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
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