Regulatory Alerts2025-12-19
Added · Updated
Circular CSSF 25/901 on Specialised Investment Funds, SICARs and Part II UCIs
This circular consolidates and updates regulatory provisions for specialised investment funds (SIFs), investment companies in risk capital (SICARs), and undertakings for collective investment subject to Part II of the Law of 17 December 2010 (Part II UCIs). It repeals previous circulars CSSF 02/80, CSSF 07/309, CSSF 06/241, and specific chapters of Circular IML 91/75, while rendering Circular CSSF 08/356 and Chapter H of Circular IML 91/75 inapplicable to Part II UCIs. The document establishes investment limits for risk-spreading, permitting up to 25% exposure to single entities for retail funds and 50% for well-informed or professional investors, with specific rules for infrastructure investments and ramp-up periods. It also clarifies the concept of risk capital for SICARs, requiring active management intentions and defined exit strategies in authorization files and sales documents.
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