Luxembourg: Investment Funds Update - July 2026

Our Asset Management and Financial Services Regulation team has prepared this quarterly update highlighting key legal, regulatory and supervisory developments in Luxembourg, alongside important EU initiatives shaping the asset management industry. We provide fund sponsors, asset managers, AIFMs, UCITS management companies and other market participants with practical insights to help navigate an evolving regulatory landscape.

Key topics explored in this edition include:

• Luxembourg's implementation of AIFMD II and UCITS VI, introducing new requirements relating to liquidity management tools, loan origination activities, delegation oversight and regulatory reporting
• New CSSF supervisory initiatives, including guidance on money market fund liquidity levels, thematic findings on the valuation of less liquid assets and developments connected to the establishment of AMLA
• Legislative reforms affecting Luxembourg's financial services framework, including the transposition of EMIR 3 and CRD VI and proposed modernisation of the country's securitisation regime
• Important EU regulatory developments, including the Retail Investment Strategy, ESMA's work on integrated fund reporting, supervisory convergence initiatives and ongoing SFDR reform discussions
• Emerging trends across the European asset management sector, including fund tokenisation, ESG reporting developments, T+1 settlement preparations and the continued implementation of the MiCA framework

This update is designed to help stakeholders across the investment funds industry stay informed of regulatory developments in Luxembourg and across the European Union, and to understand the implications of these changes for fund structures, operations and compliance frameworks in the months ahead.

Download the full report