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 of high risks across EU financial markets due to geopolitical tensions, cyber threats, and crypto volatility. ESMA also issued the official EU translations of its guidelines on outsourcing to cloud service providers by depositaries under the AIFMD and the UCITS Directive that are not subject to the Regulation on digital operational resilience for the financial sector. The updates from Luxembourg include the CSSF communicating certain important updates on the anti-money laundering and countering the financing of terrorism Market Entry Form. In addition, the CSSF has updated its FAQs on international financial sanctions.

To subscribe to Funda’mentals please contact Claire Guilbert.