To obtain an International Securities Identification Number (ISIN) and a Wertpapierkennnummer (WKN) for a Reserved Alternative Investment Fund (RAIF) from Luxembourg, the following steps should be taken:
1. Application for an ISIN
- Initiation by the Asset Manager: The process typically begins with an application by the fund's asset manager.
- Contacting the Local Numbering Agency: For Luxembourg ISINs, Clearstream is the responsible agency. The asset manager must submit a request for the issuance of an ISIN to Clearstream, for example, through a management company (ManCo).
- Consideration of Confidentiality: If the ISIN is classified as confidential, its status must be changed by lifting the confidentiality. This requires a special request from the management company (ManCo) to Clearstream, which includes the lifting of the confidentiality status. More information is available here (from page 47).
2. Application for a WKN
- Requirement of an ISIN: A WKN can only be applied for if an ISIN is already in place. The WKN is linked to the ISIN.
- Application Process: The application is usually made through experts like FundGlobam and takes about two days. There are usually minimal costs involved.
3. Registration and Announcement
- Registration in Databases: ISINs must be registered in relevant databases such as FundSquare. This is particularly important to ensure the findability and management of the ISINs.
- Information Exchange with Financial Partners: Once the ISINs and WKNs have been received, they should be communicated to relevant financial partners and intermediaries to ensure transparency and efficiency of the processes.
Key Points
- Verification and Confirmation: Ensure that all required information and documents are correct and complete before submitting the application.
- Clarification in case of uncertainties: If you have any questions or uncertainties regarding the processes, you should communicate directly with the relevant parties such as Clearstream and FundSquare.
- Consider the timeframes: Be aware of the required processing times and plan accordingly to avoid delays.
By carefully following these steps, the process of obtaining an ISIN and WKN for a RAIF from Luxembourg can be made efficient and smooth.