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  4. Luxembourg adopts AIFMD II: What you need to know

Luxembourg adopts AIFMD II: What you need to know

24 Mar 2026
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On 3 March 2026, Luxembourg adopted a new law amending the legislation of 17 December 2010 on collective investment undertakings and 12 July 2013 on alternative investment fund managers. This update transposes the EU Directive 2024/927 (AIFMD II), modernising the regulatory framework for investment funds.

The law harmonises loan origination rules for funds, imposing risk retention requirements, introducing diversification limits, and restricting certain originate-to-distribute models. It also harmonises and formalises the availability and governance of liquidity management tools (LMT), such as side pockets, in line with AIFMD II. These measures aim to enhance investor protection while reinforcing Luxembourg's appeal as a leading centre for alternative asset and private debt management.

The law will come into effect on 16 April 2026, with certain provisions postponed until 16 April 2027.

For more information (only in French) here

Authors
Vanessa Molloy Harneys front portrait image on a grey background
Vanessa Molloy
Partner | Funds & Asset Management | Luxembourg