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By Christophe VANDENDORE, EY-Parthenon Luxembourg, Strategy and Transactions Leader Norman FINSTER, EY Luxembourg Consulting Partner, Alternative Investments Leader
The CSSF’s latest feedback report signals a change in supervisory expectations: as semi-liquid strategies grow, valuation frameworks must become more dynamic, transparent and tightly governed to withstand both market stress and regulatory scrutiny.
On 4 June 2026, the CSSF published its Feedback Report on the valuation framework for less liquid and illiquid assets, following a thematic review focused largely on AIFMs managing private equity, real estate, infrastructure, private debt and fund-of-funds strategies, while also touching certain UCITS exposures...
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