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Luxembourg's CSSF imposed a €56,000 fine on Stonehage Fleming Luxembourg S.A. for multiple compliance failures, including significant delays in processing sanctions screening alerts and implementing changes to screening lists. At the time of inspection, hundreds of alerts had been treated with substantial delays and 42 alerts remained completely unnoticed by the financial services provider.

On 23 September 2022, ESMA released an updated version of its Guidelines on certain aspects of the suitability requirements as provided for under Directive 2014/65 on Markets...

Two years on from the entry into force of Directive (EU) 2024/927, commonly referred to as AIFMD II, the 16 April 2026 transposition deadline has passed, and the state of play across the EU is best described as uneven, with compliance posture increasingly dependent on where an AIFM is authorised. However, Luxembourg, which hosts the largest shares of EU AIFs within the Union, transposed the Directive without material gold-plating.

The formal process of implementation of Directive (EU) 2024/1619 amending Directive 2013/36/EU ("CRD VI") began on 6 October 2025 with the publication of the bill of law n°8627 ("Bill") and its submission to Parliament.

The Luxembourg law of March 3, 2026 transposed the AIFMD II Directive into national law, introducing significant changes to the regulatory framework governing alternative investment funds. This article examines the practical implications for financing transactions involving Luxembourg AIFs, analyzing how the new rules on loan origination, leverage caps, concentration limits, and enhanced disclosure requirements affect both lenders and borrowers in structured finance arrangements.

Luxembourg's partnership limited by shares (SCA) offers private fund managers a compelling corporate alternative to the special limited partnership structure, particularly for EU family offices and high-net-worth individuals. When combined with the RAIF regime, this vehicle achieves tax neutrality while maintaining the corporate governance framework that certain investors prefer. The SCA-RAIF structure addresses key legal and tax considerations while providing flexibility for secondary strategies, fund-of-f

On 29 August 2024, Luxembourg's CSSF issued Circular 24/860, clarifying governance, risk management, and audit committee requirements for credit institutions, updating key provisions of Circular 12/552.

Luxembourg has introduced a landmark legislative reform allowing unregulated alternative investment fund (AIF) limited partnerships to adopt multi-compartment structures. This development enables fund sponsors to consolidate multiple investment strategies, investor classes, and fund-level structures within a single limited partnership, significantly reducing complexity and administrative burden while maintaining creditor protection and investor segregation.

Semi-liquid alternative investment funds face inherent tensions between illiquid assets and investor liquidity demands, requiring sophisticated redemption management tools. Under AIFMD II, EU-authorized private fund managers must implement pre-determined liquidity management tools, but not all redemption restrictions qualify equally.

CMS Luxembourg's M&A experts analyze the Grand Duchy's evolving dealmaking landscape, examining how regulatory complexity and fund services consolidation are reshaping Luxembourg's dual role as both a domestic market and Europe's premier cross-border structuring hub. The discussion reveals why private equity houses are driving unprecedented consolidation among fund service providers in the world's second-largest investment fund center.

The Luxembourg Accounting Standards Board (Commission des Normes Comptables - CNC) issued Q&A CNC 25/036 today, which replaces Opinion CNC 09/002.

On 9 September 2022, the Council of the European Union adopted Decision (EU) No 2022/1500 suspending the application of all provisions of the agreement between the...

The CJEU confirmed the lawfulness of the liability of online platforms to collect VAT on total amounts due on electronic services in the recent Fenix case (C-695/20, 28 February 2023).

A new law significantly eases the work and residence conditions for highly qualified workers who are third-country nationals.

In a ruling handed down on 26 February 2025, the Court of Appeal in chambers declared inadmissible the criminal proceedings brought against a financial institution on the grounds...

In the Brasserie Nationale and Munhowen judgment of 2 July 2025,(1) the General Court of the EU confirms that mergers below EU thresholds...

Directive (EU) 2019/1152 on transparent and predictable working conditions in the European Union (Directive) aims to "improve working conditions by promoting more transparent...

The Council adopted restrictive measures against an additional 65 individuals. These include individuals responsible for the actions committed by the Russian troops...

Council Regulation (EU) No 2022/1903 of 6 October 2022 amending Regulation (EU) No 2022/263 concerning restrictive measures in response to the recognition of the ...

Money laundering now applies to all predicate offences. This then raises the question: what are the implications of this change to Luxembourg's Criminal Code?