Regulatory Blog

On 3 October 2025, the Luxembourg Government introduced Draft Bill No. 8628 to transpose AIFMD II (Directive (EU) 2024/927) into national law.

The Investment Fund Administrators Law marks a pivotal development in the investment funds space in Cyprus, bringing within the scope of regulation persons providing fund administration services. The IFA Law came into effect on 18 June 2025.

On 12 August 2025, the Luxembourg tax authorities published a circular offering guidance on the Collective Investment Vehicle exemption under the reverse hybrid rules introduced by ATAD2.

On 24 July 2024, the Jersey Financial Services Commission published significant enhancements to the Jersey Private Fund regime, set to take effect on 6 August 2025. These updates are designed to strengthen the framework and ensure it remains aligned with the evolving needs of international professional investors.

On 27 June 2025, Luxembourg's Commission de Surveillance du Secteur Financier published Circular 25/894, which establishes the obligations for Luxembourg Investment Fund Managers managing investment funds not authorised by the CSSF to provide information in respect of such funds via the completion of specific forms. This circular, effective immediately, repeals Circular CSSF 15/612 and applies to management companies subject to Chapter 15 of the UCI Law, registered AIFMs and authorised AIFMs.

On 12 June 2025, the Cyprus Securities and Exchange Commission issued Consultation Paper CP-02-2025, proposing targeted amendments to the Alternative Investment Funds Law of 2018.

On 29 May 2025, the House of Representatives of Cyprus approved the long-anticipated Investment Fund Administrators Law, which aims to strengthen the regulatory framework for fund administration conducted in Cyprus. The passing was announced to the industry by the Cyprus Investment Funds Association on 2 June 2025.

On 20 May 2025, the CSSF updated its AIFMD FAQs to clarify the subject of marketing AIFs to retail investors. In principle, non-regulated Luxembourg AIFs not subject to a product law can only be marketed in Luxembourg to professional investors.

On 11 April 2025, the Cyprus Securities and Exchange Commission released Circular C703, which serves as a reminder of the regulatory obligations of Cyprus Investment Fund Managers concerning website maintenance and marketing communications.

On 15 April 2025, the European Securities and Markets Authority published significant updates to the regulatory landscape with the release of draft Regulatory Technical Standards and a final report on Guidelines addressing Liquidity Management Tools. These measures represent a pivotal step toward strengthening the ability of EU fund managers to skilfully manage fund liquidity, particularly during periods of market stress.

On 17 February 2025, the Government of Bermuda released its third consultation paper on the Corporate Income Tax Act 2023, focussing on provisions to ensure the effective administration of the CIT Act. This follows a careful review of feedback from the first two consultations, further refining the proposals to strike a balance between ease of administration and taxpayer compliance costs and robust tax collection and liability determination mechanisms. The consultation closes on 10 March 2025, and stakeholders are invited to submit their comments and suggestions via email.

On 12 February 2025, the Commission de Surveillance du Secteur Financier (CSSF) introduced a streamlined and more efficient procedure for the creation of new share classes in investment funds, thereby eliminating the need for a prospectus update.