Newsletters & Newsflashes

On 16 December 2025, the CSSF published Circular CSSF 25/900 (the “ Amending Circular”) amending Circular CSSF 22/811 on the authorisation and organisation of entities acting as UCI administrators (the " UCIA Circular"), with immediate effect as of 16 December 2025. The Amending Circular introduces

Circular 25/901 also applies to specialised investment funds (“ SIFs”) and repeals CSSF Circular 07/309. Part II of our series of articles concentrates on the changes to the SIF regime. Part I and Part III deal with the changes to the SICAR and Part II UCI regimes respectively. Scope The circular

Background The European Commission’s release of a comprehensive reform package on 4 December 2025 represents a major step forward in the European Union’s drive to create a unified financial services market. Building on proposals first introduced in June 2024, the reform package aims to transform the

On 5 December 2025, the European Supervisory Authorities published an updated consolidated version of the Q&A on the PRIIPs Key Information Document (“ KID”). This consolidated document brings together guidance issued by the European Commission and by the European Supervisory Authorities, covering

The European Commission published on 20 November 2025 its final legislative proposal to amend Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). This proposal has two aims: to simplify and reduce the sustainability-related administrative and

In its judgment of 9 October 2025, the Luxembourg Summary Court ( tribunal d’arrondissement de et à Luxembourg siégeant en matière de référé ) provided clarification on the procedural requirements for initiating a recourse in revocation ( recours en revocation ) of a European Account Preservation

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 1 August 2025, in case C-600/23 Royal Football Club Seraing SA v. Fédération Internationale De Football Associations (FIFA), Union des associations européennes de football (UEFA), Union royale belge des sociétés de football association ASBL (URBSFA), the Court of Justice of the European Union

Luxembourg Draft Law No. 8628 (the “ Draft Law”) transposes Directive (EU) 2024/927 into the Law of 17 December 2010 on undertakings for collective investment (the “ UCI Law”) and the Law of 12 July 2013 on alternative investment fund managers (the “ AIFM Law”), focusing on delegation, liquidity

Luxembourg Draft Law No. 8628 (the “ Draft Law”) transposes Directive (EU) 2024/927 into the law of 17 December 2010 on undertakings for collective investment (the “ UCI Law”) and the law of 12 July 2013 on alternative investment fund managers (the “ AIFM Law”), focusing on delegation, liquidity

In its judgment of 17 September 2025, the Lower Administrative Court ( Tribunal administratif) delivered a significant decision (n° 47603) on permanent establishment determination and commercial profit characterisation for non-resident professional service providers. The Court ruled that the