Table listing the professional activities and the mandates performed
This CSSF publication is an updated table (in XLSX format) listing standardized professional activities and mandates for members of the management body/governing body and conducting officers, as required under points 105 and 107 of Circular CSSF 18/698. It matters because it ensures consistent, transparent reporting of senior personnel roles in Luxembourg investment fund managers (IFMs), supporting governance, conflict-of-interest management, and CSSF supervisory oversight. Compliance professionals must use this list to standardize disclosures in authorization files and ongoing reporting.
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]. Key aspects include:
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, valuation, compliance, internal audit, and IT operations.
Emphasis on detailed documentation of mandates to demonstrate fitness, properness, and avoidance of conflicts, including for shareholders with...
What You Need To Do
- Download and use the XLSX table
- Update authorization and notification files
- Conduct fit-and-proper assessments
- Annual compliance review
- Policy updates
Key Dates
14 January 2019 - Original publication of the list.
23 August 2018 - Publication of underlying Circular CSSF 18/698, setting baseline requirements.
End of May (post-financial year) - Compliance deadline for Circular 18/698 obligations, including governance reporting (e.g., 5 months after year-end). DEADLINE
12 March 2026 - Latest update to the list, requiring immediate review and integration into reporting processes[Source URL].
Compliance Impact
Urgency: High – The March 12, 2026 update coincides with today's date, demanding immediate review to avoid supervisory findings during CSSF inspections or authorization processes. Non-compliance risks authorization delays, fines, or reputational damage, as Circular 18/698 emphasizes robust governance in a heightened scrutiny environment for IFMs (e.g., delegate oversight, AML).
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Situation as at 28 February 2026
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Administrative sanction imposed on an investment firm
The CSSF imposed an administrative sanction on 8 October 2025 against an unnamed investment firm, as detailed in a publication released on 4 March 2026. This enforcement action underscores CSSF's rigorous oversight of investment firms, particularly in areas like AML/CFT compliance, conduct rules, and organizational requirements, serving as a warning for similar entities to strengthen cooperation and internal controls. It matters because it highlights escalating fines for repeated or material breaches, potentially influencing supervisory expectations across Luxembourg's financial sector.
What Changed
No new regulatory changes or requirements are introduced; this is an enforcement action applying existing rules. Based on patterns in the provided CSSF sanction documents, the sanction likely addresses breaches such as:
Failure to cooperate with CSSF requests, e.g., not submitting required AML/CFT questionnaires by deadlines, violating Article 5(1) of the amended Law of 12 November 2004 on AML/CFT.
Non-compliance with investment policies, organizational requirements, or conduct rules under the UCI Law (e.g., Articles 41, 43, 109), including improper broker exposures or valuation...
What You Need To Do
- Enhance cooperation protocols
- Review investment compliance
- Strengthen governance
- Training and monitoring
- Self-reporting
Key Dates
4 April 2025 - Deadline for submitting CSSF AML/CFT Questionnaire (breach example from similar case). DEADLINE
11 September 2025 - Date of fine imposition in comparable AIFM non-cooperation case.
16 July 2025 - Date of fine imposition for UCITS investment policy breaches.
8 October 2025 - Date of the sanction in question.
10 January 2025 - Date of prior depositary oversight fine.
Compliance Impact
Urgency: High - This matters due to CSSF's pattern of publicizing nominative sanctions (e.g., Max Gain Capital, Zeus Asset Management), signaling increased scrutiny on investment firms amid AML/CFT and conduct risks. Fines (EUR 10,000–127,500) represent material hits (up to 10% of turnover), with factors like poor cooperation amplifying penalties; firms with similar exposures face elevated inspection risk, especially post-2025 enforcement wave.
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Situation from February 2025 to February 2026
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Situation from February 2025 to February 2026
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Situation from February 2025 to February 2026
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Conditions relating to the organisation of the credit institution issuing covered bonds
Bank
Conditions specific to each covered bond issue programme
Bank
No description available.
The CSSF has updated its FAQ on portfolio transparency requirements for UCITS ETFs, relaxing disclosure frequency from monthly to quarterly publication of detailed holdings while maintaining daily information sharing with market makers and authorized participants. This change aligns Luxembourg's regulatory framework more closely with Ireland's semi-transparent ETF approach and is designed to attract active asset managers to the Luxembourg domicile by reducing proprietary information exposure.
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 managed ones. The key modification establishes a two-tier disclosure framework:
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 and active secondary markets.
Quarterly public disclosure: Investment Fund Managers (IFMs) must now publish detailed...
What You Need To Do
- *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
17 February 2026 - CSSF publishes updated FAQ (effective immediately)
No explicit transition period stated - Firms should implement changes promptly to ensure compliance with the new quarterly disclosure requirement DEADLINE
Compliance Impact
Urgency: HIGH
Asset Manager
For which the CSSF is the relevant competent authority under Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps
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Situation as at 31 January 2026
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Situation from January 2025 to January 2026
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Situation from January 2025 to January 2026
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Situation from January 2025 to January 2026
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Administrative sanction imposed on Corestate Capital Holding S.A.
The CSSF published an administrative sanction on 6 February 2026 against Corestate Capital Holding S.A., likely for breaches in regulatory compliance such as depositary duties, oversight, or governance under Luxembourg financial laws, marking a repeat enforcement action following a prior sanction in June 2025. This matters for compliance professionals as it underscores CSSF's aggressive enforcement on alternative investment fund managers (AIFMs) and depositaries, signaling heightened scrutiny on safekeeping, oversight, and internal controls to prevent systemic risks in Luxembourg's fund sector. It highlights the regulator's willingness to impose public nominative sanctions, amplifying reputational damage alongside fines.
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).
What You Need To Do
- Conduct immediate gap analysis
- Enhance oversight duties
- Strengthen governance
- Firm-wide audit
- Training and reporting
Key Dates
20 June 2025 - Prior administrative sanction imposed on Corestate Capital Holding S.A., indicating ongoing non-compliance issues. DEADLINE
6 February 2026 - Publication date of the current administrative sanction on Corestate Capital Holding S.A., effective immediately as a public enforcement notice.
February 2023 –January 2024 for similar cases).
Compliance Impact
Urgency: High – This represents CSSF's pattern of public nominative fines (e.g., EUR 102,000 on JTC for depositary breaches, EUR 10,000 on Capitalis for AML non-cooperation), with escalation risks for repeat violations like Corestate's back-to-back sanctions. It matters due to Luxembourg's dominance in European fund assets (over EUR 5 trillion), where governance lapses can trigger outflows, license revocation, or cross-border ESMA scrutiny; firms must act preemptively to mitigate fines (typically EUR 10,000–102,000) and reputational harm from nominative publication.
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Administrative sanction imposed on Corestate Capital Holding S.A.
The CSSF published an administrative sanction on 6 February 2026 against Corestate Capital Holding S.A., likely imposing a fine for regulatory breaches, marking a repeat enforcement action following a prior sanction on the same entity dated 20 June 2025. This matters as it underscores CSSF's intensified supervisory scrutiny on Luxembourg-based investment managers, particularly regarding governance, asset safekeeping, and oversight duties under AIFM Law, signaling heightened enforcement risks for similar firms. Compliance teams should review it for patterns in depositary and transparency violations evident in recent CSSF cases.
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...
What You Need To Do
- Enhance oversight processes
- Strengthen governance
- For issuers like Corestate
Key Dates
20 June 2025 - Prior administrative sanction imposed on Corestate Capital Holding S.A..
6 February 2026 - Publication date of the current administrative sanction on Corestate Capital Holding S.A..
Compliance Impact
Urgency: High – This represents repeat enforcement on Corestate (second sanction in under a year), aligning with CSSF's pattern of nominative publications for severe, ongoing breaches in depositary and governance areas, as seen in JTC (EUR 102,000 fine for similar safekeeping/oversight failures) and BigRep SE (EUR 10,000 for reporting lapses). It elevates risks of fines, reputational damage, and market jeopardy assessments under AIFM Law Article 51, urging preemptive remediation amid CSSF's active 2023-2026 inspection cycle.
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No description available.
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No description available.
The Commission de Surveillance du Secteur Financier (CSSF) has updated its FAQ on crypto-asset investments by undertakings for collective investment, effective February 4, 2026, to align with the EU's Markets in Crypto-Assets Regulation (MiCAR). This update establishes clear investment limits and licensing requirements for UCITS and AIFs investing in crypto-assets, fundamentally reshaping how Luxembourg-regulated funds can structure crypto exposure.
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.
What You Need To Do
- *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
4 February 2026 - FAQ Version 7 effective date; MiCAR compliance requirements become operative DEADLINE
1 July 2026 - Deadline for Virtual Asset Service Providers (VASPs) to transition from registration to authorization under MiCAR or cease operations DEADLINE
Compliance Impact
Urgency: HIGH
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Version 7 – 04/02/2026
The CSSF has released Version 7 of its FAQ on Crypto-Assets for Undertakings for Collective Investment, updated on February 4, 2026, to reflect the entry into force of the Markets in Crypto-Assets Regulation (MiCAR). This guidance establishes binding investment limits, authorization requirements, and risk management standards for UCITS and AIFs investing in crypto-assets, fundamentally reshaping how Luxembourg-regulated collective investment schemes can engage with digital assets.
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.
What You Need To Do
- *Immediate Compliance Steps
- *Portfolio Audit
- *Investment Policy Updates
- *Risk Management Assessment
- *Investor Notification
Key Dates
February 4, 2026 - FAQ Version 7 effective date (entry into force of MiCAR alignment)
July 1, 2026 - Deadline for Virtual Asset Service Providers (VASPs) to transition to CASP authorization or cease operations DEADLINE
No specific implementation grace period - The FAQ does not specify a transition period for existing funds exceeding the 10% limit; firms should clarify this with the CSSF immediately
Compliance Impact
Urgency Rating: HIGH
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The CSSF informs the market regarding the outcomes of the SFTR Data Quality indicators review performed in 2025
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No description available.
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Press release 26/02
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No description available.
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Communiqué
The CSSF's January 2026 enforcement report documents the results of its 2025 examination campaign on 2024 financial and non-financial disclosures by issuers under Luxembourg's Transparency Law. This publication is critical for compliance professionals because it reveals systematic compliance gaps across financial reporting (IFRS), sustainability reporting (ESRS), and Alternative Performance Measures (APMs), with 27% of enforcement decisions resulting in injunctions for non-compliance.
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 reporting quality.
What You Need To Do
- *Financial Information (IFRS)
- *Enhanced Note Disclosures
- *Cash Flow Statement Presentation
- *Segment Reporting Completeness
- *Going Concern Assessment
Key Dates
4 July 2025 - European Commission adopted Delegated Act amending Taxonomy Disclosures (Omnibus package)
18 August 2025 - CSSF published full results of fact-finding exercise on ESRS reporting
5 December 2024 - CSSF published enforcement priorities press release for FY2024 reporting
January 2026 - CSSF published enforcement results report (current publication)
Compliance Impact
Urgency: HIGH
All Firms
Administrative sanction imposed on BigRep SE
The CSSF imposed a €10,000 administrative fine on BigRep SE on 12 January 2026 for failing to publish its half-yearly financial report as of 30 June 2025, as required under Article 4 of Luxembourg's Transparency Law of 11 January 2008 (as amended). This enforcement action underscores the CSSF's rigorous supervision of periodic disclosure obligations for issuers with Luxembourg as their home Member State, serving as a reminder of the consequences for non-compliance with transparency requirements. Compliance professionals should note this as evidence of ongoing CSSF scrutiny on timely reporting, with potential fines scaled based on circumstances per Article 26a.
What Changed
This is not a regulatory change or new requirement but an enforcement of existing obligations under the Transparency Law of 11 January 2008 (as amended), specifically Article 4, which mandates issuers to publish half-yearly financial reports, including effective dissemination, storage on the Officially Appointed Mechanism (OAM), and filing with the CSSF. No new rules are introduced; the sanction reinforces the unchanged deadlines and processes for periodic information publication, with the CSSF acting under Article 25(2) as the competent authority.
What You Need To Do
- All affected parties
- BigRep SE specifically
- wide actions are mandated beyond general adherence, but proactive audits are advisable given CSSF's supervisory focus
Key Dates
30 June 2025 - Period-end date for the required half-yearly financial report that BigRep SE failed to publish. DEADLINE
12 January 2026 - Date of administrative sanction imposition by CSSF and publication of the decision.
Within 3 months of 12 January 2026 (i.e., by 12 April 2026) - Deadline for BigRep SE to lodge a court action with the Tribunal administratif against the sanction, per Article 27 of the Transparency Law. DEADLINE
Compliance Impact
Urgency: Medium – This matters as a specific enforcement example in CSSF's ongoing verification of periodic information publication, signaling heightened scrutiny rather than a systemic shift. While the €10,000 fine is modest, it demonstrates fines for even isolated breaches (scaled per Article 26a), potentially escalating for repeats; firms should prioritize reporting calendars to avoid reputational harm and publication of sanctions under Article 26b(1).
All Firms
Revision and remodelling of the rules to which Luxembourg undertakings governed by the Law of 30 March 1988 on undertakings for collective investment (“UCI”) are subject
Circular IML 91/75, as amended up to CSSF Circular 25/901, consolidates and modernizes the supervisory framework for Luxembourg Part II UCIs, SIFs, and SICARs, refining rules on diversification, borrowing, risk-spreading, and disclosures while tailoring requirements to investor profiles. It matters because it streamlines fragmented regulations, enhances fund competitiveness, and formalizes CSSF expectations without mandating immediate changes for pre-existing funds, reducing compliance burdens while promoting transparency and flexibility. This update aligns administrative practices with market realities, repealing outdated circulars to eliminate ambiguity.
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 justification; applies look-through for intermediary vehicles; harmonizes ramp-up (up to 12 months for liquid strategies, 4 years for private equity) and wind-down periods.
Borrowing Limits: New limits for SIFs/Part II...
What You Need To Do
- Review and update offering documents/prospectuses for enhanced transparency on risks, limits, borrowing, liquidity tools (e
- 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
- Assess portfolio compliance for new funds/compartments; leverage flexibility for sophisticated investors but maintain robust governance
- No immediate changes required for pre-19 Dec 2025 funds, but proactive alignment recommended to avoid future issues
Compliance Impact
Urgency: Medium – Not critical as existing funds are grandfathered with no retroactive changes required, but high relevance for new launches or material updates post-19 Dec 2025. It matters for operational efficiency (streamlined rules reduce fragmentation) and investor protection (tailored risks/disclosures), potentially lowering long-term costs while mitigating supervisory scrutiny; failure to update docs could delay approvals or trigger CSSF queries.
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Rules applicable to undertakings for collective investment when they employ certain techniques and instruments relating to transferable securities and money market instruments
Circular CSSF 08/356, as amended by Circular CSSF 25/901, establishes detailed rules for Luxembourg undertakings for collective investment (UCIs), including UCITS and alternative investment funds (AIFs), on the use of techniques and instruments relating to transferable securities and money market instruments, such as securities lending, repo transactions, and over-the-counter (OTC) derivatives. It matters because it ensures investor protection, risk management, and market stability by imposing strict eligibility, collateral, and operational requirements, aligning Luxembourg funds with EU standards under UCITS and AIFMD directives. Compliance is critical for Luxembourg-domiciled funds engaging in these activities to avoid regulatory sanctions and operational disruptions.
What Changed
The original Circular CSSF 08/356 (2008) transposed UCITS III requirements on eligible techniques like securities lending and repos. The amendment via Circular CSSF 25/901 (issued in 2025) introduces updates to reflect post-Brexit adjustments, enhanced ESG considerations in collateral eligibility, stricter counterparty risk limits for OTC derivatives, and improved transparency in reporting.
What You Need To Do
- *Policy Review & Update
- *Risk Management Systems
- *Counterparty Due Diligence
- *Operational Setup
- *Reporting & Disclosure
Key Dates
23 December 2008 - Original Circular CSSF 08/356 effective date for UCITS III implementation.
21 July 2011 - Partial updates for UCITS IV alignment.
22 July 2013 - Extension to AIFs under AIFMD transposition.
15 October 2025 - Issuance of amending Circular CSSF 25/901.
01 January 2026 - Effective date for amendments (e.g., new collateral rules, reporting formats).
Compliance Impact
Urgency: High - Immediate relevance for funds actively using these techniques (common in fixed-income and equity strategies for yield enhancement). Non-compliance risks CSSF fines (up to 5% of NAV), temporary prohibitions on techniques, or fund suspension. With the 01 January 2026 effective date recently passed (as of current context), firms face heightened scrutiny in 2026 reporting cycles; proactive remediation avoids enforcement actions amid CSSF's focus on operational resilience.
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Provisions relating to credit institutions and investment firms of EU origin established in Luxembourg by way of branches or exercising activities in Luxembourg by way of free provision of services
Circular CSSF 07/325, as amended by Circulars CSSF 21/765, CSSF 22/827, and most recently CSSF 25/898, establishes supervisory requirements for EU credit institutions and investment firms operating in Luxembourg via branches or free provision of services (FOPS). It matters for compliance professionals as it defines CSSF's host authority role, notification obligations, reporting, and enforcement powers, ensuring alignment with CRD and MiFID II while adapting to evolving EU rules.
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, services, or activities).
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 assessments, and supervision...
What You Need To Do
- Notifications
- Supervision cooperation
Key Dates
One month before change effective date - Notify CSSF and home authority in writing of programme changes (e.g., operations, services, additional places of business) per CRD Article 36(3) and MiFID II Article 35(10).
Within 3 months of receipt - Home state authority communicates notification file to CSSF for branch/FOPS establishment.
Six months after financial year-end - Submit electronically signed SAQ (via eDesk), annual AML/CFT and conduct of business report (per Circular CSSF 19/731, to be repealed by CSSF 25/902), reviewed by REA.
Compliance Impact
Urgency: Medium - Matters due to recurring annual reporting (e.g., SAQ, AML/CFT within six months post-year-end) and prior notifications for changes, with CSSF enforcement powers (e.g., measures under LFS Article 46(2)) for non-compliance. Recent CSSF 25/898 update (Nov 2025) requires immediate review of processes for digital submissions, but no retroactive changes or hard deadlines post-2025; grandfathering for pre-existing setups reduces immediate pressure.
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Update of Circular CSSF 07/325 on Provisions relating to credit institutions and investment firms of EU origin established in Luxembourg by way of branches or exercising activities in Luxembourg by way of free provision of services, as amended by Circulars CSSF 21/765 and CSSF 22/827
Circular CSSF 25/898 updates Luxembourg's supervisory framework for EU-origin credit institutions and investment firms operating in Luxembourg through branches or free provision of services. This amendment enhances the self-assessment questionnaire (SAQ) used by the CSSF to align supervisory oversight with current regulatory priorities, particularly adding UCI administration as a new thematic module. The update reflects the CSSF's evolving supervisory focus and requires affected institutions to demonstrate compliance with expanded assessment criteria.
What Changed
The circular introduces the following material modifications to Circular CSSF 07/325:
*New Supervisory Module
UCI administration** has been added as a thematic module to the self-assessment questionnaire, reflecting increased regulatory attention to fund administration practices.
*Enhanced Self-Assessment Framework**
Existing modules have been updated to better align with supervisory objectives and current regulatory priorities.
The revised SAQ now captures a broader range of supervisory points of focus relevant to branch operations and cross-border service provision.
*Scope...
What You Need To Do
- *Update Self-Assessment Processes
- Revise internal SAQ completion procedures to address the new UCI administration module
- Ensure all thematic modules reflect current supervisory expectations
- *Assess UCI Administration Compliance
- If the institution provides or is involved in UCI administration services, conduct a detailed assessment of compliance with CSSF expectations
Key Dates
31 October 2025 - Circular CSSF 25/898 published by the CSSF
19 December 2025 - Related modernization framework (Circular CSSF 25/901) entered into force for Part II UCIs, SIFs, and SICARs
No specific implementation deadline stated - Institutions should align their SAQ responses and compliance documentation with the updated framework immediately upon publication DEADLINE
Compliance Impact
Urgency: HIGH
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