> For the complete documentation index, see [llms.txt](https://t-blocks.gitbook.io/t-blocks-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://t-blocks.gitbook.io/t-blocks-documentation/legal-framework/regulatory-status-and-cssf.md).

# Regulatory Status & CSSF

T-Blocks Trio Fund is an exempt securitisation fund under Article 2(e) of the Management Regulations.

As stated in Article 2(e) of the Management Regulations:

> "Neither the Fund nor any of its SubFunds shall issue units or financial instruments to the public on a continuous basis."

#### What this means in practice

Distribution restrictions. The Fund and its SubFunds do not offer instruments to the general public. All offerings are made to professional, qualified, or institutional investors, typically through private placement.

No CSSF product approval. Individual SubFund issuances are not subject to CSSF product approval but are notified to the CSSF as part of the standard procedure. The fund operates under the Luxembourg Securitisation Law of 2004 and therefore does not require prior CSSF authorisation for its issuance activities.

Applicable oversight. While the Fund itself is not CSSF-regulated, it operates within the broader Luxembourg regulatory environment. The Management Company is subject to Luxembourg corporate law. Anti-money laundering, counter-terrorist financing, and sanctions obligations apply. Service providers (auditor, custodian, banking partners) are independently regulated by their respective supervisory authorities.

Comparison with regulated vehicles. CSSF-regulated securitisation funds are subject to ongoing CSSF supervision and may issue to the public on a continuous basis. T-Blocks Trio Fund has greater structural flexibility but is restricted to non-public, professional-investor offerings. This is consistent with the approach taken by most institutional securitisation vehicles in Luxembourg.