Société Générale Securities Services

Among the changes introduced by these revised UCITS (UCITS) and AIFM (AIFM) directives, all open-ended funds must, as of April 16, 2026, have at least two liquidity management tools.

The Luxembourg law of March 3, 2026, transposing Directive (EU) 2024/927 amending the AIFMD 2 and UCITS 6 directives, was published in the Official Journal on March 9, 2026.

The decree modernizing the terms and conditions governing communications between commercial companies and their shareholders was published in the French Official Journal on February 15, 2026.

What are the main changes or impacts for the AIFM?

On November 20, 2025, the European Commission published its long-awaited final legislative proposal to amend the 2019 SFDR regulation on sustainability disclosure in the financial services sector.

The transposition process of the Directive on alternative investment funds managers EU 2024/927 (AIFMD 2) into Luxembourg law started on 3rd October 2025 with the bill of law 8628 provided to the Luxembourg Parliament. At European level AIFMD 2 must be transposed by each Member State before April 2026 at the latest.

Until now, the implementation of a settlement one day after the execution date (the “T+1”) for stock market transactions within the scope was a project mainly driven by the industry, under the responsibility of the Industry Committee.

Spearheaded by the European Central Bank through the AMI-SeCo working group, ISO 20022 sets a clear path toward harmonised and automated post-trade processes across the continent.

Blockchain is reviving the cards of asset custody. Between self-custody wallets and custodial wallets, traditional models are being challenged. The blockchain version of administered registered shares could prove particularly suitable for financial securities and thus challenge the current hegemony of bearer securities. While asking many legal and operational...

In line with its commitment, the Industry Committee* published its report on 30 June 2025.

Market concentration is not the only aspect that can help Europe thrive. Integration and technological enhancements are the key topics are a shared focus on delivering value.

On 12 January 2025, the European Commission took a further step towards reducing the settlement/delivery cycle by publishing its proposal to amend the regulatory text.