FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment (Updated)
Executive Summary
This CSSF FAQ (Version 23, updated 17 February 2026) provides interpretive guidance on the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment (UCIs), covering UCITS, Part II UCIs, SIFs, and SICARs. It matters for compliance professionals as it clarifies authorisation processes, investment rules, and supervisory expectations, ensuring alignment with evolving EU frameworks like AIFMD and MiCAR. The update, effective today, addresses recent regulatory shifts including crypto-asset integration. #
What Changed
- Authorisation Requirements: UCIs require CSSF approval of constitutive documents (articles, management regulations), depositary selection, and management company/AIFM applications for contractual forms. Corporate UCIs need similar approvals for appointed managers. - 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) capped at 10% NAV indirect exposure; AIFs for well-informed/professional investors have no cap but require governance, risk management, valuation, and disclosures. Managers exceeding 10% NAV need "Other-Other Fund-Crypto-assets" authorisation extension, covering custody, AML/CFT, and expertise. - Investment Policies and Liquidity Ma
What You Need To Do
- Review and Update Documents
- Crypto-Specific
- Authorisation/Amendments
- Governance and Reporting
- Ongoing Compliance
Key Dates
Compliance Impact
Urgency: High – The update coincides with MiCAR implementation and today's release, requiring immediate review for crypto-exposed funds to avoid unauthorised strategies or AML gaps; non-compliance risks supervisory actions, authorisation delays, or investor disputes in Luxembourg's key fund domicile.
Who is Affected
Summary
Version 23