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Regulatory framework for investment fund managers
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Regulations
This page applies to the following investment funds managers (“IFMs”):
- Management companies subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment (“Chapter 15 ManCos”);
- Management companies under Articles 125(1) and 125(2) of Chapter 16 of the Law of 17 December 2010 relating to undertakings for collective investment;
- Alternative investment fund managers subject to the Law of 12 July 2013 on alternative investment fund managers (“AIFMs”).
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.
Common regulatory references
Laws, regulations and directives
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12 November 2004 - Updated on 10 February 2025
Law of 12 November 2004 (consolidated version)
on the fight against money laundering and terrorist financingLaw -
14 December 2012 - Updated on 26 August 2020
CSSF Regulation No 12-02 (consolidated version)
of 14 December 2012 on the fight against money laundering and terrorist financingCSSF regulation -
6 November 2020
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019
on sustainability‐related disclosures in the financial services sector (Text with EEA relevance)EU regulation -
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
Circulars
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23 August 2018
Circular CSSF 18/698
Authorisation and organisation of investment fund managers incorporated under Luxembourg law; Specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agentCSSF circular -
29 February 2024
Circular CSSF 24/854
Guidelines for the collective investment sector on the AML/CFT Summary Report RC (“SRRC”)CSSF circular -
22 December 2021 - Updated on 26 July 2023
Circular CSSF 21/789 (as amended by Circular CSSF 23/839)
Practical rules concerning the self-assessment questionnaire to be submitted annually by investment fund managers. The engagement of investment fund managers’ approved statutory auditors and practical rules concerning the management letter and the separate report to be drawn up annually.CSSF circular -
CSSF circular
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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 -
29 January 2019
Circular CSSF 19/708 (as amended by Circular CSSF 21/790)
Electronic transmission of documents to the CSSFCSSF circular -
29 December 2015
Circular CSSF 15/633
Financial information to be provided by investment fund managers and their branches on a quarterly basisCSSF circular
Other reference texts
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21 June 2022 - Updated on 17 April 2025
FAQ – Circular CSSF 22/811 on UCI Administrators (UCIA)
Version 4 – April 2025CSSF FAQ -
21 June 2021 - Updated on 21 December 2023
FAQ regarding the AML/CFT Market Entry Form (Funds and IFMs)
This publication refers to a list of questions/answers (FAQ) in relation to the completion of the AML/CFT Market Entry Form (Funds and IFMs) in eDesk. Version 7CSSF FAQ -
29 February 2024 - Updated on 7 October 2024
FAQ on the AML/CFT Summary Report RC (“SRRC”) on compliance with AML/CFT obligations in accordance with Circular CSSF 24/854
Version 3CSSF FAQ -
2 December 2022 - Updated on 18 December 2024
CSSF FAQ Sustainable Finance Disclosure Regulation (SFDR)
The FAQs aim at providing further clarity on aspects of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (SFDR). Version 4CSSF FAQ -
29 June 2021 - Updated on 13 March 2024
FAQ – Submission of closing documents and financial information by managers
Version 4CSSF FAQ
Specific regulatory references for Chapter 15 ManCos
Laws, regulations and directives
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17 December 2010 - Updated on 17 January 2025
Law of 17 December 2010 (consolidated version)
relating to undertakings for collective investmentLaw
Circulars
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30 May 2011 - Updated on 23 August 2018
Circular CSSF 11/512 (as amended by Circular CSSF 18/698)
– Presentation of the main regulatory changes in risk management following the publication of CSSF Regulation No 10-04 and ESMA clarifications; – Further clarifications from the CSSF on risk management rules; – Definition of the content and format of the…CSSF circular -
1 February 2010
Circular CSSF 10/437
Guidelines concerning the remuneration policies in the financial sectorCSSF circular
Specific regulatory references for AIFMs
Laws, regulations and directives
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Law
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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 -
17 December 2013
Commission Delegated Regulation (EU) No 694/2014 of 17 December 2013
supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards determining types of alternative investment fund managers (Text with EEA relevance)EU regulation -
19 December 2012
Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012
supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)EU regulation -
15 May 2013
Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013
establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the CouncilEU regulation
Circulars
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5 May 2015
Circular CSSF 15/612
Information to be submitted to the CSSF in relation to unregulated alternative investment funds (established in Luxembourg, in another EU Member State or in a third country) and/or regulated alternative investment funds established in a third countryCSSF circular -
2 November 2023
Circular CSSF 23/844
Reporting obligations for Alternative Investment Fund Managers (repeal of Circular CSSF 14/581)CSSF circular -
29 December 2015
Circular CSSF 15/633
Financial information to be provided by investment fund managers and their branches on a quarterly basisCSSF circular
Other reference texts
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18 June 2013 - Updated on 18 November 2024
FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers
Version 23CSSF FAQ -
8 August 2014
ESMA Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD
ESMA/2014/869Guidelines -
EU FAQ