Agefi Luxembourg - juillet août 2026

AGEFI Luxembourg 30 Juillet / Août 2026 Fonds &Marchés A door has been cautiously opened for cryptoassets in regulated funds. Until recently, exposure to cryptoassets was reserved for Alternative In­ vestment Funds (AIFs) – vehicles designed for sophisticated, insti­ tutional or wellinformed inves­ tors capable of absorbing significant risk. UCITS, the be­ drock of European retail fund management, remained entirely offlimits: successive versions of the CSSF (1) ’s FAQ on cryptoassets and collective investment vehi­ cles maintained that UCITS could not obtain any exposure, direct or indirect, to cryptoassets. On 24 April 2026, that position shifted. Version8 of theCSSF’s FAQintroduceda meaningfulchange:UCITSmaynowob­ tain indirect exposure to cryptoassets, subject to a hard cap of 10% of net asset value(NAV)andanumberofconditions. Thepracticalconsequencesaresubstantial forassetmanagersnavigatingamoreper­ missivebutstilltightlyregulatedenviron­ ment,andforretailinvestorswhomay,for the first time, find cryptoasset exposure embedded in a LuxembourgUCITS. Cryptoassets inLuxembourgUCITS Prior FAQupdate Prior to the CSSF’s April 2026 FAQ up­ date, UCITS had no pathway, direct or indirect, toobtain cryptoasset exposure. Suchstrategieswere exclusively reserved forAIFs, where two distinct regimes ex­ isted in practice. Thefirstwas thedeminimisAIF regime, a lighter supervisory framework ex­ emptingmanagers belowcertain thresh­ olds (€100million for openended funds, €500million for closedendedstructures) from full AIFMD authorisation. While operationally accessible, this regime car­ ried significant structural limitations: de minimisAIFs arenot required toappoint a depositary, nor are they obliged to en­ gage a MiCARcompliant CryptoAsset Service Provider (CASP) for custody purposes. The absence of these safe­ guards placed suchvehicleswell outside the risk appetite of most institutional in­ vestors anddistributors, andoutside any framework compatible with PanEuro­ pean distribution. The secondroute requireda fullAIFMli­ cence under the dedicated “OtherOther FundCryptoassets” authorisation cate­ gory recognisedby theCSSF. This licence imposes substantiallyhigher operational and governance requirements and, in practice,remainsexceptionallyrare.Asof thedateofthisarticle,6Monks(6M)isthe only AIFM in Luxembourg to hold this specific authorisation – an indication of hownascent andnarrowlyaccessible the fully regulated cryptoasset AIF market has remained. Following FAQupdate TheApril 2026 updatematerially broad­ ens the eligible investor base. UCITS, as well asAIFs that do not hold the specific “OtherOther FundCryptoassets” li­ cence,maynowobtain indirect exposure tocryptoassets,subjecttoaceilingof10% of NAV. This is not an authorisation to hold cryptoassets directly: funds must access themthrougheligiblefinancial in­ strumentsratherthanspotholdingsofto­ kens or coins. The 10% cap applies at fund level andmust bemonitored on an ongoing basis; breaches attributable to market movements are expected to be remediedwithinareasonabletimeframe. What are the benefits of crypto exposure? Cryptoassets offer portfoliodiversifica­ tion benefits rooted in their historically low correlation with traditional asset classes such as equities and sovereign bonds – a characteristic documented in academic and industry research, albeit one that tends to compress during peri­ ods of acute market stress. They repre­ sent a structurally distinct investment category increasingly integrated with mainstream financial infrastructure: S&P Dow Jones Indices and FTSE Rus­ sell have adoptedChainlink’s oracle net­ work for index data provision, and several European Electronic Money In­ stitutions use stablecoins to improve payment flows and reduce reliance on correspondent banking rails. For asset managers, the CSSF’s revised position provides the capacity to incorporate an asset class with distinct return drivers, diversificationproperties, and exposure to the structural growthof decentralised financial infrastructure. Conditions to integrate Cryptoassets in investment strategy Eligible type of cryptoasset exposure For UCITS, the FAQ is clear: any indirect cryptoasset exposure must be obtained throughinstrumentsthatqualifyastrans­ ferablesecuritiesunderArticle1(34)ofthe Luxembourg Law of 17 December 2010 onundertakingsforcollectiveinvestment, Article2oftheGrandducalRegulationof 8 February 2008 and point 17 of Circular CSSF 08/380. The instruments must not embedderivatives,inaccordancewithAr­ ticle10oftheGrandducalRegulationof8 February 2008. The exposure must be deltaone: no short positions, no leverage. Three categories of instruments are cur­ rently considered eligible inpractice: ExchangeTradedProducts(ETPs).ETPs providing passive, deltaone exposure to cryptoassets represent the most straight­ forward route. These instruments are listedandliquid,andtheirqualificationas transferablesecuritiesisgenerallywelles­ tablished,providedtheymeettherelevant criteriaunderArticle2oftheGrandducal Regulationof 8 February 2008. Shares or units in closedended funds. Sharesorunits inother funds fullyorpre­ dominantlyinvestedincryptoassetsmay alsoqualify,subjecttoimportantstructural conditions. The fund must be closed­ ended – an openended structure cannot qualify as a transferable security because of its continuous redemptionmechanism – andmust be listed on a regulatedmar­ ket to fall withinArticle 41(1)(a) to (d) of the Law of 17 December 2010, thereby sittingoutsidethetrashratio.Anonlisted closedended fundqualifies as a transfer­ able security on the other conditions but consumespart of the10%residual basket underArticle 41(1)(e). Eligible structures may include RAIFs, SIFs, Part II UCIs, SICARs, or anyother regulatedorunreg­ ulated closedended vehicle meeting these criteria. OtherUCITSorUCIswithlimitedcrypto exposure.UCITSorUCIsmaintainingup to10%cryptoexposureunder the revised FAQare technically eligible, butmonitor­ ing underlying exposure on an ongoing basis across a fundoffunds structure is operationally complex and places a sig­ nificant due diligence burden on the in­ vesting fund’s risk function. Adequate internal control functions The CSSF does not treat cryptoasset ex­ posure as a straightforward extension of existing UCITS investment capabilities. The FAQ requires that internal control functions be adequate before any crypto exposure is introduced, and places ex­ plicit emphasis on the role of theRC (Re­ sponsable du Contrôle) and RR (Responsable du Respect) in approving newproducts and investment strategies. In concrete terms, the FAQ expects: (i) dataandpricinginfrastructurecapableof sourcingreliable,independentvaluations meeting UCITS standards; (ii) monitor­ ing tools sufficient to track the 10% limit on an ongoing basis, including look­ through analysis; (iii) demonstrated staff expertise across portfolio management, risk, RC, RR, and compliance functions, including MiCAR; (iv) updated risk management and valuation policies re­ flectingvolatility,potentialilliquidity,and technological risk; and (v) transparent and timely investor disclosure. Prior CSSF notification and approval is a distinct and nonnegotiable requirement. UCITS envisaging cryptoasset invest­ ment must submit the updated invest­ ment policy and risk factors to the CSSF for prior approval and substantiate at the point of notification that all FAQ condi­ tions are satisfied – covering eligible in­ strument selection, internal controls, and riskmanagementarrangements.Thesere­ quirements position theCSSFas anactive gatekeeper rather than a passive recipient of postimplementation reporting. Why active asset management? The diversification benefits of cryptoas­ sets are conditional, not structural. Their typically low correlation with traditional asset classes compresses sharply during periods of market stress – preciselywhen diversificationismostneeded.Astatic,un­ managed allocation therefore carries the risk of amplifying drawdowns at the worst possible moment. Volatility is the central challenge: Bitcoin has historically recorded annualised volatility several multiplesabovethatofglobalequities,and withinaUCITSportfolio,where redemp­ tion obligations are continuous, an un­ managed 10% allocation can generate significant NAV movements. Entry and exit points have a material impact on re­ alisedriskadjustedreturns;apassiveallo­ cation exposes the fund to extended drawdown periods with no reliable par­ allel in traditional markets. Active man­ agementaccordinglyrequirescontinuous reassessment of allocation sizing relative to prevailing market conditions, correla­ tion regimes, and the fund’s overall risk budget – with the ability to reduce expo­ sure rapidlyduringperiods of stress. Illustrative StructuringOptions TheFAQupdatefunctionsasaregulatory enabler, removing the structural barrier that previously confined cryptoasset strategies exclusively to AIFs. The key structural question is howtoobtaindelta­ one crypto exposure through an instru­ ment qualifying as a transferable security – and, ideally, one sittingoutside the trash ratio. Listed, closedended fund investing in cryptoassets. A UCITS invests in a closedended fund –whether aRAIF, SIF, PartIIUCI,oranyothereligibleform–that is listed on a recognised stock exchange andwhoseinvestmentstrategyconsistsof directorindirectexposuretocryptoassets. The listed and closedendednature of the vehicle supports qualification as a trans­ ferablesecurityunderArticle41(1)(a)to(d) of the Law of 17 December 2010, placing the allocation outside the trash ratio and making the full 10%NAV limit available for crypto exposure. ForthcomingRegulatory Developments EU discussion about “UCITS Eligible Assets Directive” The CSSF’s FAQ update represents a na­ tional regulatory position within the ex­ isting UCITS legal framework and does notprejudgeongoingEuropeanleveldis­ cussions. At EU level, the revision of the UCITS EligibleAssets Directive (EAD) is under active discussion: ESMAhas pub­ lished its assessment addressing, inter alia, indirect exposures, lookthrough re­ quirements, and investment limits for novel asset classes including cryptoas­ sets. A revised EAD would take prece­ dence over national guidance, requiring assetmanagerswhohavestructuredtheir crypto allocations around the current Luxembourg framework to adapt. TheMiCAR consultation On20May2026, theEuropeanCommis­ sion issued a formal consultation on the reviewofMiCAR, openuntil 31Septem­ ber 2026, assessing whether the MiCAR framework remains fit for purpose in light of market developments, gaps in scope, and interactions with other regu­ latory regimes – including the treatment of tokenised fund interests and hybrid structures at the intersection of MiCAR and MiFID. The perimeter of regulated cryptoasset activities – including cus­ tody, issuance, and fundlevel exposure– maybe subject to revision, and the report mandated under Articles 140 and 142 of MiCAR may be accompanied by a for­ mal legislative proposal. Implications for asset managers Thepracticalimplicationisthatthecurrent regime may be transitional. Investment policies, prospectus disclosures, and risk frameworksshouldbedraftedwithsuffi­ cient flexibility to accommodate amend­ mentswithoutrequiringfullfundrestruc­ turing. Compliance monitoring should include active tracking of both theUCITS EAD legislative process and the MiCAR consultationtimeline.Buildingregulatory change risk into the governance of any cryptoallocation strategy is not optional. QuentinWERLÉ, HeadofPortfolioManagement,6Monks JeanPierreGOMEZ, HeadofRegulatory&PublicAffairs,SGSSLuxembourg SamuelBORALEVIMERLE, Associate,Arendt&Medernach Indirect CryptoAsset Exposure in UCITS: Navigating the CSSF’s New Framework L es organismes de placement collectif (OPC) luxembour­ geois ont enregistré une nou­ velle progressionde leurs actifs à la findumois demai 2026. Selon les dernières données publiées par la Commission de Surveillance du Secteur Financier (CSSF), les actifs nets totaux ont atteint 6.634,393 milliards dʹeuros, contre 6.436,197 milliards dʹeu­ ros un mois plus tôt, soit une hausse mensuellede 3,08%. Cettehausse résulte principalement de labonneperformance des marchés financiers, qui a contribué à hauteur de 179,943 milliards dʹeuros (+2,80 %), tandis que les souscriptions nettes des investisseurs ont représenté 18,253milliards dʹeuros (+0,28 %). Le nombre dʹorganismes de placement collectif recensés est passé de 2.993 à 2.981 entre avril et mai. Parmi eux, 2.009 sont organisés sous forme de structures à compartiments, regroupant 12.302 sousfonds. Le centre financier luxem­ bourgeois comptait ainsi 13.274 fonds actifs à la fin dumois. Les marchés financiers ont bénéficié en mai dʹun contexte plus favorable. Les solides résultats des entreprises, notam­ ment dans les secteurs de la technologie et de lʹintelligenceartificielle, ont soutenu les marchés actions. Les espoirs dʹun apaisement des tensions au Moyen­ Orient, alimentés par les discussions entre les ÉtatsUnis et lʹIran, ont égale­ ment renforcé la confiance des investis­ seurs. La perspective dʹune baisse dura­ bledes prixdupétrole a contribué à atté­ nuer les inquiétudes liées à lʹinflation. Àlʹinverse, lesmarchés latinoaméricains ont été pénalisés par les préoccupations liées à lʹinflation au Brésil. Du côté des fonds actions, les flux de capitaux sont restésglobalement négatifs en mai, à lʹexception des fonds investis en actions latinoaméricaines et des caté­ goriesdʹactionsdiversifiées, qui ont enre­ gistré des entrées nettes. Les marchés obligataires ont, quant à eux, connuune forte volatilité sous lʹeffet des évolutions géopolitiques et des anti­ cipations dʹinflation. EnEurope, les ren­ dements ont reculé grâce au repli des prix du pétrole, tandis quʹaux États­ Unis, ils ont progressé en raison de la solidité des indicateurs économiques, notamment sur le marché de lʹemploi. Les écarts de crédit se sont resserrés, soutenus par de bons fondamentaux des entreprises et une amélioration du climat de marché. Dans ce contexte, toutes les catégories de fonds obligataires ont affiché des perfor­ mances positives enmai, profitant égale­ ment dʹune légèreappréciationdudollar américain face à lʹeuro. Les fonds obliga­ taires ont enregistré des souscriptions nettes positives dans presque toutes les catégories, à lʹexceptiondes fondsmoné­ taireslibelléseneurosetdesfondsmoné­ tairesmondiaux. Source : CSSF Les fonds luxembourgeois en forte hausse ©magnific