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ARTICLE · 22 JANUARY 2026

CSSF Circular 25/901: A Simplified And Modernized Framework For Part II UCIs, SIFs And SICARs With Proportionate Protections Per Investor-type

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The CSSF's Circular 25/901 (Circular) consolidates and modernizes the supervisory framework for Luxembourg SIFs, SICARs and Part II UCIs.

LuxembourgWealth Management
Miao Wang
Miao Wang
Vittoria Faraone
Vittoria Faraone
Severina Käppeli
Severina Käppeli
Dara Ingallo
Dara Ingallo
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The CSSF's Circular 25/901 (Circular) consolidates and modernizes the supervisory framework for Luxembourg SIFs, SICARs and Part II UCIs. It replaces several longstanding circulars and codifies CSSF expectations across investment limits, risk-spreading, borrowing, efficient portfolio management, disclosures and operational mechanics, with a risk-calibrated approach tied to investor sophistication.

The Circular applies to SIFs, SICARs and Part II UCIs (including compartments), but excludes ELTIFs, MMFs, EuVECA and EuSEF, as well as pre-existing closed-ended funds. It enters into force on December 19, 2025. Open-ended funds authorized by the CSSF before this date may continue to apply their existing rules.

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