LP Considerations: Focus On German Institutional Investors (Podcast)

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.

The new regime will apply automatically to sub-participation agreements signed after the law takes effect, though parties can contract out of it. For agreements already in place, it doesn't apply automatically, consistent with non-retroactivity, but parties can choose to opt in.

US fund managers establishing Luxembourg special limited partnerships face critical decisions about board composition and liability exposure.

Luxembourg is poised to expand its investment fund structuring capabilities by allowing alternative investment funds structured as common or special limited partnerships to establish...

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.

Luxembourg is poised to expand its fund structuring capabilities by allowing common and special limited partnerships (SCS and SCSp) that operate as alternative investment funds to establish ring-fenced compartments...

Bill of Law No. 8813 introduces a statutory asset segregation regime for funded sub-participations in Luxembourg, materially improving participant protection by reducing exposure to lender insolvency risk. The reform is expected to increase the attractiveness of Luxembourg-based lending structures across loan, private credit, and structured finance markets.

On 30 July 2026, Bill of Law n° 8814 (“Bill of Law”) was introduced to the Luxembourg Parliament with a view to amending the law of 12 July 2013 on alternative investment fund managers, as amended (“AIFM Law”).

Luxembourg is poised to introduce a statutory compartment regime for unregulated SCS and SCSp alternative investment funds (AIFs), decoupling this feature from product-law wrappers like RAIFs. The draft bill would enable managers to establish legally segregated pools within a single AIF structure, mirroring mechanics familiar from existing Luxembourg fund regimes while preserving flexibility in documentation and disclosure.

On 8 June 2026, draft law No. 8761 amending the amended law of 22 March 2004 on securitisation (the “Securitisation Law”) (the “Draft Law”) was submitted to the Luxembourg Parliament

The VAT treatment of transfer pricing (TP) adjustments continues to present difficult challenges, as discussed in our previous newsflash...

On 22 January 2026, the Luxembourg Parliament voted through bill of law 8590 introducing a new tax regime for carried interest.

As we close out 2025 and step into 2026, EU sustainability regulation is entering a new phase marked by structural reform, simplification and long-awaited clarity. In our latest Eyes on ESG video...

Are deals and exits really slowing or becoming more selective and creative?

Luxembourg has just introduced a new tax credit for investments in start-ups to encourage innovation and entrepreneurship. The incentive applies as from the 2026 tax year and aims to support early-stage companies...

On 6 January 2026, the Luxembourg government moved forward with its long-awaited reform of personal income taxation via bill of law 8676...

A reform of the Luxembourg pensions regime came into force on 1 January 2026, introducing a range of measures designed to make the regime sustainable and offer more flexibility to insured individuals.

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?

On 17 December 2025, bill of law 8519 implementing Directive (EU) 2022/2381 on gender balance among directors of listed companies was voted through by the Luxembourg Parliament...

The CSSF's new circular and technical document, applicable from 19 December 2025, update the regulatory framework and provide insight into the CSSF's interpretation of key fund concepts.