The European AIF market is one of the fastest growing in the financial sector. For this reason, your AKD counsels keep up to date with developments in this dynamic industry. To help financial market participants to stay on top of current trends in the AIF space, the AKD Quarterly Update provides information on selected Luxembourg and Dutch legal, tax and regulatory matters within the AIF industry.

As we navigate through 2025, welcome to the Q3 – AIF industry Update in which our legal, regulatory and tax experts from Luxembourg and the Netherlands cover the most recent key developments in the European AIF market from the last three months with particular relevance for fund managers and sponsors, institutional investors and professionals in the financial sector.

Key topics include recent progress on ESMA’s thematic notes on sustainability claims, the ESAs’ annual report on Principal Adverse Impact disclosures under SFDR, CSSF’s feedback on supervisory actions regarding sustainability risks, ESMA’s response to the revised ESRS consultation, the establishment of Luxembourg’s ML/TF Prevention Committee, new ESMA guidelines under MiCAR, updated outsourcing guidelines for cloud service providers, and legislative changes to the carried interest regime in Luxembourg and the lucrative interest regime in the Netherlands.

You will also read about tax hot topics from the Netherlands and Luxembourg.

Don’t miss out the interview of Quentin Dupraz, General Partner at Ilavska Vuillermoz Capital.