The Law transposes into Luxembourg law the terms of the CBDF Directive and will enter into force on 2 August 2021, in compliance with the timing for implementation provided for by the CBDF Directive.


As a reminder, the primary objectives of the European legislator are to facilitate cross-border distribution of investment funds and to enhance the regulatory framework governing the distribution of UCITS and AIFs.

Particular attention needs to be drawn to applicable conditions for marketing discontinuing, facilities to be provided for retail marketing and the content of marketing communications as well as the potential need to submit these communications for prior review to the relevant authorities. Alternative investment fund managers should also pay a particular attention to the new pre-marketing regime whereas undertakings for collective investment should consider the changes brought to the maintenance procedure.