Further to publication by the European Securities and Markets Authority (ESMA) of guidelines on performance fees in November 2020 (applicable since 6 January 2021), the CSSF issued Circular CSSF 20/764 on 18 December 2020 and integrated the guidelines into its administrative practice and regulatory approach. The aim is to ensure proper disclosure to investors of performance-fee models in accordance with the guidelines.

In this context, the CSSF has introduced a new eDesk module on performance fees and will require the investment fund managers ("IFMs")  of Luxembourg-based UCITS or AIFs they manage to complete a questionnaire, as from 30 September 2021. 

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