Investment Funds 2025

LUXEMBOURG Law and Practice Contributed by: Evelyn Maher, Gaston Aguirre Draghi and Djelloul Mansour BSP

Germany

Belgium

Luxembourg

Luxembourg City

France

Contents 1. Market Overview p.342 1.1 State of the Market p.342 2. Alternative Investment Funds p.343

2.1 Fund Formation p.343 2.2 Fund Investment p.345

2.3 Regulatory Environment p.346 2.4 Operational Requirements p.351

2.5 Fund Finance p.351 2.6 Tax Regime p.351 3. Retail Funds p.352 3.1 Fund Formation p.352 3.2 Fund Investment p.355

3.3 Regulatory Environment p.355 3.4 Operational Requirements p.359

3.5 Fund Finance p.360 3.6 Tax Regime p.360 4. Legal, Regulatory or Tax Changes p.361 4.1 Recent Developments and Proposals for Reform p.361

340 CHAMBERS.COM

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