Regulatory Blog

On 22 April 2026, the CSSF announced updated procedures for cross-border management notifications and de-notifications for Luxembourg-domiciled Investment Fund Managers operating under a European passport. These changes, effective from 22 April 2026, aim to enhance efficiency and transparency in the notification process using digital platforms.

On 10 April 2026, the CSSF issued a communication to the investment fund industry regarding the activation of the "Liquidity Management Tool" module. This follows the implementation of additional liquidity management requirements introduced by the Law of 3 March 2026, which transposes Directive (EU) 2024/927.

On 6 March 2026, Luxembourg's Commission de Surveillance du Secteur Financier issued updates regarding the Anti-Money Laundering and Countering the Financing of Terrorism data collection exercises for 2026. These updates aim to streamline processes and align with European standards.

On 2 March 2026, the Commission de Surveillance du Secteur Financier, Luxembourg's financial regulator, published a guidance document outlining the documents and information to be submitted for the assessment of the shareholding structure of authorised Investment Fund Managers. The guidance applies to both initial authorisation applications and modifications to the shareholding structure of authorised IFMs and covers both qualified and non-qualified shareholders.

Effective 16 April 2026, Luxembourg introduces enhanced liquidity management obligations for UCITS and open-ended AIFs under the Law of 3 March 2026, aligning with EU Directive 2024/927.

The Luxembourg Special Limited Partnership has become the go-to vehicle for private equity, venture capital, and real estate funds. It offers flexibility, tax efficiency, and minimal regulatory hassle, but only if you structure it correctly. Get it wrong, and you could face serious regulatory consequences.

On 4 February 2025, the Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) updated its FAQs on crypto-assets, reflecting significant regulatory changes and providing guidance for various stakeholders. Here's a concise summary:

The European Securities and Markets Authority recently issued guidance regarding the transitional periods under the Markets in Crypto-Assets Regulation. These transitional measures allow crypto-asset service providers operating before 30 December 2024, to align with MiCA requirements. However, Member States may choose to limit or forgo these transitional periods to enhance financial stability and investor protection.

On 16 December 2025, Luxembourg’s Commission de Surveillance du Secteur Financier published Circular 25/900, amending Circular CSSF 22/811 concerning the authorisation and organisation of entities acting as UCI administrators.

On 19 December 2025, Luxembourg’s Commission de Surveillance du Secteur Financier published Circular 25/901, which became effective the same day. This circular, streamlines and modernises the regulatory framework for Luxembourg's investment funds. By consolidating previous circulars and aligning provisions with practical experience, it establishes a unified and coherent set of rules for Specialised Investment Funds, Investment Companies in Risk Capital, and Part II Undertakings for Collective Investment.

On 1 December 2025, the Commission de Surveillance du Secteur Financier announced the launch of its 2025 Annual AML/CFT Questionnaire on 23 February 2026. This initiative aims to gather standardised information on money laundering and terrorism financing risks faced by entities under CSSF supervision, as well as the measures implemented to mitigate these risks.

On 12 August 2025, the Luxembourg tax authorities published a circular offering guidance on the Collective Investment Vehicle exemption under the reverse hybrid rules introduced by ATAD2.