Newsflashes

The CSSF issued Circular 25/901 on 19 December 2025 as part of a broader effort towards modernisation, clarification and simplification. The circular applies to investment companies in risk capital (" SICARs"), specialised investment funds (" SIFs") and Part II undertakings for collective investment

On 18 December 2025, the CSSF published Version 6 of its FAQ relating to Circular CSSF 22/811 on UCI Administrators (“ UCIA Circular”). This updated FAQ focuses on clarifying the scope of application of the UCIA Circular and removes certain previously included questions. It does not introduce new

On 16 December 2025, the CSSF published Circular CSSF 25/900 (the “ Amending Circular”) amending Circular CSSF 22/811 on the authorisation and organisation of entities acting as UCI administrators (the " UCIA Circular"), with immediate effect as of 16 December 2025. The Amending Circular introduces

Circular 25/901 also applies to specialised investment funds (“ SIFs”) and repeals CSSF Circular 07/309. Part II of our series of articles concentrates on the changes to the SIF regime. Part I and Part III deal with the changes to the SICAR and Part II UCI regimes respectively. Scope The circular

Background The European Commission’s release of a comprehensive reform package on 4 December 2025 represents a major step forward in the European Union’s drive to create a unified financial services market. Building on proposals first introduced in June 2024, the reform package aims to transform the

On 5 December 2025, the European Supervisory Authorities published an updated consolidated version of the Q&A on the PRIIPs Key Information Document (“ KID”). This consolidated document brings together guidance issued by the European Commission and by the European Supervisory Authorities, covering