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On 4 February 2026, the Commission de Surveillance du Secteur Financier (CSSF) issued Version 7 of its FAQ on Crypto-Assets for Undertakings for Collective Investment. The update, which comes into effect today introduces material changes to investment permissions, authorisation thresholds, and

Regulatory development On 21 October 2025, the ESMA published its final report on draft Regulatory Technical Standards (“ RTS”) concerning open-ended loan-originating alternative investment funds (“ OE LO AIFs”) under the revised Alternative Investment Fund Managers Directive (“ AIFMD II”). This

On 12 December 2024, ESMA released a consultation paper on regulatory technical standards (RTS) for open-ended loan-originating funds under the revised alternative investment fund manager directive (“ AIFMD”). According to the revised AIFMD, loan-originating Alternative Investment Funds (“ LO AIFs”)

On 24 July 2023, the law of 21 July 2023 modernising the Luxembourg fund toolbox (the “ Law”) has been published in the Luxembourg Official Gazette ( Mémorial). The Law amends the following Luxembourg laws: i) the law of 17 December 2010 relating to undertakings for collective investment (UCIs), as

On 26 May and 13 June 2023 ESMA published its updated Q&A on the application of the AIFMD (the “ Q&A”). The answers to the questions in the June update were provided by the European Commission. Pre-marketing of AIFs In it May update ESMA clarified that non-EU AIFMs are not allowed to carry out pre

Background On 16 March 2023, the CSSF updated its Frequently Asked Questions (the “ FAQs”) in relation to the rules regarding cross-border distribution of collective investment undertakings (as introduced into the Luxembourg laws of 17 December 2010 (“ UCI Law”) and of 12 July 2013 (the “ AIFM Law”)