Check a NAV calculation error against the CSSF Circular 24/856 tolerance thresholds, applicable in Luxembourg since 1 January 2025. Enter the published and correct NAV per share, pick the fund's investment policy, and see whether the error is material and what follows if it is.
Enter the published and correct NAV per share to see the deviation, the applicable CSSF 24/856 threshold and the obligations that follow a material error.
This calculator is a general-information tool, not legal, regulatory or financial advice. Materiality, correction and compensation must be assessed against the text of CSSF Circular 24/856, the fund's constitutional documents and prospectus, and your legal advisers' guidance. Calculations run in your browser; nothing you enter is stored or transmitted.
Applicable since 1 January 2025, replacing Circular 02/77. A UCI may consistently apply a lower threshold than the one for its category.
| Fund category | Threshold under 02/77 (old) | Threshold under 24/856 |
|---|---|---|
| Money market UCIs | 0.25% | 0.20% |
| Primarily bonds and/or other debt securities | 0.50% | 0.50% |
| Mixed investment policy | 0.50% | 0.50% |
| Primarily shares and comparable securities | 1% | 1% |
| Primarily other eligible assets (unlisted shares, real estate, loans, ELTIF-eligible investments) | — | 1% |
| Reserved Part II UCIs and ELTIFs, SIFs, SICARs, EuVECAs, EuSEFs | Reference thresholds | Up to 5% with documented analysis |
Source: CSSF Circular 24/856 (cssf.lu). Last reviewed July 2026.
The thresholds above define when an error becomes a regulatory event: correction, CSSF notification within four to eight weeks, investor compensation, and in larger cases a special report from the fund's auditor. By the time an error is measured against these thresholds, the damage is done.
Day-to-day oversight works at a far finer grain. The industry-standard control is the 0.5bp NAV movement check: every NAV delivered by the administrator is compared with its expected movement, and anything outside tolerance is investigated before release. Run well, it catches issues at a hundredth of the size that would trigger this calculator, which is precisely why regulators now expect the check to be systematic, time-stamped and auditable rather than a spreadsheet passed around by email.
Read our guide to the global regulatory landscape for NAV oversight →
An error is material when the deviation between the published NAV and the correct NAV reaches or exceeds the tolerance threshold for the fund's investment policy: 0.20% of NAV for money market UCIs, 0.50% for bond and mixed-policy UCIs, and 1% for equity UCIs and UCIs investing primarily in other eligible assets. A material error triggers correction of the NAV, notification to the CSSF and compensation of the UCI and/or its investors.
Since 1 January 2025: money market UCIs 0.20% (tightened from 0.25% under Circular 02/77); UCIs investing primarily in bonds or other debt securities 0.50%; mixed investment policy 0.50%; primarily shares and comparable securities 1%; primarily other eligible assets, such as unlisted shares, real estate, loans or ELTIF-eligible investments, 1%. A UCI may consistently apply a lower threshold if it chooses.
Not automatically. Part II UCIs and ELTIFs reserved to well-informed or professional investors, SIFs, SICARs, EuVECAs and EuSEFs treat the standard thresholds as a reference. They may adopt a higher threshold, capped at 5% of NAV, but only on the basis of a specific, documented analysis covering dealing frequency, investment policy, the nature of the investments, risk profile and valuation policy. The analysis must be available to the CSSF on request, and investors must be informed.
Within four to eight weeks of the date of detection, using the notification form on the CSSF website. Complex errors spanning multiple investors and jurisdictions should be notified as soon as possible, without waiting for indemnification. For UCITS and Part II UCIs, if total compensation exceeds EUR 50,000, or a single investor is owed more than EUR 5,000, the fund's auditor must issue a special report to the CSSF within three months of the notification.
The money market threshold tightened from 0.25% to 0.20%; a 1% threshold was introduced for other eligible assets; scope expanded to UCITS, Part II UCIs, SIFs, SICARs, MMFs, ELTIFs, EuVECAs and EuSEFs; new error categories were added, including swing pricing misapplication, cut-off errors, cost and fee errors and allocation errors; and the auditor special-report thresholds doubled to EUR 50,000 total and EUR 5,000 per investor.
An industry control used in day-to-day NAV oversight: each administrator-delivered NAV is compared against its expected movement, and any deviation beyond 0.5 basis points is investigated before the NAV is approved for release. It operates well below the regulatory materiality thresholds and is the control regulators increasingly expect to be systematic and auditable rather than run in spreadsheets.
daappa NAV Oversight replaces the manual movement-check spreadsheet with automated tolerance checks, exception-first review, maker-checker sign-off and a full audit trail, aligned with CSSF 24/856 and FCA expectations.