LUXEMBOURG Law and Practice Contributed by: Evelyn Maher, Gaston Aguirre Draghi and Djelloul Mansour, BSP
of third-party AIFMs/management companies), (vii) information on costs charged to investors, and (viii) alignment of the list of permitted func - tions/services that an AIFM/management com - pany can perform. On 25 October 2024, the European Commission adopted Commission Delegated Regulation (EU) 2024/2759, supplementing the revised ELTIF 2.0 regime (ELTIF RTS). The ELTIF RTS aim to make ELTIFs a more effective tool for channelling long-term investments, with a particular focus on: (i) the requirements for an ELTIF’s redemp - tion policy and liquidity management tools, (ii) proposed methods to determine the minimum percentage of liquid assets that ELTIFs can use to satisfy redemptions, (iii) the circumstances for the matching of transfer requests of units or shares of the ELTIF, and (iv) certain elements of the costs disclosure. ELTIFs authorised before 10 January 2024 (the date of entry into force of the ELTIF 2.0 regime) and opting to remain subject to the former ELTIF regime remain sub - ject to Commission Delegated Regulation (EU) 2018/480.
Finally, at the Luxembourg level, on 11 December 2024 the Luxembourg Parliament adopted Bill of Law No 8411, introducing changes designed to make Luxembourg more attractive and more competitive, and to reduce the tax burden on individuals. This law amended Articles 175 and 176 of the UCI Law to grant an exemption from the annual subscription tax for actively managed UCITS ETFs. The provisions of the law relating to the subscription tax exemption will apply from the first day of the quarter following the publication of the law in the Luxembourg Official Journal . This measure aims to strengthen Lux - embourg’s position as Europe’s leading hub for traditional investment funds by making it more competitive and appealing in the growing Euro - pean and international UCITS ETF markets.
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