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ARTICLE · 22 JUNE 2023

CSSF Updates Its FAQ For Investments In Virtual Assets: Impact On AIFs

Chevalier & Sciales
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On April 6, 2023, the Commission de Surveillance du Secteur Financier (CSSF) released an update to its Frequently Asked Questions (FAQs) regarding virtual assets and undertakings for collective...

LuxembourgFinance and Banking
Chevalier & Sciales
Chevalier & Sciales
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On April 6, 2023, the Commission de Surveillance du Secteur Financier (CSSF) released an update to its Frequently Asked Questions (FAQs) regarding virtual assets and undertakings for collective investment (UCIs). The update includes modifications to Question 2 and the publication of Question 3A.

Investment conditions for AIFs aimed at Professional Investors

Question 2 of the CSSF FAQ was updated to clarify the conditions under which investments in virtual assets can be made by AIFs aimed at professional investors, but not those aimed at retail investors. These investments can be made as long as they comply with existing regulatory requirements and do not affect the fund's risk profile. An AIF can invest directly and indirectly in virtual assets, provided its units/shares are marketed only to professional investors, and the AIFM must obtain an authorization extension from the CSSF for this new investment strategy.

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