Authorisation & Licensing in Luxembourg

What Changed

• - Circular IML 91/75, which set out rules for Luxembourg undertakings governed by the Law of 30 March 1988 on undertakings for collective investment, is repealed in full with effect from 22 May 2026...
• All amendments to Circular IML 91/75 introduced by Circulars CSSF 05/177, 18/697, 21/790, 22/811 and 25/901 are implicitly repealed as part of the repeal of IML 91/75 itself.
• The regulatory expectations previously contained in IML 91/75 are now either superseded by later Luxembourg fund laws (including post‑1988 UCI legislation and regimes for SICARs and SIFs), later CSSF...
• The historical link to the Law of 30 March 1988 on undertakings for collective investment is effectively severed at circular level, confirming that the operative framework is now the modern suite of...
• IML 91/75 is flagged as archived by the CSSF as of 22 May 2026, clarifying that it has no continuing normative or interpretative value as a live supervisory instrument.

Suggested Considerations

• Identify and inventory all internal and external documents (including policies, procedures, compliance manuals, prospectuses, offering documents, service agreements and SLAs) that reference Circular IML 91/75 or its amending Circulars CSSF 05/177, 18/697, 21/790, 22/811 and 25/901.
• Remove or replace all references to Circular IML 91/75 and its amending circulars in compliance frameworks, manuals, registers of applicable rules and control libraries, ensuring they are mapped instead to the current applicable UCI, SIF, SICAR, AIFM and relevant CSSF circulars.
• Perform a gap analysis to confirm that all substantive topics previously governed by IML 91/75 in your framework are now fully covered by current Luxembourg laws, EU fund regulations and up‑to‑date CSSF circulars and FAQs.
• Update training materials and onboarding content for compliance, portfolio management, risk and operations staff to reflect that IML 91/75 has been repealed and to direct staff to the current legal and regulatory sources governing UCIs and alternative funds.
• Adjust internal audit and compliance monitoring programs so that any test steps or key controls referencing IML 91/75 are updated to reference the applicable current provisions and CSSF administrative practice.

Key Dates

References

• [1] cssf.lu/en/2026/05/repeal-of-circular-iml-91-75/

What Changed

• - Adoption of ESMA Guidelines: CSSF mandates application of ESMA's criteria for evaluating staff knowledge and competence in crypto-asset services, including roles in custody, trading, portfolio...
• Assessment Framework: Firms must implement standardized tests and processes to verify staff qualifications, aligning with MiCA Article 62 on CASP authorization, focusing on technical crypto...
• No New Standalone Rules: This circular builds on prior CSSF MiCA circulars (e.g., 25/890 on crypto-asset classification), integrating competence checks into licensing dossiers and ongoing supervision.

Suggested Considerations

• Assess Staff Competence: Implement ESMA-guided evaluations (e.g., exams, certifications) for all relevant personnel handling crypto services; document results in governance frameworks.
• Update Policies and Training: Integrate competence criteria into HR, onboarding, and annual reviews; roll out MiCA-specific training on reporting, breaches, and governance.
• Licensing Dossier Enhancement: Include competence attestations in CSSF applications; appoint dedicated compliance/risk officers with verified qualifications.
• Ongoing Monitoring: Conduct regular audits, penetration tests, and incident planning; confirm compliance annually via management body statements.
• Early CSSF Engagement: Schedule dialogues and info sessions; create MiCA readiness scorecards for board and regulator discussions.

Key Dates

References

• [1] copla.com/blog/compliance-regulations/mica-regulation-in-...
• [2] cssf.lu/wp-content/uploads/cssf25_890eng.pdf
• [3] cssf.lu/en/markets-in-crypto-assets-mica-micar/
• [4] loyensloeff.com/insights/news--events/news/circular-cssf-...
• [5] cssf.lu/en/Document/circular-cssf-25-890/
• [6] cliffordchance.com/content/dam/cliffordchance/PDFDocument...
• [7] cssf.lu/en/2023/07/regulation-on-markets-in-crypto-assets...
• [8] dechert.com/knowledge/onpoint/2023/1/initiatives-to-regul...

What Changed

• The document was originally published on 14 January 2019 and updated on 12 March 2026, reflecting revisions to the predefined list of professional activities and mandates[Source URL].
• Alignment with Circular CSSF 18/698 requirements for IFMs (management companies for UCIs and AIFs), specifying reportable roles like those in collective portfolio management, risk management,...
• Emphasis on detailed documentation of mandates to demonstrate fitness, properness, and avoidance of conflicts, including for shareholders with qualifying holdings.
• No entirely new requirements introduced, but the update likely incorporates evolving governance expectations, such as enhanced delegate oversight and AML/CFT compliance officer designations.

Suggested Considerations

• Download and use the XLSX table: Incorporate the exact list of activities/mandates into internal templates for reporting management body and conducting officer roles[Source URL].
• Update authorization and notification files: Include detailed CVs, criminal record extracts, wealth declarations, and organization charts for relevant personnel/shareholders; notify CSSF of changes (e.g., qualifying holdings, guarantees).
• Conduct fit-and-proper assessments: Ensure declarations cover all listed mandates, demonstrating no conflicts and adequate resources; perform initial/ongoing due diligence on delegates.
• Annual compliance review: Document roles in compliance monitoring plans, training, and reporting to senior management/CSSF; align with delegate oversight (e.g., risk-based monitoring of compliance, audit functions).
• Policy updates: Revise governance policies to reflect the updated list, including AML/CFT officer designations and own funds proofs.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/cssf18_698eng.pdf
• [2] osmia.consulting/newsroom/cssf-circular-18698
• [3] dasseti.com/insights/cssf-circular-18-698-delegate-oversight
• [4] acolin.com/news/10-important-facts-investment-fund-manage...
• [5] ume.solutions/wp-content/uploads/2024/12/ume-CSSF-18698.pdf
• [6] cssf.lu/en/Document/circular-cssf-18-698/
• [7] pwc.lu/en/pwcacademy/training-library/focus-on-cssf-circu...
• [8] deloitte.com/lu/en/Industries/investment-management/resea...

What Changed

This is not a regulatory change or new requirement but an enforcement action applying existing rules under point f) of Article 43(1) read with point a) of Article 43(2) and Article 44 of the Law of 23 July 2016 on the audit profession (Audit Law), alongside CSSF Regulation N°16-10 on continuing education.

Suggested Considerations

• Immediate self-audit: Statutory auditors must verify personal compliance with continuing education hours under CSSF Regulation N°16-10, documenting hours against Article 3(1) requirements and submitting evidence if requested.
• Remediation plan: If shortfalls identified, complete deficit training promptly and notify CSSF of corrective measures, as seen in related governance cases where entities implemented remediation.
• Internal training programs: Audit firms should enhance monitoring of auditor CPE (continuing professional education) logs, integrating CSSF controls akin to Article 10 of the Audit Law.
• Fit-and-proper reviews: Boards and compliance officers assess auditor qualifications, escalating any gaps to CSSF per professional obligations.
• Record retention: Maintain verifiable CPE records for at least the reference period plus CSSF inspection windows (typically 3-5 years).

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_44_Audit_X_040825_en.pdf
• [2] cssf.lu/wp-content/uploads/S_23_EI_X_040326_en.pdf
• [3] cssf.lu/wp-content/uploads/S100_GFIA_X_2025.12.01_en.pdf
• [4] cssf.lu/en/publication-data/
• [5] opensanctions.org/datasets/lu_administrative_sanctions/
• [6] cssf.lu/en/Document/administrative-sanction-of-1-december...
• [7] cliffordchance.com/content/dam/cliffordchance/PDFDocument...
• [8] gouvernement.lu/dam-assets/images-documents/actualites/20...

What Changed

No new regulatory changes are introduced; this is an enforcement action applying existing rules under point f) of Article 43(1) read with point a) of Article 43(2) and Article 44 of the Law of 23 July 2016 concerning the audit profession (Audit Law), alongside CSSF Regulation N°16-10 on continuing education for statutory auditors. Breaches typically involve failing to meet the minimum total hours of continuing education by the reference period end (e.g., December 31, 2024, as in a comparable August 2025 case).

Suggested Considerations

• Statutory auditors must immediately verify compliance with Article 3(1) of CSSF Regulation N°16-10, ensuring minimum continuing education hours are met for relevant periods.
• Audit firms should conduct internal audits of training logs and implement remediation plans, including supplementary training if deficits exist.
• All affected parties must report any identified breaches to CSSF proactively and retain evidence of corrective actions, as CSSF controls under Article 10 of the Audit Law can trigger fines.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_44_Audit_X_040825_en.pdf
• [2] cssf.lu/wp-content/uploads/S_23_EI_X_040326_en.pdf
• [3] cssf.lu/wp-content/uploads/S100_GFIA_X_2025.12.01_en.pdf
• [4] cssf.lu/en/publication-data/
• [5] cssf.lu/en/Document/administrative-sanction-of-1-december...
• [6] cliffordchance.com/content/dam/cliffordchance/PDFDocument...
• [7] gouvernement.lu/dam-assets/images-documents/actualites/20...
• [8] legal500.com/guides/wp-content/uploads/sites/1/2025/09/Lu...

What Changed

• - Minimum Document Requirements: Establishes a mandatory list of documents for each new shareholder candidate, differentiated by type (e.g., natural person, legal person, beneficial owner,...
• Additional Mandatory Submissions: For changes involving qualified holdings (entry, increase/decrease, removal), requires updated group structure charts, MEF (in some cases), financing information,...
• Enforcement Mechanism: From 2 March 2026, applications lacking these minimums are deemed incomplete, halting analysis until fully submitted.
• No prior formalised list existed in this detail for IFMs, shifting from case-by-case to standardised requirements.

Suggested Considerations

• Review Guidance: Download and study the XLSX document (Version 1.0) detailing per-shareholder/per-change requirements.
• Prepare Complete Packages: For initial authorisation or amendments, compile minimum docs (e.g., IDs for beneficial owners/PEPs, group charts, financing details, MEF, fees); use *MEF templates where noted.
• Submit Fully: Ensure all minimums included in future filings to avoid delays; anticipate CSSF requests for extras.
• Internal Processes: Update compliance checklists, train teams on shareholder due diligence, and integrate into authorisation workflows.

Key Dates

References

• [1] cssf.lu/en/2026/03/publication-of-guidance-on-documents-a...
• [2] cssf.lu/wp-content/uploads/Shareholder-structure-document...
• [3] cssf.lu/en/Document/guidance-on-the-documents-and-informa...
• [4] loyensloeff.com/insights/news--events/news/circular-cssf-...
• [5] practiceguides.chambers.com/practice-guides/investment-fu...
• [6] cssf.lu/en/
• [7] cs-avocats.lu/investment_management/cssf-issues-guidance-...
• [8] cssf.lu/en/publication-data/

What Changed

• - Minimum Document Lists: Introduces detailed checklists in an XLSX format covering candidate shareholder documents (e.g., ID, CV, declarations of honour (DH), criminal records (CR) for natural...
• Differentiation by Shareholder Type: Requirements vary by natural/legal person, beneficial owner, direct/indirect qualified/unqualified shareholders, and involvement in financing (e.g., "Yes, if PEP...
• Other Mandatory Submissions: For qualified holding changes (entry, increase/decrease, removal), requires updated group structure charts, Market Entry Forms (MEF), financing details, and fee forms;...
• Enforcement Mechanism: From 2 March 2026, incomplete submissions halt analysis until remedied; CSSF may request additional info.

Suggested Considerations

• Prepare Complete Packages: For each new shareholder candidate, compile type-specific docs (e.g., ID/CV/DH/CR for direct unqualified shareholders; financing proof if indirect qualified lacks resources).
• Submit Core Items: Always include updated group structure chart, MEF (template available), acquisition financing details, fee form; classify request type (e.g., prior authorisation for qualified changes).
• Initial/Modification Filings: Use XLSX guidance as checklist; ensure beneficial owner verification per Circular CSSF 19/732.
• Ongoing: Notify CSSF of changes; anticipate ad-hoc requests for extras like PEP declarations.

Key Dates

References

• [1] cssf.lu/en/2026/03/publication-of-guidance-on-documents-a...
• [2] cssf.lu/wp-content/uploads/Shareholder-structure-document...
• [3] cssf.lu/en/Document/guidance-on-the-documents-and-informa...
• [4] loyensloeff.com/insights/news--events/news/circular-cssf-...
• [5] practiceguides.chambers.com/practice-guides/investment-fu...
• [6] cssf.lu/en/
• [7] cssf.lu/en/publication-data/
• [8] cs-avocats.lu/investment_management/cssf-issues-guidance-...

What Changed

• The update modifies two critical FAQ sections: Portfolio Transparency Requirements (Question 12.1) The CSSF has expanded and clarified its guidance to apply to all UCITS ETFs, not just actively...
• Daily disclosure to market participants: Market makers and authorized participants (APs) continue to receive detailed portfolio information on a daily basis to maintain efficient arbitrage mechanisms...
• Quarterly public disclosure: Investment Fund Managers (IFMs) must now publish detailed portfolio holdings to all investors at least quarterly with a maximum time lag of 30 business days (previously...

Suggested Considerations

• *For IFMs Managing UCITS ETFs:
• *Update disclosure procedures to transition from monthly to quarterly publication schedules for detailed portfolio holdings
• *Maintain daily information sharing with APs and market makers to support arbitrage mechanisms—this requirement remains unchanged
• *Revise prospectuses to reflect the new quarterly disclosure frequency and confirm compliance with the 30 business-day publication window
• *Document procedures for calculating the 30 business-day deadline from quarter-end

Key Dates

References

• [1] etfstream.com/articles/luxembourg-regulator-to-relax-tran...
• [2] klgates.com/Central-Bank-of-Ireland-Updates-its-UCITS-QA-...
• [3] dechert.com/knowledge/onpoint/2026/1/cssf-is-streamlining...
• [4] cssf.lu/en/2026/02/uci-reports-foreseen-by-circular-cssf-...
• [5] practiceguides.chambers.com/practice-guides/investment-fu...
• [6] cssf.lu/wp-content/uploads/FAQ_EPM.pdf
• [7] bakermckenzie.com/en/insight/publications/2026/01/luxembo...
• [8] cssf.lu/en/2026/02/the-cssf-has-updated-its-faq-crypto-as...

What Changed

• - Authorisation Requirements: UCIs require CSSF approval of constitutive documents (articles, management regulations), depositary selection, and management company/AIFM applications for contractual...
• Crypto-Asset Updates (aligned with separate but related FAQ Version 7): Replaces "virtual assets" with "crypto-assets" per MiCAR (EU 2023/1114); UCITS and retail AIFs (non-well-informed investors)...
• Investment Policies and Liquidity Management: Funds must detail objectives, strategies, asset classes, restrictions, borrowing, and conflicts; look-through for intermediary vehicles per ESMA/AIFMD...
• Risk Spreading Exemptions: Limits do not apply to OECD/EU-guaranteed securities or UCIs with comparable risk-spreading.
• Depositary Role in Crypto: Luxembourg depositaries can custody crypto-assets with safeguards and CSSF notification; responsibility varies by model (depositary or MiCAR provider).

Suggested Considerations

• Review and Update Documents: Align UCI constitutive documents, investment policies, and sales documents with clarified rules on strategies, LMTs, conflicts, and risk-spreading; apply look-through for intermediaries.
• Crypto-Specific: For >10% NAV exposure, apply for "Other-Other Fund-Crypto-assets" extension (custody, valuation, AML/CFT plans, expertise); notify CSSF for depositary crypto custody; implement heightened AML/CFT due diligence per FATF/Luxembourg assessments.
• Authorisation/Amendments: Submit for CSSF approval on new setups, manager changes, or sub-funds (esp. SICAV multi-sub-funds with EU cross-border services).
• Governance and Reporting: Ensure RC/RR demonstrate crypto risk understanding; update disclosures for investors on risks, LMTs, and fair treatment.
• Ongoing Compliance: Use FAQ/Compilation for RAIFs/SIFs/SICARs/Part II UCIs; auditors/managers confirm tax-exempt status for SICARs.

Key Dates

References

• [1] cssf.lu/en/authorisation-of-a-uci/
• [2] linari-law.lu/cssf-updates-its-faq-on-crypto-assets-for-u...
• [3] dechert.com/knowledge/onpoint/2026/1/cssf-is-streamlining...
• [4] cssf.lu/en/2026/02/the-cssf-has-updated-its-faq-crypto-as...
• [5] cssf.lu/wp-content/uploads/FAQ_Crypto_assets_UCI.pdf
• [6] cssf.lu/en/regulatory-framework-for-ucis/
• [7] cssf.lu/en/Document/faq-crypto-assets-undertakings-for-co...
• [8] simmons-simmons.com/en/publications/cmlksxdud00dqu43ge0sl...

What Changed

• - Financial reporting for aggregate charges (Art 82(2) 2010 Law): When master and feeder UCITS have different year-ends, feeder must present master charges for the same period if possible; otherwise,...
• Disclosure of irregularities (CSSF Regulation 10-05 Art 27(e)): Present in notes to financial statements or "other information" section of annual report.
• Past performance rules (Art 159(3)c) 2010 Law and Commission Regulation (EU) 583/2010): Feeders converting to new masters cannot refer to pre-conversion past performance; masters converting from...
• Document is periodically updated; CSSF reserves right to alter positions—firms must monitor website.

Suggested Considerations

• Review and amend master-feeder agreements (per Art 79(1) 2010 Law) to require masters provide charge/fee data to feeders.
• Ensure financial statements/annual reports disclose irregularities in specified sections and aggregate charges with audit report caveats if periods misalign.
• Update KIIDs and marketing materials for past performance compliance, disclosing conversions/material changes per Regulation 583/2010 Articles 17, 19, 35.
• Implement processes for ad hoc financial statements when accounting years differ, allocating audit/preparation fees appropriately.
• Monitor CSSF website regularly for FAQ updates.

References

• [1] cssf.lu/wp-content/uploads/FAQ_Master_Feeder.pdf
• [2] cssf.lu/en/Document/faq-concerning-master-feeder-structures/
• [3] dlapiper.com/en/insights/publications/2024/03/german-fede...
• [4] cssf.lu/en/Document/page/199/
• [5] cssf.lu/wp-content/uploads/FAQ-AIFMD_200525.pdf
• [6] arendt.com/wp-content/uploads/2020/08/cssf_faq_aifmd_en.pdf
• [7] esma.europa.eu/sites/default/files/library/esma34_43_392_...
• [8] cssf.lu/en/regulatory-framework-for-ucis/

What Changed

No new regulatory changes or requirements are introduced; this is an enforcement action enforcing existing obligations under laws like the AIFM Law of 12 July 2013 (e.g., Articles 19(8), 19(9), 19(11) on safekeeping and oversight duties), the Law of 5 April 1993 on the financial sector, and Commission Delegated Regulation (EU) No 231/2013 (CDR 231/2013, e.g., Articles 92, 94, 96 on risk assessment, valuation verification, and cash flow monitoring).

Suggested Considerations

• Conduct immediate gap analysis: Review safekeeping processes for ownership verification (Article 19(8)(b) AIFM Law), ensuring transaction documentation, segregated account proofs, and full holding chain records are available at transaction points.
• Enhance oversight duties: Implement risk assessments per Article 92(1) CDR 231/2013, valuation compliance checks (Article 94), and cash remittance monitoring (Article 96); appoint delegates with due diligence.
• Strengthen governance: Update internal controls, procedures, and conflict-of-interest policies (e.g., director overlaps); ensure key documentation availability and evidence of controls.
• Firm-wide audit: For repeat offenders like Corestate, perform root-cause analysis on prior sanctions and submit remediation plans to CSSF if inspected.
• Training and reporting: Train staff on CSSF expectations; improve cooperation mechanisms to avoid AML/CFT fines for non-submission of requests.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_17_PSF_SP_JTC-Luxembourg-S.A...
• [2] cssf.lu/wp-content/uploads/S97_GFIA_Capitalis-Premiere-Gr...
• [3] cssf.lu/en/publication-data/
• [4] cssf.lu/en/Document/administrative-sanction-of-20-june-2025/
• [5] cssf.lu/wp-content/uploads/S_58_TRA_120126_en.pdf
• [6] regulatoryandcompliance.com/2024/12/luxembourg-cssf-intro...
• [7] cssf.lu/en/information-requirements-issuers-of-securities/

What Changed

No new regulatory changes or requirements are introduced; this is an enforcement action highlighting non-compliance with existing obligations under Luxembourg's AIFM Law (notably Articles 19(8), 19(9), 19(11), and 51) and related delegated regulations like CDR 231/2013. Key breaches from analogous recent CSSF sanctions include inadequate safekeeping of assets (e.g., missing ownership verification and records), failure to oversee AIFM valuation policies and cash remittance timelines, improper delegation to custodians without due diligence, and weak internal governance such as conflicts of...

Suggested Considerations

• Conduct immediate gap analysis on depositary functions: Verify ownership chains, transaction documentation, segregated account reconciliations, and custodian delegations per AIFM Law Articles 19(8) and 19(11).
• Enhance oversight processes: Implement risk assessments for AIF strategies, valuation policy checks, and cashflow monitoring per CDR 231/2013 Articles 92, 94, and 96.
• Strengthen governance: Review internal controls, procedures, and conflicts (e.g., director overlaps with affiliates); ensure availability of control evidence.
• For issuers like Corestate: Confirm compliance with half-yearly financial reporting and dissemination under Transparency Law Article 4.
• Firm-wide: Perform mock CSSF on-site inspections focusing on 2022-2025 periods, given inspection timelines in recent cases.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_17_PSF_SP_JTC-Luxembourg-S.A...
• [2] cssf.lu/en/publication-data/
• [3] cssf.lu/en/Document/administrative-sanction-of-20-june-2025/
• [4] cssf.lu/wp-content/uploads/S_58_TRA_120126_en.pdf
• [5] regulatoryandcompliance.com/2024/12/luxembourg-cssf-intro...
• [6] cssf.lu/en/information-requirements-issuers-of-securities/
• [7] corestate-capital.com/wp-content/uploads/2022/04/CORESTAT...

What Changed

The regulatory framework introduces several material modifications: Investment Exposure Limits UCITS may invest indirectly in crypto-assets for a maximum of 10% of their net asset value (NAV). These indirect investments are restricted to transferable securities that do not embed derivatives. AIFs open to retail investors other than well-informed investors face the same 10% NAV ceiling. MiCAR Alignment The FAQ modifications directly reflect the entry into force of Regulation (EU) 2023/1114 on markets in crypto-assets.

Suggested Considerations

• *For UCITS Managers:
• by-case assessment of crypto-asset investment impact on fund risk profiles
• specific risks (volatility, liquidity, technological risk)
• asset investments
• *For AIFMs Managing AIFs with Crypto Exposure:

Key Dates

References

• [1] cssf.lu/wp-content/uploads/FAQ_Crypto_assets_UCI.pdf
• [2] cssf.lu/en/2026/02/the-cssf-has-updated-its-faq-crypto-as...
• [3] klgates.com/Luxembourg-Financial-Services-Regulator-CSSF-...
• [4] dechert.com/knowledge/onpoint/2026/1/cssf-is-streamlining...
• [5] cssf.lu/en/Document/faq-crypto-assets-undertakings-for-co...
• [6] cssf.lu/en/embed/
• [7] cssf.lu/en/crypto-assets/
• [8] simmons-simmons.com/en/publications/clw99aj7n00a2v7gc6spm...

What Changed

This is not a regulatory change or new requirement but an enforcement action highlighting existing obligations under Luxembourg law. Key breaches likely mirror patterns in recent CSSF sanctions, such as non-compliance with UCI Law provisions on investment policies (e.g., Articles 41, 43), sound accounting procedures (Article 109), and rules of conduct (Articles 111, CSSF Regulation 10-04), including improper cash deposits with unauthorized brokers and inaccurate asset valuation.

Suggested Considerations

• Immediate review of counterparty due diligence: Verify licenses and financial stability of brokers/prime brokers; cease deposits with unauthorized or suspended entities per UCI Law Article 41.
• Enhance valuation and accounting controls: Ensure assets (e.g., cash deposits) are valued at probable realization value per Article 28(4) UCI Law and prospectus terms; implement automated monitoring for ongoing compliance.
• Conduct internal audits: Assess organizational requirements, investment policies, and conduct rules (CSSF Regulation 10-04); remediate gaps proactively, as seen in mitigated sanctions for cooperative firms.
• Update governance and reporting: Document risk assessments and report prior breaches to CSSF to demonstrate cooperation, potentially reducing fine severity.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_90_GFI_Zeus_Asset_Management...
• [2] cssf.lu/wp-content/uploads/S_49_B_X_280725_en.pdf
• [3] cssf.lu/en/publication-data/
• [4] regulatoryandcompliance.com/2024/12/luxembourg-cssf-intro...
• [5] cssf.lu/en/Document/administrative-sanction-of-28-july-2025/
• [6] cssf.lu/en/2024/07/warning-concerning-the-website-www-gen...
• [7] state.gov/wp-content/uploads/2025/09/638719_2025-Luxembou...
• [8] cliffordchance.com/content/dam/cliffordchance/PDFDocument...

What Changed

The most significant regulatory modifications in Version 7 include: Investment Limits for UCITS UCITS may invest indirectly in crypto-assets for a maximum of 10% of their net asset value (NAV). These indirect investments are limited to transferable securities that do not embed derivatives in accordance with Article 10 of the Grand-ducal Regulation of 8. Investment Limits for AIFs AIFs open to retail investors other than well-informed investors may invest in crypto-assets for a maximum of 10% of their NAV.

Suggested Considerations

• *Immediate Compliance Steps:
• *Portfolio Audit: Conduct a comprehensive review of all UCITS and AIF holdings to identify current and potential crypto-asset exposures, both direct and indirect (including derivatives with crypto underlyings).
• *Investment Policy Updates: Revise fund documentation, prospectuses, and investment policies to reflect the 10% NAV limits and MiCAR compliance requirements.
• *Risk Management Assessment: Update risk management policies to address crypto-asset volatility, liquidity, and technological risks, with case-by-case impact assessments on fund risk profiles.
• *Investor Notification: Ensure transparent and timely communication with investors regarding any crypto-asset investments or policy changes.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/FAQ_Crypto_assets_UCI.pdf
• [2] cssf.lu/en/2026/02/the-cssf-has-updated-its-faq-crypto-as...
• [3] dechert.com/knowledge/onpoint/2026/1/cssf-is-streamlining...
• [4] cssf.lu/en/crypto-assets/
• [5] cssf.lu/en/Document/faq-crypto-assets-undertakings-for-co...
• [6] jurisconsul.com/post/digital-assets-in-luxembourg-a-regul...
• [7] cssf.lu/en/embed/
• [8] simmons-simmons.com/en/publications/clw99aj7n00a2v7gc6spm...

What Changed

• This is not a regulatory change or new requirement but an enforcement precedent highlighting existing obligations under the AML/CFT Law:
• Mandatory annual submission of the CSSF financial crime questionnaire by supervised entities, including registered AIFMs, as part of the cooperation duty in Article 5(1).
• Fines determined per Article 8-4(1), (2)(f), and (3)(a), considering circumstances under Article 8-5(1), with publication assessed for proportionality under Article 8-6(1). No new rules introduced;...

Suggested Considerations

• Immediate verification: Confirm timely submission of 2025 financial crime questionnaire (likely due April 2026 for 2025 data); review internal processes for CSSF reminders and automate alerts.
• Procedural enhancements: Implement robust tracking systems for supervisory questionnaires, designate a responsible senior manager for AML cooperation, and document all responses or justifications for delays.
• Training and testing: Conduct firm-wide training on AML/CFT Law Article 5(1) obligations; perform mock audits of reporting workflows, especially for registered AIFMs managing non-CSSF authorized funds.
• Engagement protocol: Respond promptly to CSSF reminders; request in-person meetings if needed before fines escalate; review cooperation history to mitigate fine severity.
• Policy updates: Align with CSSF Circular 25/894 for expanded AIFM reporting on unauthorized funds (notification within 10 working days for registered AIFMs).

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_91_GFIA_C5_Sarl_2026.01.09_e...
• [2] cms.law/en/lux/publication/from-2025-to-2026-key-takeaway...
• [3] regulatoryandcompliance.com/2024/12/luxembourg-cssf-intro...
• [4] practiceguides.chambers.com/practice-guides/alternative-f...
• [5] cliffordchance.com/content/dam/cliffordchance/PDFDocument...
• [6] cssf.lu/en/Document/administrative-sanction-of-28-july-2025/
• [7] mondaq.com/austria/fund-management-reits/1739028/austria-...
• [8] assets.kpmg.com/content/dam/kpmg/lu/pdf/kpmg_boardroom_co...

What Changed

• The regulatory landscape has evolved significantly with the introduction of new sustainability reporting requirements:
• ESRS Implementation (First Year): 2024 marked the first full reporting year under the European Sustainability Reporting Standards (ESRS), with the CSSF conducting a fact-finding exercise to assess...
• Taxonomy Disclosures Amendment: On 4 July 2025, the European Commission adopted a Delegated Act amending the Taxonomy Disclosures as part of the Omnibus package, affecting Article 8 of the Taxonomy...
• Double Materiality Assessment (DMA) Focus: The CSSF emphasized the importance of issuers not only disclosing the results of their DMA but also explaining the process itself, including granular...

Suggested Considerations

• *Financial Information (IFRS):
• *Enhanced Note Disclosures: Provide sufficient disaggregation and additional information in financial statement notes for material amounts and variances, particularly where information is not presented on the face of primary statements. The CSSF emphasizes compliance with paragraph 112(c) of IAS 1.
• *Cash Flow Statement Presentation: Ensure cash flows are presented on a gross basis (not net), exclude non-cash transactions, and disclose restricted cash balances with accompanying management commentary as required by paragraph 48 of IAS 7.
• *Segment Reporting Completeness: Clearly disclose all income and expense items in segment reporting, even when not separately provided to or reviewed by the Chief Operating Decision Maker (CODM), if they are included in reported segment results.
• *Going Concern Assessment: Maintain high transparency regarding accounting policies and judgments applied when classifying going concern assumptions.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/C_Results_Enforcement_Campaign...
• [2] bsp.lu/lu/publications/newsletters-newsflashes/transparen...
• [3] cssf.lu/wp-content/uploads/C_Enforcement_051224.pdf
• [4] lexgo.be/en/news-and-articles/13282-transparency-law-cssf...
• [5] cssf.lu/en/Document/results-of-the-enforcement-of-the-202...
• [6] lsfi.lu/enforcement-of-the-2024-annual-reports-published-...
• [7] cssf.lu/en/Document/enforcement-of-the-2024-annual-report...
• [8] cssf.lu/wp-content/uploads/CSSF_RA_2024_EN.pdf

What Changed

• - Mandatory Electronic-Only Submission: Documents listed in Annex I must be transmitted exclusively via e-file (http://www.e-file.lu) or SOFiE...
• Dynamic Annex Updates: The annex, published on the CSSF website, is regularly updated (e.g., latest noted April 1, 2025) and includes prospectuses, management regulations, annual reports, risk...
• Scope Expansion: Extends beyond UCIs to securitisation undertakings (2004 Law), pension funds (2005 Law), SICARs, and Luxembourg IFMs; repeals prior Circulars CSSF 09/423 and 08/371.
• Filer Responsibilities: Entities ensure documents match official final hard copies, handle content/format accuracy, and check annex updates regularly.

Suggested Considerations

• Register/access e-file or SOFiE platforms if not already (test/production environments available since February 2019).
• Consult and adhere to the latest Annex I for document list, nomenclatures, and formats (PDF with full functionality).
• Ensure submissions are final/official versions matching hard copies; use specified identifiers for UCIs/SIFs/SICARs.
• Implement processes for automatic/manual transmission (e.g., via updated sending services v4.9.0 or transmission module 6.6.0).
• Train staff on responsibilities and integrate into reporting workflows; reference CSSF FAQs for closing documents.

Key Dates

References

• [1] bsp.lu/lu/publications/newsletters-legal-alerts/circular-...
• [2] cssf.lu/wp-content/uploads/cssf19_708_eng_upd300622.pdf
• [3] mondaq.com/securitization-amp-structured-finance/780098/c...
• [4] cssf.lu/en/Document/circular-cssf-19-708/
• [5] e-file.lu/wiki/images/2/20/20190211_InfoFlash_19_708.pdf
• [6] cssf.lu/en/Document/circular-cssf-19-708-appendix/
• [7] cssf.lu/en/reporting-to-be-submitted-by-ucis/
• [8] dechert.com/knowledge/onpoint/2022/9/cssf-announces-fast-...

What Changed

No new regulatory changes or requirements are introduced in this publication, as it is an enforcement notice rather than a circular or guideline. It serves as a disclosure of an ongoing or concluded enforcement case, aligning with CSSF's practice of publishing sanction details to deter non-compliance and inform the market, without altering existing rules.

Suggested Considerations

• For the named population: Comply with any sanction terms (e.g., pay fines, implement remediation plans, or cease certain activities), and report to CSSF as required; appeal if applicable under Luxembourg administrative law.
• Update internal policies, train staff on enforcement precedents, and ensure robust reporting under Circular CSSF 19/726 or Transparency Law obligations.

References

• [1] cssf.lu/wp-content/uploads/newsletter300.pdf
• [2] aoshearman.com/en/insights/cssf-circular-25-901-a-simplif...
• [3] pwc.lu/en/newsletter/2026/cssf-circular-25-901.html
• [4] bakermckenzie.com/en/insight/publications/2026/01/luxembo...
• [5] cssf.lu/en/publication-data/
• [6] cssf.lu/en/embed/
• [7] elvingerhoss.lu/insights/publications/circular-cssf-26906...
• [8] ey.com/en_lu/insights/tax/tax-risk-and-controversy-survey

What Changed

This is not a regulatory change but an enforcement precedent under existing rules: non-compliance with Article 5(1) of the AML/CFT Law, which mandates annual submission of a financial crime questionnaire ("Questionnaire") to the CSSF. The fine was calculated per Articles 8-4(1), 8-4(2)(f), and 8-4(3)(a), considering circumstances under Article 8-5(1). Publication followed Article 8-6(1) after a proportionality assessment, confirming no market stability risks.

Suggested Considerations

• Immediately review internal processes for annual Questionnaire submission, ensuring calendar invites and automated reminders for the 4 April deadline (covering prior year-end data).
• Conduct a gap analysis on AML/CFT cooperation obligations under Article 5(1), including response protocols to CSSF reminders or queries.
• Update compliance calendars and train staff on escalation procedures; document all submissions with proof (e.g., timestamps, acknowledgments).
• For AIFMs: Verify CSSF registration status under Article 3(2) of the 12 July 2013 AIFM Law and align with broader AML duties.
• If late, proactively submit overdue items and request meetings if needed, as non-response forfeits mitigation opportunities.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S99_GFIA_Premium-Capital-Manag...
• [2] cssf.lu/en/publication-data/
• [3] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [4] seqlense.com/doc/detail/CSSF-1090719
• [5] bsp.lu/lu/publications/newsletters-newsflashes/internatio...
• [6] cvc.com/media/0n5eevn2/cvc-pes-sa-sicav-prospectus-septem...
• [7] gouvernement.lu/dam-assets/images-documents/actualites/20...
• [8] caceis.com/regwatch/june-2025/

What Changed

• This is not a regulatory change but rather an enforcement action clarifying existing obligations:
• Mandatory Annual Questionnaire Requirement: All professionals supervised, authorized, or registered by the CSSF must submit an annual questionnaire on financial crime by April 4 each year, covering...
• Cooperation Obligation: Article 5(1) of the amended Law of 12 November 2004 on AML/CFT establishes a non-negotiable duty to cooperate with the CSSF, which includes timely submission of requested...
• Administrative Fine Framework: The CSSF applies Article 8-4 of the AML/CFT Law to impose fines for non-compliance, with amounts determined under Article 8-5 based on all relevant circumstances.

Suggested Considerations

• regulated entities must:
• *Establish Calendar Controls: Implement internal compliance calendars flagging the April 4 annual questionnaire submission deadline with sufficient lead time (minimum 4-6 weeks before deadline)
• *Designate Responsible Parties: Assign clear ownership for questionnaire completion and submission, with backup contacts
• *Prepare Documentation: Maintain contemporaneous records of financial crime controls, suspicious activity reporting, and compliance activities throughout the year to support accurate questionnaire responses
• *Monitor Communications: Ensure all CSSF correspondence is tracked and escalated immediately; do not ignore reminder notices

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S98_GFIA_Sunbricks-GP-S.a-r.l....
• [2] cssf.lu/wp-content/uploads/S98_GFIA_Sunbricks-GP-S.a-r.l....
• [3] seqlense.com/doc/detail/CSSF-1090717
• [4] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [5] cssf.lu/wp-content/uploads/S_2_EME_Alipay-Europe-Limited-...
• [6] blogs.duanemorris.com/europeansanctionsenforcement/2024/0...
• [7] cssf.lu/en/publication-data/
• [8] cssf.lu/en/Document

What Changed

This is not a regulatory change or new requirement but an enforcement precedent under existing rules: non-compliance with the annual financial crime questionnaire submission, mandated by Article 5(1) of the AML/CFT Law, triggers fines per Articles 8-4(1), 8-4(2)(f), and 8-4(3)(a). The CSSF considered all relevant circumstances under Article 8-5(1) to set the €10,000 fine amount and published the sanction nominatively after proportionality assessment per Article 8-6(1), confirming no market stability risks.

Suggested Considerations

• Ensure timely submission of annual financial crime questionnaires by 4 April each year (for prior calendar year data); implement calendar reminders and escalation processes for CSSF requests.
• Respond promptly to CSSF reminders or queries on AML/CFT compliance to avoid escalation to fines; document any delays with justification evidence.
• Review internal AML cooperation protocols, including governance for questionnaire completion, and train staff on Article 5(1) obligations; consider requesting in-person meetings if disputing CSSF demands.
• No retroactive actions needed for this case, but conduct gap analysis on reporting workflows to prevent similar breaches.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S97_GFIA_Capitalis-Premiere-Gr...
• [2] cssf.lu/wp-content/uploads/S97_GFIA_Capitalis-Premiere-Gr...
• [3] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [4] cssf.lu/en/publication-data/
• [5] regulatoryandcompliance.com/2024/12/luxembourg-cssf-intro...
• [6] cssf.lu/en/Document
• [7] sec.gov/Archives/edgar/data/1500604/000139834425020553/fp...
• [8] pinsentmasons.com/out-law/news/green-bleaching-risk-flagg...

What Changed

• This is not a regulatory change but rather an enforcement action clarifying existing obligations. However, it reinforces critical compliance requirements:
• Mandatory Annual Questionnaire Submission: All CSSF-supervised professionals, including AIFMs, must submit an annual questionnaire on financial crime by the specified deadline (in this case, 4 April...
• Cooperation Obligation: Article 5(1) of the amended Law of 12 November 2004 on the fight against money laundering and terrorist financing establishes a non-negotiable obligation to cooperate with the...
• Enforcement Escalation: The CSSF will issue reminders before imposing sanctions, but failure to respond to reminders results in administrative fines determined under Article 8-4 of the AML/CFT Law.

Suggested Considerations

• *Establish Calendar Controls: Implement firm-wide systems to track the annual financial crime questionnaire deadline (typically 4 April for the prior calendar year)
• *Designate Responsible Parties: Assign clear ownership for questionnaire completion and submission to the CSSF, with escalation procedures
• *Monitor CSSF Communications: Establish protocols to immediately flag and respond to any CSSF correspondence, including reminders or requests for information
• *Document Submission: Maintain evidence of timely submission (timestamps, confirmation receipts) to demonstrate compliance
• *Escalate Non-Compliance Immediately: If submission cannot be met by deadline, proactively contact the CSSF to explain delays and request extensions rather than ignoring reminders

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_96_-GFIA_Lion-Management_202...
• [2] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [3] cssf.lu/en/publication-data/
• [4] opensanctions.org/datasets/lu_administrative_sanctions/
• [5] boldergroup.com/news/luxembourg-circular-25-894/
• [6] bsp.lu/lu/publications/newsletters-newsflashes/internatio...
• [7] efama.org/sites/default/files/fact-book-2025_lowres.pdf
• [8] pwc.lu/en/newsletter/2026/cssf-circular-25-901.html

What Changed

• This is not a regulatory change but rather an enforcement action clarifying existing obligations:
• Mandatory Annual Questionnaire Requirement: All CSSF-supervised professionals must submit an annual questionnaire on financial crime covering the preceding calendar year.
• Cooperation Obligation: Article 5(1) of the amended Law of 12 November 2004 on AML/CFT imposes a non-negotiable duty to cooperate with CSSF supervisory requests.
• Enforcement Escalation: The CSSF will issue reminders before imposing sanctions, but continued non-compliance triggers administrative fines under Article 8-4 of the AML/CFT Law.

Suggested Considerations

• regulated entities must:
• *Identify Reporting Obligations: Confirm whether your firm is subject to the annual financial crime questionnaire requirement under Article 5(1) of the AML/CFT Law
• *Calendar Management: Establish internal processes to ensure questionnaires are submitted by 4 April each year for the preceding calendar year
• *Documentation: Maintain records demonstrating timely submission and preserve evidence of compliance
• *Escalation Protocol: If unable to meet deadlines, proactively contact the CSSF to request extensions or clarification rather than ignoring reminders

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_95_GFIA_Max-Gain-Capital-S.a...
• [2] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [3] cssf.lu/en/publication-data/
• [4] opensanctions.org/datasets/lu_administrative_sanctions/
• [5] cliffordchance.com/content/dam/cliffordchance/PDFDocument...
• [6] elvingerhoss.lu/insights/publications/international-sanct...
• [7] imf.org/-/media/files/publications/cr/2025/english/1luxea...

What Changed

• This is not a regulatory change but rather an enforcement action that clarifies existing obligations:
• Mandatory Annual Reporting: All CSSF-supervised professionals must submit an annual questionnaire on financial crime by 4 April each year, covering the preceding calendar year.
• Cooperation Obligation: Article 5(1) of the amended Law of 12 November 2004 on AML/CFT establishes a non-negotiable duty to cooperate with the CSSF, including timely submission of requested...
• Enforcement Escalation: The CSSF will issue reminders for non-compliance, but continued failure to respond triggers administrative sanctions without requiring evidence of intentional misconduct.

Suggested Considerations

• *Establish Reporting Calendars: Implement systems to track the 4 April annual deadline for financial crime questionnaire submissions
• *Designate Responsible Personnel: Assign clear accountability for completing and submitting the questionnaire to the CSSF
• *Respond to Regulatory Requests: Do not ignore CSSF reminders; engage proactively, including requesting in-person meetings if clarification is needed
• *Document Justifications: If unable to meet deadlines, provide written evidence explaining the delay and proposed remediation timeline
• *Monitor Supervisory Communications: Establish procedures to ensure regulatory correspondence is tracked and escalated appropriately

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_92_GFIA_Agriland-Management-...
• [2] cssf.lu/wp-content/uploads/S_92_GFIA_Agriland-Management-...
• [3] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [4] cssf.lu/en/publication-data/
• [5] opensanctions.org/datasets/lu_administrative_sanctions/
• [6] sorainen.com/deals/?news-sector=startups&pg=248
• [7] ubp.com/modules/ubp-funds/document?uuid=a671d479-8db3-47b...
• [8] adaptation-fund.org/wp-content/uploads/2025/09/3_AFB.PPRC...

What Changed

This is not a regulatory change or new requirement but an enforcement of existing obligations under the amended Law of 12 November 2004 on the fight against money laundering and terrorist financing (AML/CFT Law). Specifically, it reaffirms the mandatory annual submission of the CSSF's financial crime questionnaire ("Questionnaire") by supervised professionals, including AIFMs under Article 3(2) of the Law of 12 July 2013 on AIFMs, as part of the cooperation duty in Article 5(1).

Suggested Considerations

• Immediately verify submission status of the 2024 Questionnaire (or any outstanding); if overdue, submit promptly with justification to mitigate further escalation.
• Implement automated calendar alerts and internal workflows for all CSSF reporting deadlines, including annual AML/CFT Questionnaire.
• Conduct a compliance gap analysis on cooperation obligations under Article 5(1) AML/CFT Law, documenting reminder responses and evidence retention.
• Train senior managers and compliance teams on supervisory interactions, including rights to request in-person meetings before fines.
• Review governance for timely escalation of CSSF reminders to decision-makers.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_94_GFIA_Bedrock-I-GP-Sarl_20...
• [2] cssf.lu/wp-content/uploads/S_94_GFIA_Bedrock-I-GP-Sarl_20...
• [3] cssf.lu/en/Document/administrative-sanction-of-11-septemb...
• [4] cssf.lu/en/publication-data/
• [5] fi.se/en/our-registers/prospektregistret/GetFile?id=25-10...
• [6] cssf.lu/en/publication-data/page/8/
• [7] africagrowthfund.org/wp-content/uploads/2025/10/Full-Exte...
• [8] funds-europe.com/wp-content/uploads/2025/09/Funds-Europe-...

What Changed

This is an enforcement action, not a regulatory change; it enforces existing requirements under Article 51(1) (1st and 7th indents) and Article 51(2) (1st sub-paragraph, 3rd indent) of the amended Law of 12 July 2013 on AIFMs (AIFM Law), and related provisions like Article 92(1) of Commission Delegated Regulation (EU) No 231/2013 (CDR 231/2013).

Suggested Considerations

• related entities) must:
• Conduct immediate gap analyses on risk assessment processes for AIF strategies and AIFM organization per Article 92(1) CDR 231/2013.
• Implement robust verification processes for AIFM compliance with asset delegation rules.
• Ensure availability of key documentation and evidence of controls for the depositary function, addressing pre-2022 gaps if applicable.
• Develop and test oversight processes, leveraging self-identified improvements and action plans as mitigating factors, as JTC did prior to inspection.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/S_17_PSF_SP_JTC-Luxembourg-S.A...
• [2] cssf.lu/wp-content/uploads/S_49_B_X_280725_en.pdf
• [3] cssf.lu/wp-content/uploads/S_90_GFI_Zeus_Asset_Management...
• [4] cssf.lu/en/Document/administrative-sanction-of-23-july-2025/
• [5] media.permira.com/media/vcwj353w/co-operation-agreement-1...

What Changed

• - Diversification and investment limits: Introduces tailored percentage-based thresholds; for funds marketed to unsophisticated retail investors, limits remain at 25% per issuer/UCI/asset, raised to...
• SICAR-specific rules: Confirms risk capital investments (e.g., equity, mezzanine) must align with development objectives, exceed mere market risk, and deploy incoming cash into eligible assets;...
• Borrowing: For retail-exposed SIFs/Part II UCIs, investment borrowing capped at 70% of assets/commitments; no hard cap for sophisticated investor funds if disclosed, with SICARs limited to risk...
• Derivatives and techniques: Permits use if economically appropriate (e.g., risk/cost reduction), with risk-spreading via diversified underlyings/collateral; counterparty risk limited if...
• Disclosures: Mandates detailed sales document coverage of investment policy, risks, UCIs/vehicles (including supervision status, fees, risk-spreading), borrowing limits, subscription/redemption...

Suggested Considerations

• Review and update fund documents (e.g., sales documents, instruments of incorporation) to include mandated disclosures on investment strategy/limits, risks, UCIs/vehicles, borrowing, liquidity tools, and retail-specific warnings.
• Assess and document compliance with new/relaxed diversification, borrowing, and SICAR investment rules; apply for CSSF derogations where justified.
• Ensure risk-spreading in derivatives/collateral and deployment of SICAR cash into eligible assets; confirm look-through for intermediaries.
• For retail-marketed funds: Limit investments/UCIs to 25%, cap borrowing at 70%, add prominent risk warnings for illiquids/long-duration.
• Maintain robust governance/documentation to leverage flexibility; reference CSSF's Compilation for concepts.

References

• [1] cssf.lu/wp-content/uploads/cssf25_901eng.pdf
• [2] pwc.lu/en/newsletter/2026/cssf-circular-25-901.html
• [3] aoshearman.com/en/insights/cssf-circular-25-901-a-simplif...
• [4] maples.com/knowledge/cssf-circular-25-901-key-changes-for...
• [5] cssf.lu/en/Document/circular-cssf-25-901/
• [6] debevoise.com/insights/publications/2025/12/cssf-circular...
• [7] bakermckenzie.com/en/insight/publications/2026/01/luxembo...
• [8] cssf.lu/wp-content/uploads/cssf25_901_recueil_eng.pdf

What Changed

• - Consolidation and Repeals: Repeals CSSF Circulars 02/80, 07/309, 06/241, and Chapters G and I of IML 91/75; renders CSSF 08/356 and Chapter H of IML 91/75 inapplicable to Part II UCIs.
• Flexible Diversification Rules: Introduces investor-category-based thresholds (e.g., stricter for retail, looser for sophisticated investors); allows CSSF derogations for SIFs/Part II UCIs with...
• Borrowing Limits: New limits for SIFs/Part II UCIs (e.g., 70% of net assets, excluding temporary borrowings tied to commitments); tailored by investor type.
• Enhanced Disclosures: Offering documents must detail investment policies, risks (especially private equity for retail), subscription/redemption processes, liquidity tools, gates, and amendment...
• SICAR Risk Capital: Modernizes definition to include equity, loans, bonds, mezzanine; clarifies direct/indirect investments with three cumulative elements (risk of total loss, no redemption rights,...

Suggested Considerations

• Review and update offering documents/prospectuses for enhanced transparency on risks, limits, borrowing, liquidity tools (e.g., gates, notice periods), redemption processes, and investor-specific warnings.
• Align fund documentation/terminology with CSSF Compilation of key concepts for consistency in filings and communications.
• Disclose ramp-up/wind-down periods, potential derogations, and life extensions clearly; seek CSSF approval for exemptions where justified.
• For SICARs: Ensure risk capital investments meet modernized criteria; apply look-through for limits.
• Assess portfolio compliance for new funds/compartments; leverage flexibility for sophisticated investors but maintain robust governance.

References

• [1] pwc.lu/en/newsletter/2026/cssf-circular-25-901.html
• [2] bakermckenzie.com/en/insight/publications/2026/01/luxembo...
• [3] ashurst.com/en/insights/the-cssf-updates-the-rules-for-si...
• [4] ogier.com/news-and-insights/insights/cssf-circular-25901-...
• [5] aoshearman.com/en/insights/cssf-circular-25-901-a-simplif...
• [6] arendt.com/news-insights/news/new-cssf-circular-and-conce...
• [7] debevoise.com/insights/publications/2025/12/cssf-circular...
• [8] cssf.lu/en/Document/circular-iml-91-75/

What Changed

• - Repeals Annex B of Circular CSSF 22/811 with immediate effect, replacing it with streamlined annual reporting via a core compliance-focused Self-Assessment Questionnaire (SAQ) that assesses...
• Introduces prior CSSF authorisation requirements for entities acting as UCI administrators, including a defined administrative procedure with application details in Annex A; authorisation remains...
• Clarifies scope for eligible entities (e.g., UCIs, IFMs, management companies under Luxembourg law) performing one or more of three UCI administration functions (defined in point 10); mandates...
• Aligns ICT outsourcing with DORA (effective January 2025) for in-scope UCIAs (credit institutions, investment fund managers, investment firms, certain support professionals), referencing Circular...
• Strengthens delegation rules (section 3.5): prior CSSF notification for critical/important tasks, ongoing monitoring by UCI/IFM, and remediation plans for shortcomings.

Suggested Considerations

• Assess eligibility and obtain prior CSSF authorisation via Annex A application (or notify substantial changes); ensure ongoing validity by monitoring operational model and delegations.
• Adapt internal processes for revised annual UCIA reporting (SAQ-focused, integrated where applicable); submit using CSSF website instructions starting for FY ending 31 Dec 2025.
• Review/update contracts with UCIs/IFMs to define roles, responsibilities, and oversight; implement delegation monitoring, remediation plans, and ICT compliance (DORA/Circular 25/882 or 20/750).
• For DORA-scope entities, align outsourcing arrangements with Circular CSSF 25/882.

Key Dates

References

• [1] cssf.lu/wp-content/uploads/cssf25_900eng.pdf
• [2] blog.uit.lu/circular-cssf-25-90
• [3] ogier.com/news-and-insights/insights/luxembourg-cssf-circ...
• [4] cssf.lu/en/Document/circular-cssf-25-900/
• [5] cssf.lu/en/2025/12/reform-of-circular-cssf-22-811-changes...
• [6] cssf.lu/en/uci-administration/
• [7] harneys.com/our-blogs/regulatory/cssf-circular-25-900-upd...

What Changed

• - Authorisation Requirements: Prior CSSF authorisation is mandatory for appointment as UCI administrator, via full application under sectoral laws or a simplified administrative procedure;...
• Scope of UCI Administration: Defines three core functions—registrar, NAV calculation/accounting, and client communication—requiring only one designated service provider per function per UCI (or...
• Governance and Controls: Mandates sound governance principles, control frameworks, escalation processes for errors/incidents, adequate resources (human, ICT), business continuity, and compliance with...
• Delegation Rules: Delegation of tasks allowed but not of monitoring/oversight; requires written contracts, due diligence, and prior CSSF notification (3 months generally, 1 month for certain agents);...
• Contracts and Reporting: Written contracts between UCI administrator and UCI/IFM; annual activity reporting due 5 months after financial year-end, starting from financial years ending post-30 June...

Suggested Considerations

• Submit authorisation application to CSSF with Annex A information before commencing UCI administration; notify substantial changes and keep file updated.
• Establish/implement governance, controls, escalation processes, resource adequacy, ICT/business continuity per circular; ensure single provider per function.
• For delegations: Conduct due diligence, execute written contracts detailing roles/obligations, notify CSSF in advance, retain oversight without delegating monitoring.
• Conclude written contracts with UCI/IFM; submit annual UCIA activity reports.
• UCIs/IFMs: Supervise coordinators, ensure information exchange/cooperation with administrators.

References

• [1] cssf.lu/wp-content/uploads/cssf22_811eng.pdf
• [2] lexnow.lu/blog/articles-4/cssf-circular-22-811-uci-admini...
• [3] cssf.lu/en/uci-administration/
• [4] stibbe.com/publications-and-insights/new-cssf-circular-on...
• [5] cssf.lu/wp-content/uploads/FAQ_UCIA_Circular.pdf
• [6] cssf.lu/en/Document/circular-cssf-22-811/
• [7] ey.com/en_lu/insights/wealth-asset-management/circular-cs...
• [8] simmons-simmons.com/en/publications/cl3lg5am617hn0a74c5aa...

What Changed

• - CSSF 21/765: Updated provisions following amendments to CSSF Regulation No 12-02, refining notification and operational requirements for branches and FOPS.
• CSSF 22/827: Further amendments to align with CRD and MiFID II changes, including enhanced notifications for programme alterations (e.g., one-month prior written notice for changes in operations,...
• CSSF 25/898: Latest update (noted in CSSF Newsletter No 298, November 2025), incorporating recent legal/regulatory developments, such as refined reporting via eDesk portal, AML/CFT compliance...

Suggested Considerations

• Notifications: Submit initial branch/FOPS notification to home authority (including operational programme); notify changes (e.g., services, locations) at least one month in advance to both home authority and CSSF.
• Reporting: Complete and sign SAQ (accurate, concise, true/fair view) via eDesk within six months post-year-end; provide REA-appraised AML/CFT and conduct reports, detailing branch procedures/controls.
• Supervision cooperation: Facilitate home/CSSF on-site inspections (with professional secrecy guarantees); ensure branch compliance with Luxembourg laws (e.g., LFS Article 46(2)).
• Ongoing: Maintain branch infrastructure, update for legal changes, and align with CSSF user guides for eDesk authentication.

Key Dates

References

• [1] bakermckenzie.com/en/insight/publications/2026/01/luxembo...
• [2] cssf.lu/wp-content/uploads/cssf07_325eng.pdf
• [3] cssf.lu/wp-content/uploads/newsletter300.pdf
• [4] cssf.lu/en/Document/circular-cssf-07-325/
• [5] cssf.lu/wp-content/uploads/newsletter298.pdf
• [6] cms.law/en/lux/publication/from-2025-to-2026-key-takeaway...
• [7] loyensloeff.com/insights/news--events/news/luxembourg-reg...
• [8] caceis.com/regwatch/december-2022/