With 2026 just around the corner, there are a number of bills currently before the Chamber of Deputies that are worth keeping an eye on. Between strengthening the competitiveness of the financial centre and transposing European texts, what trends are emerging and how should economic players prepare for them?
Paperjam: What do you see as the main thrusts of the legislation expected in early 2026?
Nicolas Thieltgen: There are two very clear lines of force. On the one hand, the government and the legislator have reaffirmed their desire to strengthen the competitiveness of the Luxembourg financial centre. On the other, the continuation of a (perpetual) movement to adapt Luxembourg law to European standards, which now directly influence the structuring of companies’ activities, governance and risk management.
Paperjam: Competitiveness is a recurring theme. What does it mean in concrete terms in the current drafts?
Anne-Marie Ka: It does not manifest itself in a general easing of the rules, but in targeted adjustments designed to secure existing models while maintaining their attractiveness. The bills transposing CRD VI or AIFMD II (Bills No. 8627 and 8628) strengthen governance, internal control and risk management requirements, while seeking to preserve Luxembourg’s ability to host complex structures, particularly in asset management and private equity. The supervision of delegation or lending by hedge funds illustrates this search for a balance between enhanced supervision and operational efficiency.
Nicolas Thieltgen: This logic can also be found in company law and taxation. The possibility of deferred payment of the minimum capital of SàRLs (Bill No. 8669 responds to a very concrete concern for economic flexibility, while the clarification of the tax regime for carried interest [Bill No. 8590] aims to provide greater legal certainty in an area where predictability is essential for investors.
Paperjam: So European law still plays such a structuring role?
Anne-Marie Ka – More than ever. A significant proportion of the changes expected in 2026 have their origins in European legislation. The directive on equal pay for men and women the increased sustainability obligations stemming from the CSRD or the adjustments in data protection [bill n° 7373 in particular] show that Luxembourg law is increasingly shaped by a supranational normative framework. For companies, this means thinking upstream in terms of European, rather than just national, compliance.
Nicolas Thieltgen: This European dimension also requires a change in method. Companies now have to anticipate the impact of legislation well before it is transposed, otherwise they will have to make rapid and sometimes costly adjustments once the law has come into force. For companies, the challenge is no longer simply to comply with the new rules, but to measure the effects on their governance, structures and strategic decisions. A forward-looking approach based on effective and accurate legal and regulatory monitoring is therefore becoming an essential lever for security and competitiveness.