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By Manfred DIETRICH, Partner, Astrid VAILLANT, Senior Associate Pawel BUNIOWSKI, Senior Associate, Pinsent Masons Luxembourg LLP
On 19 December 2025, the Commission de Surveillance du Secteur Financier (CSSF) published CSSF Circular 25/901 (the Circular). This represents a transformative moment in the CSSF supervision of the Luxembourg investment fund sector creating the most significant consolidation of alternative investment funds (i.e. Part II UCIs, SIFs and SICARs) guidance in several decades. By repealing decades-old circulars and outdated administrative practices, the CSSF has clearly demonstrated its intention to modernise, streamline, and clarify regulatory expectations and on the other hand a more liberal approach relating to more sophisticated...
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