CSSF SIF and SICAR FAQ Version 7: PRIIPs KID and Outsourcing Positions

ByRegReportingDesk
RegReportingDesk card: CSSF, Commission de Surveillance du Secteur Financier, Luxembourg

The CSSF’s regulatory-framework listing identifies version 7 of its FAQ concerning SIFs and SICARs that do not qualify as AIFs as updated on 9 November 2026. The version 7 update log records the 9 November 2026 change as a “Format update” and lists no question as added, modified or deleted. The FAQ carries two positions last edited in December 2022 and November 2023: manufacturers of non-AIF SIFs and SICARs whose units or shares are advised on, offered or sold to retail investors need a PRIIPs KID, while outsourcing involving transfers of relevant information must be assessed under Article 41(2a) of the Law of 5 April 1993 on the financial sector (LFS), including its distinct conditions for qualifying Luxembourg-supervised recipients and other outsourcing recipients.

Question 1.B answers “Yes” to whether the questions and answers under Question 23 of the AIFM FAQ apply to the preparation of PRIIPs KIDs by non-AIF SIFs and SICARs; the AIFM FAQ is the CSSF’s FAQ on the Law of 12 July 2013 on alternative investment fund managers. Several of the Question 23 sub-questions were subsequently modified or deleted, and Question 23.R was added in December 2023. Fund managers, UCI administrators and depositaries may update their internal FAQ references to version 7. The substantive checking work concerns the applicable PRIIPs rules and the existing outsourcing and professional-secrecy framework.

Related reading: our DORA compliance checklist for Luxembourg fund administrators

What version 7 of the CSSF SIF and SICAR FAQ changed

The FAQ contains an update-information history; its version 7 entry, dated 9 November 2026, reads “Format update”.

Date Version Change recorded by the CSSF
9 November 2026 7 “Format update”; no question is listed as added, modified or deleted
17 November 2023 6 “Central administration” replaced by “UCI administrator” in question 2, in line with Circular CSSF 22/811
16 December 2022 5 Question 1.A modified
24 November 2020 4 Question 2 modified
2 September 2019 3 Question 2 modified
14 August 2018 2 Question 1.a) modified
6 July 2017 1 Questions 1 and 2 published

Two details matter when citing the document in a procedure or audit file. The CSSF web page shows “Published on 2 September 2019”, the date of the version 3 entry, while the document’s own history starts on 6 July 2017. The dated headings in version 7 identify 16 December 2022 for Question 1.A, 6 July 2017 for Question 1.B and 17 November 2023 for Question 2. The Question 1.A and Question 2 dates match the version 5 and version 6 history entries.

Version 7 contains positions on PRIIPs KIDs and outsourcing information transfers rather than a filing timetable, and its update log records no deadline or transition provision. Its definitions still tie SICARs to the Law of 15 June 2004, SIFs to the Law of 13 February 2007 and the investment fund manager (IFM) to Circular CSSF 18/698. By contrast, the CSSF lists its SFDR FAQ as version 5, updated on 21 July 2026, as covered in our note on the CSSF SFDR FAQ update.

Which SIFs and SICARs sit outside the AIF regime

Neither vehicle is an AIF by default. In the flowchart at Question 4.D of the AIFM FAQ (version 24, 20 May 2025), a SIF in corporate form or a SICAR “does not automatically qualify as AIF”; where it does not, there is no authorisation or registration under the Law of 2013, only the product authorisation under the Law of 2007 or the Law of 2004. Question 4.F files these as authorised non-AIF SIFs and SICARs. For a SIF or SICAR that is an AIF, the CSSF’s answers sit in the AIFM FAQ itself: PRIIPs in Question 23, data transfers by UCI administrators and depositaries in Question 25.

Three roles read the non-AIF FAQ: the manufacturer for the PRIIPs questions, the UCI administrator and the depositary for question 2, and the board of the SICAV or the IFM for common funds as the client whose acceptance question 2 requires. See also our note on the Circular CSSF 24/856 feedback report.

PRIIPs KID under questions 1.A and 1.B

Question 1.A, modified on 16 December 2022, answers yes: manufacturers of Luxembourg SIFs and SICARs that do not qualify as AIFs, whose units or shares are advised on, offered or sold to retail investors, must have a PRIIPs KID. The FAQ defines a retail investor as any investor who is not a professional investor, meaning a professional client, or one who may on request be treated as such, under Annex II to MiFID II (Directive 2014/65/EU). The legal hook is Article 5(1) of the PRIIPs Regulation (Regulation (EU) No 1286/2014): before a PRIIP is made available to retail investors, its manufacturer draws up a key information document and publishes it on its website.

Non-AIF status does not exempt a fund from the PRIIPs requirements applicable to retail distribution in the EU/EEA. For retail investors outside the EU/EEA, AIFM FAQ Question 23.F clarifies that a PRIIPs KID need not be provided unless the rules of the relevant third country require otherwise.

Question 1.B, published on 6 July 2017, asks whether the same questions and answers under Question 23 of the AIFM FAQ apply to the preparation of PRIIPs KIDs by non-AIF SIFs and SICARs. The answer is “Yes.” The question refers to Question 23 as a whole, without a version number or a sub-question range, so Question 23.R, added later, sits within its wording. Question 23 in version 24 of the AIFM FAQ stands as follows.

AIFM FAQ Question 23 in version 24 (20 May 2025)

Item Status Current position
23.A Modified 16 December 2022 KID needed where units are advised on, offered or sold to retail investors
23.B, C, G, H, O, P, Q Deleted 29 December 2023 Former answers on the Article 32(2) UCITS-like KIID exemption, the KID timescale and existing retail investors
23.D Unchanged since 6 July 2017 PRIIPs Regulation does not apply where units go solely to professional investors
23.E Modified 27 September 2019 The CSSF strongly recommends identifying professional-only distribution and the absence of a PRIIPs KID in offering documents. Press release 19/28 required all SIFs, Part II UCIs and SICARs to complete the PRIIPs eDesk assessment by 31 October 2019. Press release 19/60 adds that funds created after October 2019 must also complete it and that all information fields in assessments completed through eDesk before October 2019 must be kept up to date via the portal. Circular CSSF 19/721 covers the electronic submission process.
23.I Modified 20 May 2025 Adviser or seller provides the KID free of charge in good time before the investor is bound, per Article 13(1) unless Article 13(3) or 13(4) applies; conditions for third-party websites
23.J Modified 20 May 2025 An official language used where the units are distributed, or one accepted by that Member State’s authority
23.K, L 23.L modified 11 April 2019 No notification of draft or final KIDs; the CSSF may request a final KID case by case
23.M Deleted 20 May 2025 Former question on CSSF visa-stamping of the final KID
23.N Modified 18 November 2024 If requested, the KID is filed under Circular CSSF 23/833
23.R Published 29 December 2023 No common yearly timeline; review at least every 12 months from first publication under Article 15 of Delegated Regulation (EU) 2017/653

Question 1.B names no AIFM FAQ version and no sub-question range, and the FAQ’s context section says it will be updated when necessary. On a current reading, the cross-reference to Question 23 includes the delivery and language answers amended in May 2025 and Question 23.R, and Article 15 of Delegated Regulation (EU) 2017/653 independently governs review of applicable PRIIPs KIDs. Question 23.E refers to the PRIIPs eDesk assessment for all SIFs and SICARs. Although the original CSSF deadline was 31 October 2019, press release 19/60 confirms that funds created after October 2019 must also complete the assessment and that all information fields in assessments completed through eDesk before October 2019 must be kept up to date via the portal.

Data transfers under question 2 and Article 41(2a) LFS

Question 2, last modified on 17 November 2023, covers a UCI administrator or a depositary (in the FAQ’s words, a credit institution, an investment firm or a professional of the financial sector) that outsources services implying a transfer of relevant information to a third party. Citing Article 41(2a) LFS, the FAQ requires the service provider to ensure that its client has accepted the outsourcing of the relevant services, the type of information transmitted, and the country of establishment of the entities providing them.

Question 2 of the non-AIF FAQ states that any transfer of information related to investors must be disclosed prior to the transfer, by the UCI or the IFM for common funds, through the prospectus and application form combined, if appropriate, with a reference to a website. Existing investors must be informed, prior to the transfer of their information, about any update of the fund documents aiming at that disclosure, by letter, email or any other means of communication provided for by the prospectus.

Question 25 of the AIFM FAQ, last modified on 29 December 2023, sets out the same pre-transfer steps for AIF arrangements, worded with “should” where Question 2 of the non-AIF FAQ says “must”: information disclosed before transfer, and existing investors informed before their information is transferred. Both FAQs separately state that the UCI administrator or depositary ensures the relevant client acceptances, with the statutory scope determined under Article 41(2a) LFS.

The statute adds a condition the FAQ answer leaves out. Under the second subparagraph of Article 41(2a), the persons who gain access to the information must be subject by law to professional secrecy or bound by a confidentiality agreement. That is a separate test from the three-item client acceptance, and the FAQ answer restates only the acceptance.

Frequently Asked Questions

Does a non-AIF SIF need a PRIIPs KID for retail investors outside the EU/EEA?

Through question 1.B, Question 23.F of the AIFM FAQ applies: no KID needs to be provided to retail investors outside the EU/EEA unless the rules of the third country where the marketing takes place provide otherwise. Retail investors inside the EU/EEA in the same vehicle still trigger question 1.A.

Does question 2 apply when the UCI administrator outsources to another Luxembourg-supervised firm?

The statute draws a line that the FAQ answer does not. The first subparagraph of Article 41(2a) LFS lifts secrecy towards persons established in Luxembourg, supervised by the CSSF, the ECB or the Commissariat aux Assurances and bound by criminally sanctioned secrecy, insofar as information reaches them through a service contract. The acceptance conditions sit in the second subparagraph, which opens “In cases not falling under the first subparagraph”. Whether any step can be dropped for such providers is a question for legal counsel.

Does a GDPR assessment of the outsourcing cover question 2?

The FAQ states that its requirements apply independently from the GDPR (Regulation (EU) 2016/679), if applicable. I read that as two separate files: a GDPR record does not evidence the client acceptance and investor disclosure, and an Article 41(2a) acceptance does not establish a GDPR legal basis.

Key Takeaways

  • The CSSF lists version 7 as updated on 9 November 2026. Version 7 dates Question 1.A to 16 December 2022 and Question 2 to 17 November 2023, so the 9 November 2026 “Format update” leaves both question dates in place.
  • Re-test retail-facing non-AIF KID processes against AIFM FAQ version 24, whose 23.I delivery and 23.J language answers were modified on 20 May 2025.
  • Schedule each KID review from that KID’s first publication: Article 15 of Delegated Regulation (EU) 2017/653 requires one whenever a change significantly affects, or is likely to significantly affect, its content and at least every 12 months.
  • For outsourcing involving a transfer of relevant information, determine which subparagraph of Article 41(2a) LFS applies. Where the second subparagraph governs, retain evidence of the client’s acceptance of the outsourced services, the information types and the recipient entities’ country of establishment, together with the applicable professional-secrecy or confidentiality condition. Retain evidence of the pre-transfer investor disclosure and the existing-investor communications that Question 2 of the non-AIF FAQ states must be made.
  • A common investor-disclosure procedure for AIF and non-AIF arrangements can follow the “must” wording of the non-AIF FAQ, which also covers the pre-transfer steps that AIFM FAQ Question 25 words with “should”. The applicable professional-secrecy and client-acceptance requirements must be assessed separately under Article 41(2a) LFS.

Sources and References

  • CSSF, FAQ concerning SIFs and SICARs that do not qualify as AIFs: version 7, updated 9 November 2026 (the linked PDF carries version 7 on its cover and logs the 9 November 2026 entry as “Format update”): page, PDF
  • CSSF, FAQ on the Law of 12 July 2013 on AIFMs, version 24 (20 May 2025): page, PDF
  • Law of 5 April 1993 on the financial sector, Article 41(2a): PDF, page
  • Regulation (EU) No 1286/2014 (PRIIPs), consolidated: EUR-Lex
  • Delegated Regulation (EU) 2017/653, Article 15: EUR-Lex
  • Directive 2014/65/EU (MiFID II), Annex II: EUR-Lex
  • Regulation (EU) 2016/679 (GDPR): EUR-Lex
  • Circular CSSF 22/811 on UCI administrators, as amended by Circular CSSF 25/900: CSSF
  • Circular CSSF 23/833 on communication means for requests and reporting: CSSF
  • Circular CSSF 19/721 on dematerialisation of requests: CSSF
  • Circular CSSF 18/698: CSSF
  • CSSF press release 19/28 (1 July 2019), PRIIPs assessment: CSSF
  • CSSF press release 19/60 (11 December 2019), PRIIPs assessment for investment funds: CSSF
  • CSSF, FAQ on the Sustainable Finance Disclosure Regulation (SFDR), version 5, updated 21 July 2026: CSSF

Filing version 7 against the current AIFM FAQ

Internal policies may cite FAQ version 7 alongside the applicable PRIIPs and outsourcing provisions. For retail-facing non-AIF SIFs and SICARs, compare the KID process with AIFM FAQ Question 23 as currently published and the directly applicable PRIIPs rules, including Article 15 of Delegated Regulation (EU) 2017/653. For information-transfer arrangements, document which subparagraph of Article 41(2a) LFS applies, retain client-acceptance and confidentiality evidence where legally required, and address the pre-transfer investor disclosure set out in the applicable CSSF FAQ.

Disclaimer: The information on RegReportingDesk.com is for educational and informational purposes only. It does not constitute legal, regulatory, tax, or compliance advice. Always consult your compliance officer, legal counsel, or the relevant supervisory authority for guidance specific to your institution.

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