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 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 17 November 2025, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on valuing collective investment schemes (CIS).
Proposals
The consultation report sets out proposals to draw upon two sets of IOSCO’s Principles (the 2013 Principles for the Valuation of Collective Investment Schemes and the 2007 Principles for
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
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.