Luxembourg: Securities

Luxembourg is a pioneer, leading cross-border financial centre with longstanding strengths in investment funds, banking and insurance.

The specialised investment fund ("SIF(s)") was first introduced by the Law of 13 February 2007 ("SIF Law") and has since enjoyed great success.

The Law of 15 June 2004 ("SICAR Law") introduced into Luxembourg law the investment company in risk capital (société d'investissement en capital à risque or "SICAR(s)") which was conceived as a customised...

On December 19, 2024, Luxembourg adopted Blockchain Law IV, a landmark legislative move aimed at strengthening the legal framework for blockchain in the financial sector.

Regulation (EU) 2024/2987 and Directive 2024/2994, known as EMIR 3 Package, aim to mitigate excessive exposures to third-country central counterparties and enhance the efficiency of Union clearing markets by introducing a series of substantial amendments to the existing framework.

On 7 December 2022, the European Commission submitted a package of measures referred as the "Listing Act" (the Act).

The Law of March 22, 2004, on securitisation (the "Securitisation Law") has been amended by legislation of February 25, 2022, intended to promote the flexibility of securitisation vehicles...

On 27 March 2023, the European Securities and Markets Authority ("ESMA") published its Final report on Guidelines on MiFID II product governance requirements (the "2023 Guidelines").

Despite the various geopolitical events in 2022, deal count remained stable in Luxembourg, which remains one of the prime jurisdiction for foreign investors, notably attracted by the Grand Duchy's stable economy...