On 19 December 2025, the CSSF published the Circular CSSF 25/901
(the "Circular"), which relates to the
assets, investment limits, risk capital, techniques, borrowing, and
transparency requirements in relation to SIFs, SICARs and Part II
UCIs. The Circular replaces previous CSSF circulars (such as
Circular CSSF 02/80 applied to Part II UCIs, Circular CSSF 07/309
applied to SIFs, and Circular CSSF 06/241 applied to SICARs) about
these topics while maintaining and adapting the core principles,
and brings together all the provisions into a single text, with
flexibility based on the type of investor targeted.
The CSSF Circular 25/901 has already entered into force (except
for funds approved by the CSSF prior to its publication) and
applies to all SIFs, SICARs and Part II UCIs and their compartments
when set up as umbrella funds, except the following funds or
compartments:
