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Ch. 3
Authorization Requirements by Vehicle
CSSF authorization steps and requirements by fund type
| Criterion | UCITS | SIF | RAIF | ELTIF |
|---|---|---|---|---|
| Prior CSSF Approval | Required | Required | Not required | Required |
| Authorization Timeline | 2 months (complete file) | 2–3 months | Not applicable | 2–3 months |
| Required Documents | Prospectus, KIID, ManCo auth., investment manager info | PPM, ManCo/AIFM authorization, investor letters | Constitutional docs + AIFM appointment only | Prospectus, KIID, ManCo auth., ELTIF eligibility assessment |
| Management Entity | Authorized ManCo required | Authorized AIFM required (if above threshold) | Authorized AIFM mandatory | Authorized ManCo/AIFM required |
| Min. Fund Assets at Launch | €1.25M within 6 months | €1.25M within 12 months | €1.25M within 12 months | €500,000 (no time limit) |
| CSSF Filing Fee | One-time application fee | One-time application fee | No CSSF filing fee | One-time application fee |
| Ongoing CSSF Reporting | Regular — quarterly, annual | Regular — quarterly, annual | Via AIFM reporting | Regular — quarterly, annual |
| Marketing Authorization | Automatic with UCITS passport | Notification per country (NPPR for non-EU) | Via AIFM passport / NPPR | ELTIF passport for EU retail |
| Legal Form | FCP or SICAV | FCP, SICAV, SCA, SCoSA | SA, SCA, SàRL, SCoSA, FCP | FCP or SICAV |
| Prospectus Required | Yes — UCITS Directive format | Yes — PPM (no prescribed format) | No CSSF-approved prospectus | Yes — PRIIPs KID required too |
📌 Data sourced from Lux Investment Funds 2025, Chapters 3. Verify current requirements with CSSF at cssf.lu.