The CSSF issues the new FAQ on Circular CSSF 24/856 concerning the protection of investors in case of an NAV calculation error, an instance of non-compliance with the investment rules and other errors at UCI level

The CSSF publishes today the CSSF FAQ on Circular CSSF 24/856 (“new CSSF FAQ”) which enters into force on 1 January 2025 and which will repeal the existing CSSF FAQ on Circular CSSF 02/77 on the same date.

The new CSSF FAQ still includes a series of questions from the FAQ regarding Circular CSSF 02/77 insofar as these questions are still relevant in the context of the new circular. Most questions from the FAQ regarding Circular CSSF 02/77 have been withdrawn as the related clarifications have been integrated in the new Circular CSSF 24/856.

Furthermore, the new CSSF FAQ introduces some new questions concerning notably the scope of application of the Circular CSSF 24/856, the application of tolerance thresholds to closed-ended UCIs and non-compliant cost/fee payments at UCI level.

The FAQ regarding Circular CSSF 02/77 will continue to apply to errors /instances of non-compliance detected before 1 January 2025. With the entry into force of the new Circular CSSF 24/856 on 1 January 2025, the new CSSF FAQ applies to errors /instances of non-compliance detected as from 1 January 2025.

With the entry into force of the new Circular CSSF 24/856 on 1 January 2025, references to Circular CSSF 02/77 or to its FAQ as well as related minor updates will also be implemented in the following CSSF FAQs:

• FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment;
• FAQ concerning Money Market Funds Regulation;
• FAQ concerning the application of the swing pricing mechanism.