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ARTICLE · 16 JULY 2025

CSSF Circular 25/894 Repeals Circular 15/612 And Expands IFM Reporting Obligations

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On 27 June 2025, the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF"), issued CSSF Circular 25/894 ("Circular"), establishing new guidelines...

LuxembourgFinance and Banking
Johan Terblanche
Johan Terblanche
Michelle Barry
Michelle Barry
Manfred Dietrich
Manfred Dietrich
Donnchadh McCarthy
Donnchadh McCarthy
Jennifer Burr
Jennifer Burr
Quentin Goffioul
Quentin Goffioul
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On 27 June 2025, the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF"), issued CSSF Circular 25/894 ("Circular"), establishing new guidelines for authorised and registered Luxembourg investment fund managers ("IFMs") that manage investment funds that are not authorised by the CSSF ("non-authorised funds"). The Circular aims to ensure comprehensive regulatory oversight and access to up-to-date information on all such funds managed by Luxembourg IFMs, among other reasons to allow the CSSF to meet its obligations toward the European Securities and Markets Authority.

Background and Scope

The Circular repeals and replaces Circular CSSF 15/612, and applies to all Luxembourg IFMs, including:

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