On 19 December 2025, the CSSF published Circular 25/901, which
repeals certain previous and dated CSSF circulars regarding
specialised investment funds, SICAR and UCI Part II funds with the
aim of modernising, clarifying and simplifying the current rules
and CSSF interpretations, underlying the CSSF's objective of
contributing to the appeal of Luxembourg as a centre for
alternative funds in the years to come.
The CSSF Circular is accompanied by a Glossary outlining the key
concepts in the non-UCITS and non-MMF domain. This document aims to
facilitate technical discussions with the regulator on private
assets by explaining the CSSF's interpretation of these
concepts. Its purpose is not to introduce new concepts but to
formalise existing practices, serving as a reference for both the
industry and the CSSF regarding prevailing market standards.
