Luxembourg Investment Funds Law

Luxembourg Investment Funds Law | Private Banking & Wealth Management

Subscription, Commitment and Investor Eligibility: Entering a Luxembourg RAIF, SIF or SICAR
ByBertrand Mariaux 21/05/202621/05/2026

This article addresses the subscription, commitment and investor eligibility framework for reserved alternative investment funds, specialised investment funds and investment companies in risk capital. It does not address unregulated Luxembourg partnership structures or other vehicle types. Before a private-banking client commits capital to one of these Luxembourg private fund vehicles, three distinct elements must be…

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Luxembourg Investment Funds Law | Compliance | Financial Regulation | Regulatory

AML Governance & Regulatory Convergence
ByBertrand Mariaux 11/05/202611/05/2026

AML Governance & Regulatory Convergence in Luxembourg Anti-money laundering and countering the financing of terrorism (AML/CFT) governance in Luxembourg has moved beyond procedural compliance. It now functions as an operational discipline: risk assessment, customer due diligence, internal organisation, escalation and documentary evidence must work together as a coherent system. For investment fund managers, credit institutions,…

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Corporate | Financial Regulation | Luxembourg Investment Funds Law | Partnerships

SCSp Crossborder Mobility
ByBertrand Mariaux 15/10/202515/10/2025

The cross-border mobility of a Luxembourg special limited partnership (société en commandite spéciale – SCSp) offers significant strategic flexibility, yet the process is often misunderstood. Can its registered office be transferred abroad without triggering a dissolution? Our latest analysis breaks down the key mechanics: The full analysis of the legal framework and practical steps is…

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Corporate | Board of Directors | Conseil d'administration | Luxembourg Investment Funds Law | Regulatory | Société anonyme

Board Delegation in a Luxembourg S.A.
ByBertrand Mariaux 15/09/202515/09/2025

In a Luxembourg S.A., poor board delegation isn’t just inefficient—it’s a direct path to personal liability for directors. Key points to avoid governance failure: • Define “Daily Management”: The legally undefined “gestion journalière” is a major risk. Document its scope and financial thresholds explicitly to prevent conflict. • Inalienable Duties: A board delegates authority, not…

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Luxembourg Investment Funds Law | Compliance | Regulatory | Uncategorized

Depositary Liability Clauses in Luxembourg Fund Agreements: Legal Boundaries and Drafting Pitfalls
ByBertrand Mariaux 23/03/202502/05/2025

Under Article 19(10) of the Luxembourg Law of 12 July 2013 on AIFMs, the depositary is strictly liable for the loss of financial instruments held in custody. This liability regime is non-negotiable. Contractual clauses that attempt to exclude or limit this responsibility are considered invalid, particularly where they conflict with the core investor protection principles…

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Compliance | Luxembourg Investment Funds Law | Regulatory

Due Diligence in Luxembourg AIFs: Strengthening Compliance and Governance
ByBertrand Mariaux 25/02/202502/05/2025

Luxembourg’s position as a leading hub for alternative investment funds (AIFs) hinges on its rigorous regulatory framework, particularly in anti-money laundering (AML) and countering the financing of terrorism (CFT). For compliance officers (Responsable du Contrôle or RC) and senior management (Responsable du Respect or RR), understanding the nuances of simplified due diligence (SDD), enhanced due diligence (EDD),…

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Compliance | Luxembourg Investment Funds Law | Regulatory

Nominee Intermediary Arrangements in Luxembourg AIFs: Best Practices
ByBertrand Mariaux 18/02/202502/05/2025

Luxembourg’s alternative investment fund (AIF) sector, a cornerstone of Europe’s financial landscape, faces evolving challenges in anti-money laundering (AML) and counter-terrorist financing (CFT) compliance. Among these, nominee intermediaries – entities holding assets on behalf of underlying investors – require meticulous oversight to align with Luxembourg’s stringent regulatory framework. For Responsables du Respect (RRs) and Responsables Compliance (RCs), balancing operational…

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Compliance | Luxembourg Investment Funds Law

Implementing a Risk-Based Approach in Luxembourg’s Fund Sector: Key Considerations
ByBertrand Mariaux 17/02/202502/05/2025

In Luxembourg’s dynamic financial sector, the risk-based approach (RBA) remains a cornerstone of anti-money laundering and counter-terrorist financing (AML/CFT) frameworks. For professionals serving as Responsable du Respect (RR) and Responsable Compliance (RC), understanding the legal obligations, practical implementation, and evolving supervisory expectations is critical. This article explores the RBA’s foundations, operational challenges, and best practices under Luxembourg’s regulatory hierarchy….

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Luxembourg Investment Funds Law | Special Purpose Vehicle (SPV) Management

SPVs in Luxembourg
ByBertrand Mariaux 10/02/202502/05/2025

Luxembourg, a leading European hub for securitisation and structured finance transactions, provides a pragmatic and secure legal and tax framework for establishing Special Purpose Vehicles (SPVs). These vehicles, which are crucial in private equity, real estate, leveraged buyouts (LBOs), debt issuance, and listings, benefit from the jurisdiction’s innovative approach and adaptability. Core Technical Requirements for…

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Luxembourg Investment Funds Law | Regulatory

Luxembourg Investment Funds Law in 2024 and Future Trends for 2025
ByBertrand Mariaux 02/01/202502/05/2025

As we look back on the state of Luxembourg investment funds law in 2024 and anticipate trends for 2025, several key developments and legislative changes have shaped the landscape. Modernisation of the Investment Funds Toolbox In 2023, Luxembourg enacted a law to modernise its investment funds toolbox, which came into effect in 2024. This law…

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