Luxembourg – New Reporting Obligations For Payment Services Providers

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 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'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

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.

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.

Up to now it is the most popular investment fund among investors and savers.

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.

The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.

Today, it is clearer than ever how interconnected we are in the global economy.

The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier, issued a template application questionnaire for Luxembourg alternative investment fund managers who may already wish to obtain approval by the CSSF as an AIFM.

Algorithms and AI are rapidly reshaping how companies set prices and compete, but they are also attracting intensified antitrust scrutiny.

The OECD has released new administrative guidance on Pillar Two's Global Anti-Base Erosion (GloBE) Rules, addressing explicitly conditional taxes and QDMTT safe harbour operations. The package includes an updated GloBE Information Return incorporating permanent safe harbours and establishes a peer review framework for assessing whether domestic legislation aligns with international standards.

The EU's digital regulatory framework—spanning the AI Act, GDPR reforms, the Data Act, NIS2, and the Cyber Resilience Act—extends far beyond European borders...

The European Commission's Digital Omnibus Proposal introduces a set of targeted changes to the GDPR that are intended to reduce unnecessary burden for organisations, increase legal certainty...

Switzerland's new Legal Entities Transparency Act introduces a centralised federal register of beneficial owners, fundamentally changing how Swiss companies must identify, document and report ultimate ownership and control structures. The regime imposes strict reporting deadlines beginning in late 2026, with criminal sanctions for non-compliance reaching up to CHF 500,000 for intentional breaches. Companies must now navigate complex look-through requirements, enhanced documentation obligations, and ongoing

European consumer protection law now requires online traders to provide a clearly labeled withdrawal button on their platforms, implementing a structured two-step process that makes it as easy for consumers to exit contracts as it was to enter them.

The Belgian federal government has reached an agreement on the introduction of a new capital gains tax, which will significantly affect the taxation of financial assets for private individuals and certain legal entities.

A significant milestone for cybersecurity in Belgium was reached when the Parliament ratified the transposition of the EU NIS2 Directive on 18 April 2024.

Our banking regulation specialists contributed to the latest edition of the Chambers Global Practice Guide for Switzerland.

On 13 November 2025, the European Commission announced that it has formally opened an antitrust investigation to assess whether Red Bull has illegally restricted competition in the energy drinks sector...