Circular CSSF 25/900 is a CSSF circular amending Circular CSSF 22/811. Authorisation and organisation of entities acting as UCI administrators, published 16 December 2025.
\nRelevant for: AIFMs, Credit institutions, Investment fund managers, Management companies - Chapter 15, Management companies - Chapter 16, Part II UCIs, SICARs, SIFs, Specialised PFS, Support PFS, UCITS.
\nKeywords: UCI administration.
\nAmends Circular CSSF 22/811.
\nAuthorisation and organisation of entities acting as UCI administrators
\nAmending Circular CSSF 22/811
\nAuthorisation and administrators
\norganisation
\nentities
\nacting
\nUCI
\nTo all entities, as defined in Circular CSSF 22/811, carrying out the activity of UCI administration, or part thereof.
\nLuxembourg, 16 December 2025 Ladies and Gentlemen, This circular amends Circular CSSF 22/811 on the authorisation and organisation of entities acting as UCI administrators. Annex B of Circular CSSF 22/811 is repealed with immediate effect. The modalities and instructions in relation to the annual reporting to be provided by UCI administrators are further defined on the CSSF website.
\nThe amendments to Circular CSSF 22/811 are shown in “track changes” hereinafter.
\nAnnex
\nCircular CSSF 22/811 (as amended by Circular CSSF 25/900) Authorisation and organisation of entities acting as UCI administrators
\nCIRCULAR CSSF 22/811 (AS AMENDED BY CIRCULAR CSSF 25/900)
\nCircular CSSF 22/811 (as amended by Circular 25/900) Re: Authorisation and organisation of entities acting as UCI administrators
\nTABLE OF CONTENTS 1. 2.
\nDefinitions Scope 2.1 Eligible entities 2.2 UCI administration activity 2.2.1 Appointment of a UCI administrator: Authorisation requirements 2.2.2 UCI administration activity 2.2.3 Registrar function 2.2.4 NAV calculation and accounting function 2.2.5 Client communication function 3. Organisational arrangements 3.1 General provisions 3.2 Internal organisation 3.2.1 General principles 3.2.2 Approval of new business relationships and new services 3.2.3 Management of conflicts of interest 3.2.4 Relationship with the depositary 3.2.5 Access and retention of the core UCI documentation, including in case of change of UCI administrator 3.3 Human resources 3.4 ICT resources and, Business Continuity and Disaster Recovery Planning 3.5 Delegation models 4. Entry into force and various provisions A - List of information to be provided to the CSSF to apply for authorisation to act as UCI administrator
\n45 78 78 89 89 1011 1314 1516 1819 1920 1920 2122 2122 2324 2324 2425 2526 2728 2829 3031 3536 3738
\nCIRCULAR CSSF 22/811 (AS AMENDED BY CIRCULAR CSSF 25/900)
\nCircular CSSF 22/811 (as amended by Circular CSSF 25/900) Re: Authorisation and organisation of entities acting as UCI administrators Luxembourg, 16 May 2022 To all entities, as defined hereafter, carrying out the activity of UCI administration or part thereof
\nLadies and Gentlemen, Chapter D of Circular IML 91/75 specifies the rules concerning the central administration of Luxembourg UCIs. This circular replaces Chapter D of Circular IML 91/75 taking into account the legislative developments, changes in technology and market evolution with respect to the activity of UCI administration. This new circular clarifies the activity of UCI administrators by specifying the principles of sound governance and the CSSF requirements on internal organisation T and good practice applicable to them. To that effect, the circular will apply to the o entities acting as UCI administrator for regulated and non-regulated UCIs a established, or not, in Luxembourg. l It is reminded that all entities carrying out the activity of UCI administration are l subject to the laws and regulations in force, notably due to their status, e authorisation or activities, including, but not limited to, legislation in the area of the fight against money laundering t and terrorist financing and on delegation. i and regulations to determine the eligibility of UCIs must refer to applicable laws t UCI administrators.
\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.
"}