UCITS Directive: https://www.esma.europa.eu/qa/601
• Initial capital and additional own funds requirements for internally managed alternative investment funds under Article 9 of Directive 2011/61/EU, as amended ("AIFMD") and self-managed UCITS under Articles 7 and 29 of the UCITS Directive: https://www.esma.europa.eu/publications-data/questions-answers/2227
• Notification pursuant to Article33(2) and (3) of the AIFMD by an alternative investment fund manager upon establishment of a branch in another Member State for the sole purpose of carrying out any activity referred to in point (2)(c) of Annex I to the AIFMD: https://www.esma.europa.eu/publications-data/questions-answers/711