Circular CSSF 25/901 is a CSSF circular relating to specialised investment funds, investment companies in risk capital and undertakings for collective investment subject to Part II of the Law of 17 December 2010, published 19 December 2025.
\nLegal basis: Law of 17 December 2010 on undertakings for collective investment, Law of 13 February 2007 on specialised investment funds, Law of 15 June 2004 on the investment company in risk capital (SICAR).
\nRelevant for: Other specific authorisations, registrations and information, Part II UCIs, SICARs, SIFs.
\nKeywords: AIF (alternative investment fund), Authorisation, Financial education.
\nAmends Circular CSSF 08/356.
\nCircular CSSF 25/901 relating to specialised investment funds, investment companies in risk capital and undertakings for collective investment subject to Part II of the Law of 17 December 2010
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nCircular CSSF 25/901 relating to specialised investment funds, investment companies in risk capital and undertakings for collective investment subject to Part II of the Law of 17 December 2010 To all specialised investment funds (SIFs), investment companies in risk capital (SICARs) and undertakings for collective investment governed by Part II of the Law of 17 December 2010 (Part II UCIs), and to all the persons involved in the functioning and control of these funds.
\nLuxembourg, 19 December 2025 Ladies and Gentlemen,
\nThis circular is part of a broader effort towards modernisation, clarification and simplification. With a few exceptions, the circular is intended for all investment funds that are subject to an authorisation by the Commission de Surveillance du Secteur Financier (hereinafter “CSSF”) pursuant to the Law of 13 February 2007 relating to specialised investment funds, the Law of 15 June 2004 relating to the investment company in risk capital or Part II of the Law of 17 December 2010 relating to undertakings for collective investment. The circular repeals Circulars CSSF 02/80, CSSF 07/309, CSSF 06/241 and Chapters G and I of Circular IML 91/75 and renders the provisions of Circular CSSF 08/356 as well as Chapter H of Circular IML 91/75 inapplicable to Part II UCIs. It replaces these circulars while maintaining their core principles, but adapting them to the practical experience gained since their publication. It brings together all the provisions into a single text while ensuring consistency in the terminology used. It provides flexibility depending on the type of investor targeted and allows the CSSF to grant derogations based on a duly motivated justification. The circular does not call into question the rules adopted by the funds or compartments authorised by the CSSF before the date of entry into force of this circular. Without prejudice to the provisions above and point 50 of this circular, the CSSF expects the directors (dirigeants) of SIFs, SICARs and Part II UCIs, as well as the persons involved in the functioning, management and control of these funds, to ensure, within the scope of their respective responsibilities, that the SIFs, SICARs and Part II UCIs concerned comply with the provisions of this circular. For the illustration of the general concepts underlying this circular, reference is made to the document entitled “Compilation of the key concepts and terms used in the area of investment funds other than UCITS and MMFs and how the CSSF understands them” (updated on a regular basis).
\nTABLE OF CONTENTS 1.
\nDefinitions and abbreviations ....................................................................................... 4
\nScope and legal bases ................................................................................................. 5
\n2.1. Scope ..................................................................................................................... 5 2.2. Legal bases ............................................................................................................. 5 3.
\nConcept of assets (SIFs and Part II UCIs) ...................................................................... 6
\nInvestment limits ....................................................................................................... 6
\n4.1. Principles and derogations ........................................................................................ 6 4.2. Application and extensions ........................................................................................ 7 5.
\nConcept of security representing risk capital (SICAR) ........................................
\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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