The European investment funds market continues to be one of the fastest-growing segments within the financial sector. At Leroy & Goldbach, we closely monitor developments in this dynamic environment to ensure our clients remain ahead of regulatory, tax and structuring trends.​

With Fund Flow – our monthly update covering the industry-relevant updates, we provide curated insights on recent key legal, tax and regulatory developments in Luxembourg and the EU that may affect your business.​

We hope you enjoy this edition of Fund Flow covering December 2025 and January 2026 updates. If you would like to discuss any topic, seek assistance or wish for a tailor-made training for your team, feel free to reach out to our Partners.

In the Fund Flow January 2026 Edition we update you on:

• Investment Funds & Asset Management
  • ELTIF 2.0 (Regulation (EU) 2023/606): European Commission responses to ESMA Q&As
  • PRIIPs (Regulation (EU) 1286/2014): consolidated Q&A update
  • AIF: ESMA final RTS for open-ended loan funds
  • Modernising SICAR, SIF, Part II UCI regimes: CSSF Circular 25/901
  • Investment Funds – UCI Administrators: CSSF Circular 25/900 amending Circular 22/811
  • CSSF FAQ on UCI Administrators: Version 6
  • AIF: CNC interpretation of Article 1711-8(3) of the Luxembourg law of 10 August 1915 (as amended)
• Tax
  • Luxembourg modernises carried interest tax regime: Bill of Law No. 8590
• Corporate, M&A & Capital Markets
  • Luxembourg facilitates SARL incorporation (deferred capital payments): Draft Bill No. 8669
  • Listing Act: Market Abuse Regulation (MAR) updates
  • Transparency Law of 11 January 2008: update incl. CSSF 2024 enforcement, 2025 priorities & ESAP filing
  • Capital Markets: new EU package on European market integration (Commission proposals 2025/0381–0383 (COD))
  • Prospectus Regulation (Regulation (EU) 2017/1129): ESMA updated Q&A on supplements and exemptions
  • Luxembourg Gender Balance Law: key changes from draft
• Banking & Finance
  • AI Act meets financial services: EBA mapping and Parliament resolution implications for banks and insurers
  • New governance rules for payment institutions and e-money institutions: CSSF Circular 26/906