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Regulatory framework for UCIs
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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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1 January 2023 - Updated on 16 January 2026
Grand-ducal Regulation of 23 December 2022 (consolidated version)
relating to the fees to be levied by the Commission de Surveillance du Secteur FinancierGrand-ducal regulation -
22 June 2020
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020
on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (Text with EEA relevance)EU 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 -
17 April 2018 - Updated on 3 April 2026
Law of 17 April 2018 (consolidated version)
on key information documents for packaged retail and insurance-based investment productsLaw -
8 June 2016
Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016
on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (Text with EEA relevance)EU regulation -
25 November 2015
Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015
on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (Text with EEA relevance)EU regulation -
9 December 2014
Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014
on key information documents for packaged retail and insurance-based investment products (PRIIPs) (Text with EEA relevance)EU regulation
Circulars
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15 April 2026
Circular CSSF 26/910
ESMA Guidelines on Liquidity Management Tools (LMTs) of UCITS and open-ended AIFs (ESMA34-671404336-1364)CSSF circular -
21 October 2024
Circular CSSF 24/863
Guidelines on funds’ names using ESG or sustainability-related terms Communiqué of 21 October 2024CSSF circular -
29 March 2024
Circular CSSF 24/856
Protection of investors in case of an NAV calculation error, an instance of non-compliance with the investment rules and other errors at UCI levelCSSF circular -
29 February 2024
Circular CSSF 24/854
Guidelines for the collective investment sector on the AML/CFT Summary Report RC (“SRRC”)CSSF circular -
16 May 2022 - Updated on 16 December 2025
Circular CSSF 22/811 (as amended by Circular CSSF 25/900)
Authorisation and organisation of entities acting as UCI administratorsCSSF circular -
22 April 2022 - Updated on 9 April 2025
Circular CSSF 22/806 (as amended by Circular CSSF 25/883)
on outsourcing arrangements Link to the communiqué of 1 July 2022CSSF circular -
22 December 2021
Circular CSSF 21/790
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 -
18 December 2020
Circular CSSF 20/764
Guidelines on performance fees in UCITS and certain types of AIFsCSSF circular -
3 December 2015 - Updated on 7 February 2025
Circular CSSF 15/627 (as amended by Circular CSSF 25/871)
New monthly reporting for the CSSF – U 1.1 reportingCSSF circular
Other reference texts
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21 June 2021 - Updated on 30 September 2025
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 9CSSF FAQ -
CSSF FAQ
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21 June 2022 - Updated on 18 December 2025
FAQ – Circular CSSF 22/811 on UCI Administrators (UCIA)
Version 6 – December 2025CSSF FAQ -
CSSF FAQ
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20 September 2022
CSSF FAQ – Cross-border distribution of funds – Guidance on marketing communications
CSSF FAQ -
29 November 2021 - Updated on 24 April 2026
FAQ Crypto-Assets – Undertakings for collective investment
Version 8 – 24 April 2026CSSF 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
CSSF – Version 3CSSF FAQ -
12 April 2017
Commission Delegated Regulation (EU) No 2017/653 of 8 March 2017
supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision…RTS -
EU FAQ
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EU FAQ
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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
Specific regulatory references for UCITS
Laws, regulations and directives
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17 December 2010 - Updated on 16 April 2026
Law of 17 December 2010 (consolidated version) (being updated)
relating to undertakings for collective investmentLaw -
24 December 2010 - Updated on 31 July 2022
CSSF Regulation No 10-04 (consolidated version)
transposing Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and…CSSF regulation -
17 November 2009
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 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
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 -
11 October 2016 - Updated on 23 August 2018
Circular CSSF 16/644 (as amended by Circular CSSF 18/697)
Provisions applicable to credit institutions acting as UCITS depositary subject to Part I “and UCIs subject to Part II” of the Law of 17 December 2010 relating to undertakings for collective investment and all UCITS, where appropriate, represented by their…CSSF circular
Other reference texts
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15 December 2015 - Updated on 17 February 2026
FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment
Version 23CSSF FAQ -
18 December 2020 - Updated on 12 February 2026
CSSF FAQ – Use of Securities Financing Transactions by UCITS
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 -
CSSF FAQ
-
CSSF FAQ
Specific regulatory references for Part II UCIs
Laws, regulations and directives
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17 December 2010 - Updated on 16 April 2026
Law of 17 December 2010 (consolidated version) (being updated)
relating to undertakings for collective investmentLaw -
12 July 2013 - Updated on 16 April 2026
Law of 12 July 2013 (consolidated version)
on alternative investment fund managersLaw -
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 -
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 -
27 February 2026
Commission Delegated Regulation (EU) 2026/465 of 17 November 2025
supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the characteristics of liquidity management toolsRTS
Circulars
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19 December 2025
Circular CSSF 25/901
relating to specialised investment funds, investment companies in risk capital and undertakings for collective investment subject to Part II of the Law of 17 December 2010CSSF circular -
23 August 2018
Circular CSSF 18/697
Organisational arrangements applicable to fund depositaries which are not subject to Part I of the Law of 17 December 2010 relating to undertakings for collective investment, and, where appropriate, to their branches; Amendment to Circular CSSF 16/644 regarding the provisions…CSSF circular -
11 October 2016 - Updated on 23 August 2018
Circular CSSF 16/644 (as amended by Circular CSSF 18/697)
Provisions applicable to credit institutions acting as UCITS depositary subject to Part I “and UCIs subject to Part II” of the Law of 17 December 2010 relating to undertakings for collective investment and all UCITS, where appropriate, represented by their…CSSF circular
Other reference texts
-
15 December 2015 - Updated on 17 February 2026
FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment
Version 23CSSF FAQ -
18 June 2013 - Updated on 20 May 2025
FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers
Version 24CSSF FAQ -
CSSF FAQ
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CSSF FAQ
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18 December 2020 - Updated on 12 February 2026
CSSF FAQ – Use of Securities Financing Transactions by UCITS
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 -
EU FAQ
-
19 December 2025
Compilation of key concepts and terms used in the field of investment funds other than UCITS and MMFs and explanations on how the CSSF understands them
CSSF guidance
Specific regulatory references for SIFs
Laws, regulations and directives
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13 February 2007 - Updated on 28 July 2023
Law of 13 February 2007 (consolidated version)
relating to specialised investment fundsLaw -
12 July 2013 - Updated on 16 April 2026
Law of 12 July 2013 (consolidated version)
on alternative investment fund managersLaw -
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 -
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 -
27 February 2026
Commission Delegated Regulation (EU) 2026/465 of 17 November 2025
supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the characteristics of liquidity management toolsRTS -
31 December 2015
CSSF Regulation No 15-07
laying down detailed rules for the application of Article 42a of the Law of 13 February 2007 relating to specialised investment funds as regards the requirements in relation to risk management and conflicts of interest for specialised investment funds which…CSSF regulation
Circulars
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19 December 2025
Circular CSSF 25/901
relating to specialised investment funds, investment companies in risk capital and undertakings for collective investment subject to Part II of the Law of 17 December 2010CSSF circular -
23 August 2018
Circular CSSF 18/697
Organisational arrangements applicable to fund depositaries which are not subject to Part I of the Law of 17 December 2010 relating to undertakings for collective investment, and, where appropriate, to their branches; Amendment to Circular CSSF 16/644 regarding the provisions…CSSF circular -
5 September 2008
Circular CSSF 08/372
Guidelines for depositaries of specialised investment funds adopting alternative investment strategies, where those funds use the services of a prime brokerCSSF circular
Other reference texts
-
18 June 2013 - Updated on 20 May 2025
FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers
Version 24CSSF FAQ -
2 September 2019 - Updated on 17 November 2023
FAQ concerning SIFs and SICARs that do not qualify as AIFs
Version 6CSSF FAQ -
CSSF FAQ
-
18 December 2020 - Updated on 12 February 2026
CSSF FAQ – Use of Securities Financing Transactions by UCITS
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 -
EU FAQ
-
19 December 2025
Compilation of key concepts and terms used in the field of investment funds other than UCITS and MMFs and explanations on how the CSSF understands them
CSSF guidance
Specific regulatory references for SICARs
Laws, regulations and directives
-
15 June 2004 - Updated on 28 July 2023
Law of 15 June 2004 (consolidated version)
relating to the investment company in risk capital (SICAR)Law -
12 July 2013 - Updated on 16 April 2026
Law of 12 July 2013 (consolidated version)
on alternative investment fund managersLaw -
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 -
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 -
27 February 2026
Commission Delegated Regulation (EU) 2026/465 of 17 November 2025
supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the characteristics of liquidity management toolsRTS -
31 December 2015
CSSF Regulation No 15-08
laying down detailed rules for the application of Article 7a of the Law of 15 June 2004 relating to the Investment company in risk capital (SICAR) as regards the requirements in relation to the management of conflicts of interest for…CSSF regulation
Circulars
-
19 December 2025
Circular CSSF 25/901
relating to specialised investment funds, investment companies in risk capital and undertakings for collective investment subject to Part II of the Law of 17 December 2010CSSF circular -
23 August 2018
Circular CSSF 18/697
Organisational arrangements applicable to fund depositaries which are not subject to Part I of the Law of 17 December 2010 relating to undertakings for collective investment, and, where appropriate, to their branches; Amendment to Circular CSSF 16/644 regarding the provisions…CSSF circular -
5 September 2008
Circular CSSF 08/372
Guidelines for depositaries of specialised investment funds adopting alternative investment strategies, where those funds use the services of a prime brokerCSSF circular
Other reference texts
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CSSF FAQ
-
2 September 2019 - Updated on 17 November 2023
FAQ concerning SIFs and SICARs that do not qualify as AIFs
Version 6CSSF FAQ -
18 June 2013 - Updated on 20 May 2025
FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers
Version 24CSSF FAQ -
EU FAQ
-
19 December 2025
Compilation of key concepts and terms used in the field of investment funds other than UCITS and MMFs and explanations on how the CSSF understands them
CSSF guidance