The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) has updated its FAQ on the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, revising guidance on UCITS ETF portfolio transparency and on the conditions under which UCITS may hold ancillary liquid assets. On UCITS ETFs, the amended guidance applies to all UCITS ETFs and not only actively managed UCITS ETFs. In addition to the daily portfolio information typically provided to market makers and authorised participants, investment fund managers must publish detailed portfolio holdings to all investors at least quarterly, with a maximum publication lag of 30 business days, replacing the previously applicable monthly frequency. On ancillary liquid assets, the CSSF clarifies that, solely for processing subscriptions or redemptions, UCITS may also hold e-money tokens as defined in Article 3(1)(7) of MiCAR, provided these are converted to bank deposits at sight or invested in eligible assets as soon as practicable.
Luxembourg Commission de Surveillance du Secteur Financier 2026-02-17
Luxembourg Commission de Surveillance du Secteur Financier updates UCITS FAQ on ETF portfolio transparency and ancillary liquid assets including e-money tokens
The Luxembourg CSSF updated its FAQ on the Law of 17 December 2010, revising guidance on UCITS ETF portfolio transparency and conditions for holding ancillary liquid assets. UCITS ETFs must now publish detailed portfolio holdings quarterly to all investors, with a maximum lag of 30 business days. Additionally, UCITS may hold e-money tokens for processing subscriptions or redemptions, provided they are promptly converted to bank deposits or invested in eligible assets.