Circular CSSF 25/894 is a CSSF circular, published 27 June 2025. Subject: Information to be submitted to the CSSF in relation to investment funds non-authorised by the CSSF.
\nRelevant for: AIFMs, Management companies - Chapter 15.
\nKeywords: AIF (alternative investment fund), eDesk, ELTIF, EuSEF, EuVECA.
\nRepeals Circular CSSF 15/612.
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCircular CSSF 25/894 Information to be submitted to the CSSF in relation to investment funds non-authorised by the CSSF To all Luxembourg investment fund managers (“IFMs”) as defined in paragraph 1 of this circular.
\nLuxembourg 27 June 2025 Ladies and Gentlemen, This circular establishes the guidelines to be followed by Luxembourg investment fund managers when they start to manage a fund non-authorised by the CSSF. More specifically, these guidelines cover the transmission of information to the CSSF when a Luxembourg IFM starts to manage an investment fund non-authorised by the CSSF. This circular repeals Circular CSSF 15/612 in accordance with the provisions set out in section 6 below.
\nTABLE OF CONTENTS 1.
\nDefinitions and abbreviations ....................................................................................... 4
\n1.1. “European UCITS” .................................................................................................... 4 1.2. “Additional European UCITS” ..................................................................................... 4 1.3. “European AIF” ........................................................................................................ 5 1.4. “Non-authorised AIF established in Luxembourg” ......................................................... 5 1.5. “AIF established in a third country” ............................................................................ 5 1.6. “Additional AIF” ....................................................................................................... 5 2.
\nScope and purpose of the circular ................................................................................. 5
\nContext ..................................................................................................................... 5
\nInformation to be transmitted to the CSSF ..................................................................... 6
\nInformation transmission deadlines ............................................................................... 6
\nEntry into force and repealing provisions ....................................................................... 7
\nEuropean Securities and Markets Authority
\nAIF:
\nAn alternative investment fund in accordance with Article 1(39) of the 2013 Law.
\nAuthorised AIFM:
\nAn alternative investment fund manager authorised under Article 5 of the 2013 Law 1.
\nRegistered AIFM:
\nAn alternative investment fund manager registered under Article 3 of the 2013 Law 2.
\nAIFM:
\nAn authorised or registered AIFM.
\n2013 Law:
\nThe Law of 12 July 2013 on alternative investment fund managers.
\nUCI Law:
\nThe Law of 17 December 2010 relating to undertakings for collective investment.
\nUCITS:
\nAn undertaking for collective investment in transferable securities subject to Part I of the UCI Law.
\nManCo15:
\nA management company subject to Chapter 15 of the UCI Law.
\nThe following are investment funds non-authorised by the CSSF:
\n1.1.
\n“European UCITS”
\nEuropean UCITS means an undertaking for collective investment in transferable securities subject to Directive 2009/65/EC and which is not established in Luxembourg.
\n1.2.
\n“Additional European UCITS”
\nAdditional European UCITS means any European UCITS which has not been notified previously to the CSSF.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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