18 agosto 2025 Silke Bernard  -  Raoul Heinen  -  Martin Mager  -  Claire Prospert  - Claire Virard-Canto -  Piotr Teklak Financial Regulation - Investment Funds - Private Equity

CSSF clarifies notification duties for Luxembourg fund managers managing specific investment funds.

Effective 27 June 2025, the Circular CSSF 15/612 has been replaced with Circular CSSF 25/984, which updates and clarifies the scope of the information required to be submitted to the CSSF by Luxembourg domiciled investment fund managers (“IFMs”) in relation to managing a non-authorized investment fund.
Non-Luxembourg IFMs are not covered by the rules.

Key changes:

1. Clarification of funds concerned: The circular concerns all investment funds that are not authorised by the CSSF. These include the following:

i. UCITS established in other (non-Luxembourg) EU countries;

ii. AIFs established in other EU countries;

iii. AIFs established in third countries (outside the EU);

iv. AIFs established in Luxembourg that are not subject to the CSSF authorisation or supervision.

2. Luxembourg IFMs concerned: The circular applies to UCITS management companies (“ManCos”), as well as both registered and authorized AIFMs.

3. Information required to be submitted: In addition to information previously required, the IFMs must now also provide certain identifying information around the following:

i. the person responsible for NAV calculation and fund accounting;

ii. the registrar agent;

iii. the delegate portfolio manager and (if applicable) sub-delegate portfolio manager.

4. Deadline updates: IFMs will need to notify the commencement of the management of additional UCITS or AIFs either in advance or (if impossible because they commence the management at the moment of formation of the fund) as soon as possible following the fund’s formation. The CSSF has specified that the is considered to be managing a fund as of:

a) date of signature or the effective date (whichever is the earliest) of the management agreement;

b) date of formation of an investment fund where the IFM is appointed for a managerial corporate law role (e.g. managing general partner or a director/manager);

c) (AIFMs only) any other date on which it is effectively demonstrated that the responsibility for the fund management has been conferred on the AIFM.

Please liaise with your usual Linklaters contacts if you have any questions regarding the above.