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Regulatory framework for EU labels
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This page applies to the following EU labels:
- European Long-Term Investment Funds (“ELTIFs”);
- Money Market Funds (“MMFs”) ;
- European Social Entrepreneurship Funds (“EuSEFs”) ;
- European Venture Capital Funds (“EuVECAs”).
This page provides a comprehensive overview of the regulatory framework, including main legal references, main circulars and frequently asked questions (FAQs).
It serves as a valuable resource for understanding the legal and regulatory landscape, offering detailed information on key legislation and addressing common queries to ensure compliance and clarity.
ELTIFs
Laws, regulations and directives
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16 July 2019 - Updated on 10 February 2025
Law of 16 July 2019 (consolidated version)
on the operationalisation of European regulations in the area of financial servicesLaw -
18 November 2024
Commission Delegated Regulation (EU) 2024/2759 of 19 July 2024
supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards specifying when derivatives will be used solely for hedging the risks inherent to other investments of the European long-term investment fund (ELTIF), the…EU regulation -
20 March 2023
Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023
amending Regulation (EU) 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and…EU regulation -
1 January 2023
Grand-ducal Regulation of 23 December 2022
relating to the fees to be levied by the Commission de Surveillance du Secteur FinancierGrand-ducal regulation -
27 July 2021
Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019
amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.)EU directive -
4 December 2017
Commission Delegated Regulation (EU) 2018/480 of 4 December 2017
supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds, assessment criteria for…EU regulation -
29 April 2015
Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015
on European long-term investment funds (Text with EEA relevance)EU regulation -
8 June 2011
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011
on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010EU directive
Circulars
-
12 May 2022
Circular CSSF 22/810
Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketingCSSF circular
Other reference texts
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20 September 2022
CSSF FAQ – Cross-border distribution of funds – Guidance on marketing communications
CSSF FAQ -
30 July 2021 - Updated on 12 July 2024
FAQ CBDF – Notification procedures
List of questions/answers in relation to the CBDF Regulation highlighting the changes for notifications to the CSSF Version 8CSSF FAQ
MMFs
Laws, regulations and directives
-
16 July 2019 - Updated on 10 February 2025
Law of 16 July 2019 (consolidated version)
on the operationalisation of European regulations in the area of financial servicesLaw -
14 June 2017 - Updated on 1 January 2019
Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017
on money market funds (Text with EEA relevance)EU regulation -
17 April 2018
Commission Implementing Regulation (EU) 2018/708 of 17 April 2018
laying down implementing technical standards with regard to the template to be used by managers of money market funds when reporting to competent authorities as stipulated by Article 37 of Regulation (EU) 2017/1131 of the European Parliament and of the…EU regulation -
10 April 2018
Commission Delegated Regulation (EU) 2018/990 of 10 April 2018
amending and supplementing Regulation (EU) 2017/1131 of the European Parliament and of the Council with regard to simple, transparent and standardised (STS) securitisations and asset-backed commercial papers (ABCPs), requirements for assets received as part of reverse repurchase agreements and credit…EU regulation
Circulars
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CSSF circular
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28 January 2020
Circular CSSF 20/736
ESMA Guidelines on the reporting to competent authorities under Article 37 of the MMF RegulationCSSF circular -
20 July 2018
Circular CSSF 18/696
ESMA Guidelines on stress tests scenarios under Article 28 of the Money Market Fund RegulationCSSF circular
Other reference texts
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CSSF FAQ
-
18 March 2024
ESMA Guidelines on stress test scenarios under the MMF Regulation – final report (from Q2-2024 onwards)
ESMA50-43599798-9011Guidelines -
16 December 2020
ESMA Guidelines on stress test scenarios under the MMF Regulation – final report
ESMA34-49-289Guidelines -
18 July 2019 - Updated on 4 December 2020
Money Market Fund Reporting – ESMA Technical Reporting Instructions
ESMA65-8-6480Guidelines -
19 July 2019
ESMA Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation – final report
ESMA34-49-168Guidelines
EuSEFs
Laws, regulations and directives
-
16 July 2019 - Updated on 10 February 2025
Law of 16 July 2019 (consolidated version)
on the operationalisation of European regulations in the area of financial servicesLaw -
12 July 2013 - Updated on 17 January 2025
Law of 12 July 2013 (consolidated version)
on alternative investment fund managersLaw -
1 January 2023
Grand-ducal Regulation of 23 December 2022
relating to the fees to be levied by the Commission de Surveillance du Secteur FinancierGrand-ducal regulation -
27 July 2021
Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019
amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.)EU directive -
12 July 2019
Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019
on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (Text with EEA relevance)EU regulation -
1 February 2019
Commission Delegated Regulation (EU) 2019/819 of 1 February 2019
supplementing Regulation (EU) No 346/2013 of the European Parliament and of the Council with regard to conflicts of interest, social impact measurement and information to investors in the area of European social entrepreneurship fundsEU regulation -
3 June 2014
Commission Implementing Regulation (EU) No 594/2014 of 3 June 2014
laying down implementing technical standards with regard to the format of the notification according to Article 17(1) of Regulation (EU) No 346/2013 of the European Parliament and of the Council on European social entrepreneurship funds (Text with EEA relevance)EU regulation -
17 April 2013
Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013
on European social entrepreneurship funds (Text with EEA relevance)EU regulation -
8 June 2011
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011
on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010EU directive
Circulars
-
12 May 2022
Circular CSSF 22/810
Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketingCSSF circular -
31 January 2022
Circular CSSF 22/795
Application of the Guidelines of the European Securities and Market Authority on marketing communications (ESMA34-45-1272) under Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and…CSSF circular
Other reference texts
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CSSF FAQ
-
20 September 2022
CSSF FAQ – Cross-border distribution of funds – Guidance on marketing communications
CSSF FAQ -
31 May 2016
Questions and Answers on the application of the EuSEF and EuVECA Regulations
Link to the ESMA Q&A ToolEU FAQ
EuVECAs
Laws, regulations and directives
-
16 July 2019 - Updated on 10 February 2025
Law of 16 July 2019 (consolidated version)
on the operationalisation of European regulations in the area of financial servicesLaw -
12 July 2013 - Updated on 17 January 2025
Law of 12 July 2013 (consolidated version)
on alternative investment fund managersLaw -
1 January 2023
Grand-ducal Regulation of 23 December 2022
relating to the fees to be levied by the Commission de Surveillance du Secteur FinancierGrand-ducal regulation -
27 July 2021
Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019
amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (Text with EEA relevance.)EU directive -
12 July 2019
Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019
on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 (Text with EEA relevance)EU regulation -
4 February 2019
Commission Delegated Regulation (EU) 2019/820 of 4 February 2019
supplementing Regulation (EU) No 345/2013 of the European Parliament and of the Council with regard to conflicts of interest in the area of European venture capital funds (Text with EEA relevance)EU regulation -
3 June 2014
Commission Implementing Regulation (EU) No 594/2014 of 3 June 2014
laying down implementing technical standards with regard to the format of the notification according to Article 17(1) of Regulation (EU) No 346/2013 of the European Parliament and of the Council on European social entrepreneurship funds (Text with EEA relevance)EU regulation -
17 April 2013
Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013
on European social entrepreneurship funds (Text with EEA relevance)EU regulation -
8 June 2011
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011
on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010EU directive
Circulars
-
12 May 2022
Circular CSSF 22/810
Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketingCSSF circular -
31 January 2022
Circular CSSF 22/795
Application of the Guidelines of the European Securities and Market Authority on marketing communications (ESMA34-45-1272) under Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and…CSSF circular
Other reference texts
-
CSSF FAQ
-
20 September 2022
CSSF FAQ – Cross-border distribution of funds – Guidance on marketing communications
CSSF FAQ -
31 May 2016
Questions and Answers on the application of the EuSEF and EuVECA Regulations
Link to the ESMA Q&A ToolEU FAQ