About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Important upcoming changes to the CSSF visa process applicable to prospectuses of CSSF regulated funds
On 6 March 2025, Luxembourg’s Commission de Surveillance du Secteur Financier announced that a streamlined “e-Identification” system to replace the current VISA procedure for fund prospectuses will be introduced by April 2025. Covering UCITS, Part II UCIs, SICARs, and SIFs, this modernised system is designed to enhance administrative efficiency while upholding investor protection standards.
12 Mar 2025
Simplified procedure for creating new share classes announced by the Luxembourg financial regulator
On 12 February 2025, the Commission de Surveillance du Secteur Financier (CSSF) introduced a streamlined and more efficient procedure for the creation of new share classes in investment funds, thereby eliminating the need for a prospectus update.
25 Feb 2025
Key guidelines of CSSF Circular 24/856 on Investor Protection (NAV errors/breach of investment restrictions and other errors)
As a reminder, on 28 March 2024, Luxembourg’s Commission de Surveillance du Secteur Financier issued Circular 24/856 providing comprehensive guidelines for the protection of investors in cases of errors related to the Net Asset Value calculation, non-compliance with investment rules and other administrative errors at the level of Undertakings for Collective Investment under the supervision of CSSF. An English version of the circular has recently been released.
06 Aug 2024
CySEC announces new requirement for Crypto-Asset Service Providers
On 30 July 2024, the Cyprus Securities and Exchange Commission issued Circular 654 addressed to CIFs, AIFMs, and UCITS Management Companies intending to offer crypto-asset services and providing an update following Circular 648.
02 Aug 2024
ESMA seeks input on Liquidity Management Tools for funds
On 8 July 2024, the European Securities and Markets Authority initiated a consultation on draft guidelines and technical standards under the revised Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. These directives aim to enhance financial stability and standardise liquidity risk management across the investment funds sector.
15 Jul 2024
ESMA seeks feedback on UCITS Eligible Assets Directive review
On 7 May 2024, the European Securities and Markets Authority issued a Call for Evidence regarding the review of Commission Directive 2007/16/EC on UCITS eligible assets. This initiative is part of the European Commission's request for ESMA to provide technical advice on the UCITS EAD review.
06 Jun 2024
AIFMD II published in the Official Journal of the European Union
On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive 2011/61/EU and the Undertaking for Collective Investment in Transferable Securities Directive 2009/65/EC was published in the Official Journal of the European Union.
09 Apr 2024
CSSF updates FAQ for guidelines for UCIs investing in Virtual Assets
On 22 February 2024, the Commission de Surveillance du Secteur Financier revised its FAQ on Virtual Assets for Undertakings for Collective Investment relating to the promotion of UCIs engaged in direct or indirect investment in virtual assets.
11 Mar 2024
The European Parliament has adopted the AIFMD 2.0 text
On 7 February 2024, the European Parliament adopted the final version of the text amending the Alternative Investment Fund Managers Directive (AIFMD 2.0).
16 Feb 2024