Topic

Regulation

Commentary on the regulatory frameworks shaping investment funds and financial services. This section includes a three-part series explaining DORA and ICT third-party risk, with a companion piece on delegation to third parties, alongside analysis of UCITS VI, Luxembourg's competition with Ireland for UCITS business, ESMA's expectations for crypto-asset service providers, and the debate over centralising EU supervision. Each piece asks the same question: what does this rule mean for the firms that have to apply it?

Regulation

UCITS VI: why It matters and why the fund industry needs It

18 November 2025 By Diego Ofano

Regulation

ESMA and the future of EU supervision: Why Europe should build on the CSSF model, not replace it

The European Commission is preparing a proposal to expand central supervision over Europe’s key financial markets, including stock exchanges, clearing houses, and crypto exchanges. The initiative, expected to form part of December’s “Markets Integration Package,” aims to reinforce Europe’s competitiveness and reduce fragmentation across its capital markets. Europe’s markets are often described as fragmented, with many national regulators and hundreds of trading and post-trading entities. A single EU supervisor, similar to the U.S. Securities and Exchange Commission (SEC), seems the solution to bring more uniformity and global weight.

3 November 2025 By Diego Ofano

Regulation

The ESMA view on CASPs: Substance, control, and oversight

The European Union has made it clear: crypto is now part of the regulated financial system. With MiCA finally in place, crypto-asset service providers, CASPs, have to meet the same kind of expectations that apply to any other financial firms. The ESMA goal is simple: make authorization consistent across the European Union. ESMA wants all regulators to apply the same standards, whether a company applies in Paris, Madrid, or Vilnius. A firm that wants a license will need people, systems, and real decision-making power inside the EU.

8 October 2025 By Diego Ofano

Regulation

How Luxembourg can compete with Ireland for the UCITS market leadership - A comparative review

Luxembourg has long played a leading role in the European asset management industry, particularly in liquid assets, with the UCITS framework solidifying its reputation for regulatory excellence. Recently, however, Ireland has become the main European attractive destination for liquid asset flows, pushing Luxembourg to expand its expertise in alternative investments such as private equity, infrastructure, and real estate.

12 November 2024 By Diego Ofano

Regulation

DORA Explained: ICT Third-Party Risk Management Strategy (Part 3)

16 October 2024 By Diego Ofano

Regulation

DORA explained: Role of Compliance Officers in Managing ICT Third-Party Risks (Part 2)

13 August 2024 By Diego Ofano

Regulation

DORA explained: Principles of Proportionality and Due Diligence process (Part 1)

30 July 2024 By Diego Ofano

Regulation

DORA Act: Implications for Luxembourg's Investment Fund Managers on delegation to third-parties

This article analyses the future impact of this regulatory development for Alternative Investment Fund Managers (AIFMs) in Luxembourg and the necessary controls and challenges for AIFMS and compliance officers are likely to face. This regulation requires AIFMs to evaluate and manage the digital operational risks associated with their activities and those of their service providers and delegates.

30 January 2024 By Diego Ofano