Newsletters & Newsflashes

On 4 February 2026, the Commission de Surveillance du Secteur Financier (CSSF) issued Version 7 of its FAQ on Crypto-Assets for Undertakings for Collective Investment. The update, which comes into effect today introduces material changes to investment permissions, authorisation thresholds, and

Regulatory Development On 9 December 2025, the CSSF drew attention to the publication by the Commission des normes comptables (CNC - Accounting Standards Commission) to a Q&A of the CNC (“ Q&A CNC 25/036”) interpreting Article 1711-8(3), point (3), of the Law of 10 August 1915 on commercial

On 5 December 2025, the ESMA published clarifications addressing key European Long Term Investment Fund (" ELTIF") industry questions submitted to the European Commission (“the Commission”) on the structuring of ELTIFs and their managers. The primary objective was to resolve uncertainties

Circular 25/901 also applies to undertakings for collective investment subject to Part II of the law of 17 December 2010 on undertakings for collective investment in transferable securities, as amended (“ Part II UCIs” and the “ 2010 Law” respectively). This article concentrates on the changes to

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

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

Regulatory development On 21 October 2025, the ESMA published its final report on draft Regulatory Technical Standards (“ RTS”) concerning open-ended loan-originating alternative investment funds (“ OE LO AIFs”) under the revised Alternative Investment Fund Managers Directive (“ AIFMD II”). This

Luxembourg Draft Law No. 8628 (the “ Draft Law”) transposes Directive (EU) 2024/927 into the Law of 17 December 2010 on undertakings for collective investment (the “ UCI Law”) and the Law of 12 July 2013 on alternative investment fund managers (the “ AIFM Law”), focusing on delegation, liquidity