Newsletters & Newsflashes

The CSSF issued on 24 July 2024 a clarification regarding the controls Luxembourg depositaries must implement when handling AIFs investing in illiquid assets. The CSSF has observed inconsistencies in how depositaries approach their safekeeping duties, particularly in ownership verification and

On 11 September 2024 the CSSF updated its “ Guidelines on cross-border marketing notification and de-notification procedures ” (“ Guidelines”) in order to meet its obligations in relation to the reporting of cross-border marketing of AIFs and UCITS. This update is in accordance with Article 13 of

On 14 July 2024 the CSSF updated its FAQ on notification procedures related to Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “ CBDF Regulation”). This update highlights significant changes affecting notifications submitted to the CSSF

New clarifications on capital requirements and notification processes for alternative investment fund managers (“ AIFMs”) provided by ESMA. Initial capital and own funds ESMA has released a new question and answer (“ Q&A”) on the alternative investment fund managers directive (“ AIFMD”). One key

Consolidation of questions and answers on the SFDR On 25 July 2024, the European Banking Authority (“ EBA”), European Securities and Market Authority (“ ESMA”) and the European Insurance and Occupational Pension Authority (“ EIOPA”), published a consolidated questions and answers on the SFDR and

Introduction On 14 May 2024, the UK Government released official Regulations confirming its equivalence decisions regarding EEA states under the UK's Overseas Funds Regime (OFR). An explanatory memorandum, providing further clarification, accompanied the Regulations The Regulations take effect on 16

On 7 May 2024, ESMA published a call for evidence on the review of the Commission Directive 2007/16/EC on UCITS Eligible Assets (the “ UCITS EAD”). Background Under Directive 2009/65/EC of 13 July 2009 (the “ UCITS Directive”), a UCITS fund is permitted to invest only in specific asset classes

ESMA updates its Q&A on costs and fees ESMA published on 8 and 24 May 2024 further responses to questions on the application of performance fees, expanding their Q&A on costs and fees . The Q&A concern the application of a minimum performance reference period to additional reference indicators and

Published on 28 March 2024 this circular enters into effect on 1 January 2025 and replaces CSSF Circular 02/77. CSSF Circular 24/856 aims at extending and codifying the rules applicable to Luxembourg investment funds in the event of a NAV calculation error, an investment breach or other errors that

On 20 June 2024, the CSSF has released an update on its Frequently Asked Questions concerning Circular CSSF 02/77 on protection of investors in case of NAV calculation errors, non-compliance with investment rules and other types of errors at UCI level (which will be replaced by Circular CSSF 24/856

Harmonised criteria for ESG and sustainability terms in fund names The European Securities and Markets Authority (“ ESMA”) has published the final report on fund names guidelines. The aim is to prevent “greenwashing” by ensuring that environmental, social and governmental (“ ESG”) criteria and

T he European Securities and Markets Authority (“ ESMA”) responded to the European Commission's (" EC") request for amendments to the European long-term investment fund (“ ELTIF”) regulatory technical standards (“ RTS”). Background Since the introduction of ELTIFs in 2015, their adoption in the EU