Regulatory framework

Version of 9 March 2026

Guidelines on performance fees in UCITS and certain types of AIFs

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 clarity concerning the use by UCITS of these SFTs, thereby taking into account the applicable regulatory framework as well as the supervisory experienced gained by the CSSF over the last years.

Version 2

amending Delegated Regulation (EU) No 876/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards changes to the composition, functioning and management of colleges for central counterparties

ESMA34-49-289

supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the minimum information content of the document to be published for a prospectus exemption in connection with a takeover by means of an exchange offer, a merger or a division (Text with EEA relevance)

EBA

on liquidity risks arising from margin calls

Repeal of the ad hoc report to be issued by the réviseur d’entreprises agréé (approved statutory auditor) for the reconciliation between the accounts published under LUX GAAP or LUX GAAP with “IAS options” and the final FINREP version

laying down the conditions for granting loans for residential property located on Luxembourg territory

concerning restrictive measures against serious human rights violations and abuses

Introduction of Circular CSSF 20/758 on central administration, internal governance and risk management, and repeal of Circular CSSF 12/552 for investment firms, as amended by Circulars CSSF 13/563, 14/597, 16/642, 16/647, 17/655 and 20/750, on central administration, internal governance and risk management

on central administration, internal governance and risk management

Update of Circular CSSF 12/552, as amended by Circulars CSSF 13/563, 14/597,16/642, 16/647, 17/655, 20/750 and 20/759, on the central administration, internal governance and risk management

supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published

(Text with EEA relevance)

supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the minimum content of the explanation on how environmental, social and governance factors are reflected in the benchmark methodology
(Text with EEA relevance)

supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks

on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014

on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (Official Journal of the European Union L 314 of 5 December 2019)

Version 1, November 2020