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ARTICLE · 13 MARCH 2026

CSSF Circular 25/901 – Key Changes For Part II UCIs

Maples Group
Maples Group
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Maples Group

Maples Group

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On 19 December 2025, the Commission de Surveillance du Secteur Financier ("CSSF") published Circular 25/9011("Circular 25/901"), which consolidates and modernises...

LuxembourgStrategy
Johan Terblanche
Johan Terblanche
Antonios Nezeritis
Antonios Nezeritis
Donnchadh McCarthy
Donnchadh McCarthy
Michelle Barry
Michelle Barry
Jennifer Burr
Jennifer Burr
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On 19 December 2025, the Commission de Surveillance du Secteur Financier ("CSSF") published Circular 25/9011("Circular 25/901"), which consolidates and modernises the regulatory framework applicable to specialised investment funds ("SIFs"), investment companies in risk capital ("SICARs"), and part II undertakings for collective investment ("Part II UCIs").

Circular 25/901 repeals several older circulars (including CSSF circulars 02/80 which applied to Part II UCIs, 07/309 which applied to SIFs, 06/241 which applied to SICARs) and introduces clarifications aimed at simplification and consistency.

This client update focuses exclusively on the impact of Circular 25/901 on Part II UCIs.

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