On 24 April 2026, the CSSF published Version 8 of its FAQ on Crypto-Assets for Undertakings for Collective Investment (the “FAQ”).
Following the significant amendments introduced by Version 7 of the FAQ in connection with the entry into application of Regulation (EU) 2023/1114 on markets in crypto-assets ("MiCAR"), Version 8 is limited to an amendment to Question 1. This amendment provides further clarification on the regulatory treatment of indirect crypto-asset investments by UCITS.
Clarification regarding indirect crypto-asset investments by UCITS (Question 1)
The previous version of the FAQ (Version 7) permitted UCITS to invest indirectly in crypto-assets, subject to a maximum exposure of 10% of their net asset value (NAV), through transferable securities that do not embed derivatives.
The updated FAQ further clarifies the regulatory treatment of these investments by providing that indirect investments in crypto-assets do not necessarily fall within Article 41(2)(a) of the law of 17 December 2010, provided that the relevant instruments qualify as transferable securities pursuant to Article 41(1)(a) to (d) of the same law.
Article 41(2)(a) relates to transferable securities or money market instruments other than those that are eligible pursuant to Articles 41(1)(a) to (d) (often referred to as the “trash ratio”).
This amendment provides further clarification on the application of the UCITS eligible assets regime to financial instruments providing indirect exposure to crypto-assets.
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