- Update on the UK listed fund sector.
- Overview of funds market and fundraising environment.
- Tokenisation from pilot to practice: A UK manager’s guide
ESMA final report on open-ended loan originating AIFs under AIFMD II
On 21 October 2025, the European Securities and Markets Authority (ESMA) published its final report and final draft regulatory technical standards (RTS) on open-ended loan-originating alternative investment funds (LO AIFs) as mandated under the revised Alternative Investment Fund Managers Directive (AIFMD).
Background
Directive (EU) 2024/927 amending the
Funda’mentals – new issue
We have recently published the latest issue of Funda’mentals, our monthly updater that provides a high-level overview of key regulatory developments, market highlights, and resources relevant to the Luxembourg fund industry.
The period 31 August 2025 to 30 September 2025 was again busy. From an EU perspective ESMA has issued its second TRV Report warning
New briefing note- ESMA’s UCITS Overhaul: Major Reforms Proposed in Final EAD Report
On 26 June 2025, the European Securities and Markets Authority issued a Final Report on the UCITS Eligible Assets Directive (EAD).
We have published a new briefing note on the report, which covers the key issues and proposals, as well as the next steps for the UCITS EAD.
ESMA provides technical advice on the UCITS EAD
On 26 June 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice to the European Commission (Commission) on the review of the UCITS Eligible Assets Directive (UCITS EAD).
Background
Following a mandate from the Commission to provide technical advice on the review of
AIFMD 2: Quick guide to Member State activity
AIFMD 2: Quick guide to Member State activity
On 26 March 2024, the final legislative text of the Alternative Investment Fund Managers Directive 2 (AIFMD 2) was published in the Official Journal of the EU. The publication marked the conclusion of the AIFMD Review process that formally began in 2020. AIFMD 2 amends
Global Asset Management Review – Issue 3
- Overview of funds market and fundraising environment
- M&A in the asset management and fund sector: Key themes for 2025
- UK LTAFs: Playing the
Let’s talk asset management: Episode 17 – Comparing Luxembourg RAIFs with UK RIFs
In the latest edition of our podcast series, Let’s talk asset management, Claire Guilbert, Hannah Meakin, Lucy Dodson and Simon Lovegrove discuss the similarities and differences between Luxembourg’s Reserved Alternative Investment Fund (RAIF) and the UK’s Reserved Investor Fund (RIF)
Listen to the episode here.
Official translations of ESMA guidelines on stress test scenarios under the MMF Regulation
On 7 January 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). The guidelines apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios
The new rules for cross-border banking business from third countries under CRD VI: What should non-EEA firms do now?
We have published a new briefing note concerning the CRD VI – The new rules for cross-border banking business from third countries under CRD VI: What should non-EEA firms do now?