On 16 May 2022, the Luxembourg financial regulator (the "CSSF") released Circular 22/811 on the authorisation and organisation of entities acting as UCI administrators (the "Circular").

The Circular clarifies the activity of UCI administrators, specifying principles of sound governance and the CSSF's requirements in terms of internal organisation and applicable good practices by replacing Chapter D of Circular IML 91/75 (which dates back to 1991) in light of legislative developments, changes in technology and market evolutions affecting the activity of UCI administration. The Circular applies to entities acting as administrators of regulated or unregulated UCIs, established in Luxembourg or abroad, and enters into force with immediate effect.

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