FAQ On CSSF Circular 24/856

On 24 December 2024, Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF"), issued an FAQ relating to CSSF Circular 24/856 on the protection of investors in case of an NAV calculation error, an instance of non-compliance with the investment rules and other errors at UCI level ("Circular").

Background

The Circular sets out guidelines to be observed by undertakings for collective investment subject to CSSF supervision ("UCIs") and investment management professionals operating in Luxembourg in the event of errors in the management of UCIs.

These guidelines relate to errors in the calculation of the net asset value ("NAV") of a UCI, breaches of the investment rules applicable to UCIs as well as other errors at the level of a UCI as stipulated in the Circular.