Official reference library
Luxembourg AIF Regulatory Framework
A structured selection of the principal European Union, Luxembourg and CSSF texts relevant to alternative investment funds, their managers, boards and service providers.
The applicable framework depends on the fund vehicle, manager, strategy, investor base and distribution model. This page therefore distinguishes the core rules from texts that apply only in specific circumstances.
Last reviewed: 23 August 2026
European frameworkLuxembourg lawsCSSF regulationsCSSF circulars
01
European Union framework
The AIFMD framework is the starting point. Sustainability, distribution, digital resilience and product-specific rules supplement it where relevant.
EU Directive
AIFMD — Directive 2011/61/EU
The core framework for the authorisation, operation and transparency of alternative investment fund managers, including delegation, depositaries, leverage, reporting and marketing.
EU Directive
AIFMD II — Directive (EU) 2024/927
Amends AIFMD in relation to delegation, liquidity-management tools, loan origination, supervisory reporting and depositary and custody services. Luxembourg transposed the reform through the Law of 3 March 2026.
EU Delegated Regulation
Commission Delegated Regulation (EU) No 231/2013
Detailed AIFMD rules on exemptions, operating conditions, valuation, delegation, depositaries, leverage, transparency and supervision.
EU Regulation
SFDR — Regulation (EU) 2019/2088
Sustainability-related disclosures by financial market participants and financial advisers, including product-level classifications and disclosures.
EU Delegated Regulation
SFDR RTS — Regulation (EU) 2022/1288
Regulatory technical standards governing the presentation and content of SFDR pre-contractual, website and periodic disclosures.
EU Regulation
Taxonomy Regulation — Regulation (EU) 2020/852
Classification framework for environmentally sustainable economic activities and related disclosure obligations.
EU Regulation
Cross-border distribution — Regulation (EU) 2019/1156
Rules facilitating cross-border distribution of collective investment undertakings, including marketing communications and regulatory fees.
EU Regulation
ELTIF Regulation — Regulation (EU) 2015/760, as amended
The consolidated ELTIF 2.0 framework governing authorisation, eligible assets, diversification, borrowing and distribution of European long-term investment funds.
EU Regulation
DORA — Regulation (EU) 2022/2554
Digital operational resilience requirements for financial entities, including authorised AIFMs, covering ICT risk, incidents, testing and third-party providers.
EU Regulation
PRIIPs — Regulation (EU) No 1286/2014
Key information document requirements where packaged investment products are made available to retail investors.
EU Regulation
EMIR — Regulation (EU) No 648/2012
Rules relevant to funds using derivatives, including clearing, risk-mitigation and reporting obligations.
02
Luxembourg laws
These laws transpose the European manager framework and govern the principal Luxembourg alternative-fund vehicles and legal forms.
Luxembourg Law
Law of 12 July 2013 on alternative investment fund managers
The principal Luxembourg AIFM law, in its consolidated version updated for the AIFMD II transposition.
Luxembourg Law
Law of 17 December 2010 relating to undertakings for collective investment
The product law for UCIs, including Part II UCIs that generally qualify as alternative investment funds.
Luxembourg Law
Law of 13 February 2007 relating to specialised investment funds
The product and supervisory framework for Luxembourg specialised investment funds (SIFs).
Luxembourg Law
Law of 15 June 2004 relating to the investment company in risk capital
The framework for Luxembourg investment companies in risk capital (SICARs).
Luxembourg Law
Law of 23 July 2016 on reserved alternative investment funds
The product framework for Luxembourg RAIFs, which are not directly supervised at product level but must be managed by an authorised external AIFM.
Luxembourg Law
Law of 10 August 1915 on commercial companies
The general company-law framework governing corporate and partnership forms commonly used for Luxembourg funds, GPs and SPVs.
Luxembourg Law
Law of 12 November 2004 on AML/CFT
The consolidated Luxembourg framework on the fight against money laundering and terrorist financing.
03
CSSF regulations
CSSF regulations provide binding detail on AML/CFT, retail marketing and selected product-level risk and conflicts requirements.
CSSF Regulation
CSSF Regulation No 12-02
Detailed AML/CFT requirements for professionals subject to CSSF supervision.
CSSF Regulation
CSSF Regulation No 15-03
Rules for marketing foreign alternative investment funds to retail investors in Luxembourg.
CSSF Regulation
CSSF Regulation No 15-07
Risk-management and conflicts-of-interest requirements for SIFs outside the specific provisions of Part II of the SIF Law.
CSSF Regulation
CSSF Regulation No 15-08
Conflicts-of-interest requirements for SICARs outside the specific provisions of Part II of the SICAR Law.
04
Key CSSF circulars
The following circulars address the organisation and reporting of IFMs, fund administration, operational arrangements, AML/CFT and the correction of fund-level errors.
CSSF Circular
Circular CSSF 18/698
Authorisation and organisation of Luxembourg investment fund managers, with specific AML/CFT provisions.
CSSF Circular
Circular CSSF 21/789, as amended by 23/839
Annual IFM self-assessment, statutory-auditor engagement, management letter and separate annual report.
CSSF Circular
Circular CSSF 22/806, as amended by 25/883
The CSSF framework for outsourcing arrangements. For ICT matters, it must be read together with the directly applicable DORA framework.
CSSF Circular
Circular CSSF 22/811, as amended by 25/900
Authorisation and organisation of entities acting as UCI administrators.
CSSF Circular
Circular CSSF 23/844
AIFMD reporting obligations for alternative investment fund managers.
CSSF Circular
Circular CSSF 24/854
Guidelines for the collective investment sector’s AML/CFT Summary Report RC (SRRC).
CSSF Circular
Circular CSSF 24/856
Investor protection in case of NAV-calculation errors, investment-rule breaches and other errors at UCI level.
CSSF Circular
Circular CSSF 25/894
Information to be submitted to the CSSF concerning investment funds not authorised by the CSSF.
CSSF Circular
Circular CSSF 25/901
Current CSSF framework for SIFs, SICARs and Part II UCIs, replacing several older product circulars.
Important note
This curated overview is intended as a practical starting point. It is not exhaustive and does not constitute legal, tax, regulatory or investment advice.
The scope and current version of each requirement should be checked against the official consolidated text and the circumstances of the relevant entity.
Related Prudentia Advisory resources
For practical board implications and comparisons between Luxembourg fund vehicles, consult our internal reference pages.
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