Working papers

Our working papers disseminate research relevant to the various missions and competences of the CSSF, and provide a conceptual and empirical basis for policy-making. The working papers constitute “work in progress”. They are published to stimulate discussion, share knowledge on the Luxembourg financial markets and contribute to the advancement of our practice of supervision. They are addressed to experts, so readers should be knowledgeable in finance and/or statistics. The views expressed are those of the authors and do not necessarily reflect those of the CSSF.


  • 9 March 2023

    Liquidity Stress Test for Luxembourg Investment Funds: the Time to Liquidation Approach

    Studies and reports
  • 14 June 2022

    An Assessment of Investment Funds’ Liquidity Management Tools

    Communiqué of 14 June 2022: Publication of the CSSF working paper “An Assessment of Investment Funds’ Liquidity Management Tools”
    Studies and reports
  • 4 October 2021

    The impact of COVID-19 on large redemptions in the Luxembourg investment fund market

    CSSF Working Paper
    Studies and reports

Other reports


  • 31 May 2022

    ML/TF Sub-sector Risk Assessment – Collective Investment Sector

    2022 update
    Studies and reports
  • 18 December 2020

    CSSF Thematic Review Efficient Portfolio Management by UCITS – Revenues & Costs/Fees results

    Following the thematic review on the use by UCITS of efficient portfolio management techniques (EPM), this publication concerns the main observations made by the CSSF together with the related recommendations and improvements. The review was focused on the regulatory provisions…
    Studies and reports
  • 21 December 2018

    White Paper – Artificial Intelligence: Opportunities, risks and recommendations for the financial sector

    White paper