Legal & Regulatory

Along with representatives from members who engage in the numerous Committees and Working Groups set up and organised by the association, ALFI's specialists in the legal and tax team work hard to coordinate these bodies' activities. The vast amount of output from the groups reflects the complexity and dynamic of the fund centre. The five lawyers and one tax specialist at ALFI also closely monitor all relevant legislative and regulatory developments and have summarised some of the major subject-matters below.

See a selection of topics they have been involved with lately.


  Marc-André Bechet | Director Legal & Tax, ALFI


The UK and Luxembourg are long-standing partners in the fund industry. UK asset managers account for 17% of AuM in Luxembourg investment funds. What could Brexit mean in this context? [...]

ESA review

The Commission’s proposal to review the role of the three European Supervisory Authorities (ESAs) has attracted an unprecedented number of negative reactions from a broad range of public and private stakeholders in the vast majority of EU Member States [...]


  Evelyne Christiaens | Head of the Legal Department, ALFI

Anti-money laundering

A series of developments in anti-money laundering had to be monitored last year, in particular the publication of the ESA’s joint AML guidelines, the adoption of the law implementing the 4th AML directive in Luxembourg and the discussions on the 5th AML directive [...]


After a long legislative process, MiFID II is now applicable. Some practical issues remain, and further amendments of the directive to take into account environmental, social and corporate governance considerations are expected in the near future [...]               


      Francois Baratte | Senior Legal Advisor, ALFI        

EMIR refit proposal

In the context of the EMIR refit proposal issued by the Commission at the end of 2017, ALFI has advocated for a lighter reporting and clearing regime, as well as for an exemption from the collateral exchange requirement for physically settled FX forwards [...]


  Vilma Domenicucci | Senior Tax Advisor, ALFI

Anti-Tax Avoidance Directive

Counteracting aggressive tax planning is high on the EU legislator’s agenda [...]

CMU initiative

Through its CMU initiative, the Commission aims at unlocking long-term investment in Europe. One of the key components of this initiative is the removal of barriers to cross-border distribution of investment funds. The Luxembourg fund industry relies on cross-border distribution and has been a strong proponent of the Commission’s proposal [...]

Digital taxation

The Commission is intent on establishing an approach to fair and effective taxation of the digital economy [...]


  Susanne Weismüller | Senior Legal Advisor, ALFI

AIFMD review

Five years after AIFMD came into force, the time has come for a review of this directive. While the process is still at an early stage, the Commission has indicated that it will probably make limited, targeted changes to the existing framework [...]


The General Data Protection Regulation is a fundamental re-thinking of the way business must deal with the data obtained from investors [...]

PRIIPs review

By 31 December 2018, the Commission is expected to review the PRIIPs regulation. Funds wonder whether to expect an extension of the one-year exemption from providing a UCITS KIID (or KIID-like) document [...]


  David Zackenfels | Senior Legal Advisor, ALFI

PEPP initiative

With its initiative for a pan-European personal pension product, the Commission is addressing a fundamental need of European citizens for second and third pillar retirement provisions [...]