On 15 January 2026, the European Commission issued both a targeted and public consultation to collect stakeholder feedback on the barriers that arise from the application of the European Venture Capital Funds Regulation (EuVECA), the Alternative Investment Funds Directive (AIFMD) and Member State national legal frameworks for investment funds, together with
On 13 January 2026, the European Securities and Markets Authority (ESMA) issued a Final Report containing updated guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation).
The MMF Regulation provides that ESMA shall develop guidelines with a view to establishing common reference parameters of the stress test
On 15 December 2025, the Dutch Ministry of Finance has published the draft Act adjustment mutual fund for joint account (Wet aanpassing fonds voor gemene rekening, FGR Adjustment Act) for public consultation, which aims to revise the definition of the mutual fund for joint account (fonds voor gemene rekening, FGR
On 18 December 2025, the European Securities and Markets Authority (ESMA) issued a report which makes certain targeted amendments to its guidelines on liquidity management tools (LMTs) of UCITS and open-ended alternative investment funds.
The amendments focus on redemption gates and transition costs for anti-dilution LMTs and are intended to align
On 3 December 2025, the Dutch Ministry of Finance published the draft implementation decree on financial services contracts concluded at a distance (the Draft Decree) for consultation and amends the rules on the provision of information to consumers by financial service providers, investment firms, fund managers, crypto-asset service providers and crowdfunding service providers.
The
On 17 November 2025, the European Securities and Markets Authority (ESMA) issued a peer review report on the supervision of depositary obligations.
Peer review
The report sets out ESMA’s findings following a peer review on the supervision of depositary obligations, under two supervisory expectations, oversight and safekeeping. For oversight there were two
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
On 20 October 2025, the draft Implementation Act regarding the review MiFID II and MiFIR (Implementatiewet herziening richtlijn markten voor financiële instrumenten 2014, the Draft Implementation Act) was published for public consultation.
The Draft Implementation Act transposes the amended Markets in Financial Instruments Directive (MiFID II) into the Act
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
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.