This page applies to the following UCIs:
- undertakings for collective investment subject to Part I of the Law of 17 December 2010 (“UCITS”);
- undertakings for collective investment subject to Part II of the Law of 17 December 2010 (“Part II UCIs”);
- specialised investment funds governed by the Law of 13 February 2007(“SIFs”);
- investment companies in risk capital governed by the Law of 15 June 2004 (“SICARs”).
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, providing 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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6 November 2020
on sustainability‐related disclosures in the financial services sector (Text with EEA relevance)
EU regulation
Circulars
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29 March 2024
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
CSSF circular
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29 February 2024
Guidelines for the collective investment sector on the AML/CFT Summary Report RC (“SRRC”)
CSSF circular
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16 May 2022
on UCI administrators
CSSF circular
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22 April 2022
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Updated on 9 April 2025
on outsourcing arrangements Link to the communiqué of 1 July 2022
CSSF circular
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22 December 2021
Practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment. The engagement of Luxembourg undertakings for collective investments’ approved statutory auditors and practical rules concerning the management letter and the separate report to be…
CSSF circular
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3 December 2015
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Updated on 7 February 2025
New monthly reporting for the CSSF – U 1.1 reporting
CSSF circular
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21 January 1991
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Updated on 30 June 2022
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
CSSF circular
Other reference texts
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21 June 2021
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Updated on 21 December 2023
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 7
CSSF FAQ
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24 December 2024
Version 1
CSSF FAQ
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21 June 2022
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Updated on 17 April 2025
Version 4 – April 2025
CSSF FAQ
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CSSF FAQ
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CSSF FAQ
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29 November 2021
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Updated on 22 February 2024
Version 6
CSSF FAQ
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29 February 2024
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Updated on 7 October 2024
Version 3
CSSF FAQ
Specific regulatory references for UCITS
Laws, regulations and directives
-
17 December 2010
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Updated on 17 January 2025
relating to undertakings for collective investment
Law
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20 December 2010
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Updated on 16 December 2011
transposing Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure
CSSF regulation
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17 November 2009
on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS Directive”)
EU directive
Circulars
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12 May 2022
Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketing
CSSF circular
Other reference texts
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15 December 2015
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Updated on 2 January 2025
Version 22
CSSF FAQ
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18 December 2020
This publication is a CSSF FAQ in relation to the use by Luxembourg-domiciled UCITS of the following Securities Financing Transactions: securities lending transactions, reverse repurchase agreement transactions and repurchase agreement transactions. The objective of the FAQ is to bring further…
CSSF FAQ
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30 July 2019
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Updated on 8 January 2025
Version 5
CSSF FAQ
Specific regulatory references for Part II UCIs
Laws, regulations and directives
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17 December 2010
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Updated on 17 January 2025
relating to undertakings for collective investment
Law
-
12 July 2013
on short selling of financial instruments
Law
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17 April 2018
-
Updated on 25 February 2022
on key information documents for packaged retail and insurance-based investment products
Law
Other reference texts
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15 December 2015
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Updated on 2 January 2025
Version 22
CSSF FAQ
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18 June 2013
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Updated on 18 November 2024
Version 23
CSSF FAQ
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CSSF FAQ
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30 July 2019
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Updated on 8 January 2025
Version 5
CSSF FAQ
Specific regulatory references for SIFs
Laws, regulations and directives
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13 February 2007
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Updated on 28 July 2023
relating to specialised investment funds
Law
-
12 July 2013
on short selling of financial instruments
Law
-
17 April 2018
-
Updated on 25 February 2022
on key information documents for packaged retail and insurance-based investment products
Law
Circulars
-
18 December 2020
Guidelines on performance fees in UCITS and certain types of AIFs
CSSF circular
Other reference texts
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18 June 2013
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Updated on 18 November 2024
Version 23
CSSF FAQ
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2 September 2019
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Updated on 17 November 2023
Version 6
CSSF FAQ
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30 July 2019
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Updated on 8 January 2025
Version 5
CSSF FAQ
Specific regulatory references for SICARs
Laws, regulations and directives
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15 June 2004
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Updated on 28 July 2023
relating to the investment company in risk capital (SICAR)
Law
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17 April 2018
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Updated on 25 February 2022
on key information documents for packaged retail and insurance-based investment products
Law
Circulars
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5 April 2006
The concept of risk capital under the Law of 15 June 2004 relating to the investment company in risk capital (SICAR)
CSSF circular
Other reference texts
-
12 July 2013
on short selling of financial instruments
Law
-
2 September 2019
-
Updated on 17 November 2023
Version: November 2023
CSSF FAQ