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The CSSF launches notification procedures for UCITS and AIFS for pre-contractual disclosures under the taxonomy regulation

  • Europe
  • ESG
  • Investment funds and asset management
  • Financial services



On 2 December 2021, the Luxembourg Financial Supervisory Authority (CSSF) published a communication (the “Communication”) on regulatory requirements and the fast track procedure in relation to Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investments (the “Taxonomy Regulation”).

The Taxonomy Regulation requires financial market participants to provide disclosures in their pre-contractual documentation in respect of investments which contribute to one or more environmental objectives under article 9 of the Taxonomy Regulation.   The disclosures depending on the classification of the investments under Regulation (EU) 2019/2088 on sustainability‐related disclosures in financial services sector (“SFDR”).  

From 1 January 2022, disclosures must be made in relation to investments with the environmental objectives of climate change mitigation or climate adaptation.  Disclosures related to investments with other objectives listed in articles 9(c) to 9(f) of the Taxonomy Regulation are required from 1 January 2023.

Notification procedure for UCITS

For UCITS, the CSSF set up the taxonomy fast track notification procedure which is similar to the arrangements implemented for compliance with requirements of SFDR earlier this year. Under the taxonomy fast track procedure, amendments to a UCITS prospectus are strictly limited to disclosures under articles 5, 6 or 7 Taxonomy Regulation.  The updated prospectus must be submitted electronically for the visa-stamp and be accompanied by a signed confirmation letter in the form available on the CSSF website.  The CSSF aims to grant approval before 31 December 2021 for completed submissions which are compliant with the Taxonomy Regulation and received by 17 December 2021.

Notification procedure for AIFS

For AIFs, the CSSF requires Luxembourg authorised AIFMs (including managers of EuVECAs and EuSEFs) to submit documents updated for taxonomy disclosures (a prospectus and/or any other document issued to comply with the disclosure obligations under article 23(1) of Directive 2011/61/EU) in accordance with articles 5, 6 or 7 of the Taxonomy Regulation, to the CSSF’s generic e-mail address (  The email must specifically indicate which document is subject to amendments and describe where the disclosures can be found.  The Communication encourages AIFMs to file the updated documents as quickly as possible in order to meet the 1 January 2022 deadline.

Uncertainity around level II requirements

The Communication points out that the Regulatory Technical Standards (“RTS”) for the Taxonomy Regulation have not yet been adopted.  The date of entry in to force of the RTS was recently postponed to 1 January 2023.  Nevertheless, the CSSF encourages financial market participants to consider the draft RTS published by the European Supervisory Authorities in October 2021 and, if possible, to use the new pre-contractual and periodic product information templates in the draft RTS to comply with level I  disclosure obligations.   

How can Eversheds Sutherland help?

Our in depth understanding of the sector means that we are well placed to advise you on the scope and implications of the Taxonomy Regulation and SFDR, as well as opportunities arising from the trend towards impact investing and sustainability more generally. Please do not hesitate to reach out to the members of our team for assistance in relation to the notification of taxonomy-related disclosures to the CSSF as well as other enquiries related to the impact of the Taxonomy Regulation on your product.