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
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.
In the latest episode of our podcast series, Let’s talk asset management, Frank Herring and Simon Lovegrove discuss the proposals contained in the European Securities and Markets Authority’s Final Report on the UCITS Eligible Assets Directive.
Listen to the episode here.
In the latest episode of our podcast series, Let’s talk asset management, Hannah Meakin, Lucy Dodson and Simon Lovegrove discuss the Financial Conduct Authority’s findings following a review of business models for smaller asset managers and alternatives.
Listen to our podcast here.
On 11 July 2025, the European Securities and Markets Authority (ESMA) published a Final Report on revised guidelines on outsourcing to cloud service providers (CSPs).
Background
On 18 December 2020, ESMA published a Final Report on guidelines on outsourcing to CSPs. The guidelines are intended to help in-scope firms identify, address
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
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
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.
On 26 May 2025, the International Organization of Securities Commissions (IOSCO) published a final report on revisions to its 2018 Recommendations for Liquidity Risk Management for Collective Investment Schemes. Overall, IOSCO is publishing a total of 17 recommendations under a revised structure with six sections, namely the CIS Design Process, Liquidity Management