CSSF guidance on virtual assets
21 December 2024 _ Regulatory & compliance
Following its recent communications on financial innovation, the Commission de Surveillance du Secteur Financier (the "CSSF") has just published a very interesting guide on virtual assets with a focus on the investment fund industry.
Virtual assets, which take a multitude of different forms, have grown exponentially in recent years and have attracted a lot of interest as a potential new asset class for professionals, as well as for investors.
In a nutshell:
- UCITS and UCIs targeting non-professional investors and pension funds cannot invest directly or indirectly in virtual assets;
- AIFs which market their units only to professional investors and which have an authorised manager whose authorisation extends to the "Other virtual assets of the fund" strategy may invest directly and indirectly in virtual assets.
This document consolidates into a single document all Q&As relating to the UCITS Directive previously issued by ESMA i.e. the Q&As on:
- the Key Investor Information Document (KIID) for UCITS (2015/ESMA/631);
- ESMA’s guidelines on ETFs and other UCITS issues (ESMA/2015/12);
- Notification of UCITS and exchange of information between competent authorities (ESMA/2012/428);
- Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS (ESMA/2013/1950).
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Pharus Asset Management SA dedicates the utmost attention and precision to the information contained in this message; nevertheless, no liability shall be accepted for errors, omissions, inaccuracies or manipulations by third parties on what is materially processed capable of affecting the correctness of the information provided and the reliability of the same, as well as for any result obtained using the said information.
It is not permitted to copy, alter, distribute, publish or use these contents on other sites for commercial use without the specific authorization of Pharus Asset Management SA.
The contents of this informative message are the result of the free interpretation, evaluation and appreciation of Pharus Asset Management SA and constitute simple food for thought.
Any information and data indicated have a purely informative purpose and do not in any way represent an investment advisory service: the resulting operational decisions are to be considered taken by the user in full autonomy and at his own exclusive risk.
Pharus Asset Management SA dedicates the utmost attention and precision to the information contained in this message; nevertheless, no liability shall be accepted for errors, omissions, inaccuracies or manipulations by third parties on what is materially processed capable of affecting the correctness of the information provided and the reliability of the same, as well as for any result obtained using the said information.
It is not permitted to copy, alter, distribute, publish or use these contents on other sites for commercial use without the specific authorization of Pharus Asset Management SA.
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