Capital markets and the Bourse de Luxembourg run through the 2023–2028 legislature from the state-of-the-nation debate of March 2024 to bill 8628 on alternative fund lending in February 2026. The sittings covered the Luxembourg Green Exchange and the transposition of the EU green bonds regulation, the retail Defence Bond created by bill 8633, the securitisation law of 2004 and its place in the Capital Markets Union, the MiFID/MiFIR review carried by bill 8567's European Single Access Point and bill 8498's ban on payment for order flow, and the European project relabelled the Savings and Investment Union. The government's opposition to shifting supervisory power to a Paris-based ESMA is covered on The financial centre and financial regulation. The quotes below are taken verbatim from the Compte rendu officiel of each sitting.
\nOn 12 June 2024, during the debate on the state of the nation, Diane Adehm gave the number of green and sustainable bonds listed on the Bourse de Luxembourg.
\n\n\nWann ech haut kucken, d’Bourse, déi huet e Communiqué gemaach: Mir hu mëttlerweil 15.000 „green, social, sustainability and sustainability-related bonds“, déi hei zu Lëtzebuerg cotéiert sinn. Och do ass geliwwert ginn a manner wéi sechs Méint!
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Looking at it today, the Bourse issued a press release: we now have 15,000 green, social, sustainability and sustainability-related bonds listed here in Luxembourg. That too was delivered within less than six months.
\nSitting of 12 June 2024, Diane Adehm, CSV
\nOn 25 June 2025, during the debate on bill 8498 transposing the MiFID/MiFIR review, Maurice Bauer described, as rapporteur, the aim of the bill's rules on consolidated trading data.
\n\n\nReegelen an e Kader ze schafen an esou d’Hindernisser fir konsolidéiert Publikatiounssystemer, sougenannte „consolidated tapes“, wou d’Präisser an d’Volume vu Finanzproduiten op eng konsolidéiert Manéier vun Acteure publizéiert ginn, opzehiewen.
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To create rules and a framework, and so remove the obstacles to consolidated publication systems, so-called consolidated tapes, where the prices and volumes of financial products are published by market participants in a consolidated way.
\nSitting of 25 June 2025, Maurice Bauer, CSV
\nOn 17 December 2025, during the debate on bill 8633 creating the Defence Bond, Michel Wolter gave, as rapporteur, the date on which the government decided to issue the bond.
\n\n\nD’Decisioun, esou en Defence Bond an der Héicht vun 150 Milliounen Euro opzeleeën, ass de 6. Oktober 2025 am Regierungsrot geholl ginn. Deen Emprunt soll iwwer dräi Joer lafe mat engem attraktiven Zënstaux fir déi Leit, déi hir Suen dann doranner wëllen investéieren.
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The decision to issue a Defence Bond of 150 million euros was taken in the Council of Government on 6 October 2025. The loan is to run over three years with an attractive interest rate for people who want to invest their money in it.
\nSitting of 17 December 2025, Michel Wolter, CSV
\nOn 20 March 2024, during the debate on a motion on the financial centre's transition to climate-aligned finance, André Bauler welcomed the Luxembourg Green Exchange as an achievement of the financial centre.
\n\n\nMir hunn de Luxembourg Green Exchange, also déi gréng Lëtzebuerger Bourse, an durabel Finanzinstrumenter. An de leschte Jore sinn déi entwéckelt ginn op eiser Finanzplaz, och mat Hëllef natierlech, ech gesinn hei d’Kolleege vun der CSV, och op eiser Bourse, wou grouss Efforte gemaach gi sinn.
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We have the Luxembourg Green Exchange, the green Luxembourg stock exchange, and sustainable financial instruments. In recent years these have been developed on our financial centre, including with help, I see the CSV colleagues here, on our Bourse, where big efforts have been made.
\nSitting of 20 March 2024, André Bauler, DP
\nOn 17 December 2024, during the budget debate for 2025, Corinne Cahen relayed, as rapportrice, the EIB president's warning that Europe needs a capital markets union.
\n\n\nDeen een ass dee vun der Bürokratie, deen aneren dee vun der Fragmentéierung vum Finanzmarché an Europa. D’Amerikaner kéinte séier Milliarde mobiliséieren. Mir brauchen an der EU eng Kapitalmaartunioun.
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One problem is bureaucracy, the other is the fragmentation of the financial market in Europe. The Americans can mobilise billions quickly. We need a capital markets union in the EU.
\nSitting of 17 December 2024, Corinne Cahen, DP
\nOn 1 April 2025, during her interpellation on financial education, Liz Braz described the Savings and Investment Union as a geostrategic project that depends on financial literacy.
\n\n\nDéi Savings and Investments Union ass also e geostrateegescht Instrument, mee si kann nëmmen da fonctionéieren, wann d’Leit och wëssen, wéi se investéieren, wat d’Risike sinn a wéi se eng equilibréiert Approche tëschent Spueren an Investéiere kënne fannen.
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The Savings and Investments Union is therefore a geostrategic instrument, but it can only work if people also know how to invest, what the risks are, and how to find a balanced approach between saving and investing.
\nSitting of 1 April 2025, Liz Braz, LSAP
\nOn 20 January 2026, during questions on the Defence Bond's subscription, Franz Fayot described the bond as a retail instrument for residents investing their private savings.
\n\n\nEt handelt sech hei ëm e Bond, dee sech u physesch Persoune riicht, déi zu Lëtzebuerg wunnen an am Kader vum Uleeë vun hire privaten Erspuernisser handelen.
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This is a bond aimed at natural persons who live in Luxembourg and who are investing their private savings.
\nSitting of 20 January 2026, Franz Fayot, LSAP
\nOn 19 March 2026, during the debate on bill 8567 setting up the European Single Access Point, Franz Fayot asked how young app-based investors exposed to influencer marketing of crypto assets would be protected.
\n\n\nMee et muss een awer wëssen, dass d’Leit, an déi Jonk haaptsächlech, allméiglechen Influenceuren ausgesat sinn, déi hinne Kryptoavoiren, awer net nëmmen, verkafen.
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But one must know that people, mainly young people, are exposed to all kinds of influencers who sell them crypto assets, among other things.
\nSitting of 19 March 2026, Franz Fayot, LSAP
\nOn 25 June 2025, during the same debate on bill 8498, Sven Clement argued that the ban on payment for order flow is the bill's key measure for restoring transparency.
\n\n\ndofir ass dat heite Gesetz en immens wichtegt Gesetz, datt mer dat Reglement elo och operationaliséieren, datt mer dee Verbuet vu Payment-Flow-Paiementer hei aféieren.
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That is why this law is an immensely important law, because we are now operationalising this regulation and introducing the ban on payment-for-order-flow payments here.
\nSitting of 25 June 2025, Sven Clement, Piraten
\nOn 17 December 2025, during the same debate on bill 8633, Sven Clement welcomed that the Defence Bond's tax exemption is limited to individual savers rather than hedge funds.
\n\n\nBesonnesch positiv fanne mer, anescht wéi d’CSL, datt dës Steierbefreiung kënnt. An da fanne mer et awer besonnesch gutt, datt se exklusiv fir natierlech Persounen ass, datt mer hei also net iergendengem Hedgefonds nach eng Steierbefreiung ginn, mee datt mer hei wierklech d’Zil verfollgen, kleng Spuererinnen a Spuerer sech bedeelegen ze loossen.
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Unlike the CSL, we find it particularly positive that this tax exemption is coming. And we also find it particularly good that it is exclusive to natural persons, so that we are not giving a tax exemption to some hedge fund, but that we are really pursuing the goal of letting small savers take part.
\nSitting of 17 December 2025, Sven Clement, Piraten
\nOn 18 December 2025, during the debate on bill 8596 on the state's contribution to electricity network costs, David Wagner criticised the utility Encevo for raising capital through a green bond rather than public financing.
\n\n\nWann Encevo am Juli vun dësem Joer 200 Milliounen Euro iwwer e Green Bond asammele geet, fir eeben och Investitiounen an d’Netz ze finanzéieren, dann hu mir domat e Problem, well do dann eng privatrechtlech Holding op de Kapitalmäert Finanzementer siche geet, fir ëffentlech Servicer ze assuréieren.
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When Encevo raises 200 million euros this July through a green bond to finance investment in the grid, we have a problem with that, because a private-law holding company is then seeking financing on the capital markets to provide a public service.
\nSitting of 18 December 2025, David Wagner, déi Lénk
\nOn 12 February 2026, during the debate on bill 8628 transposing AIFMD2, David Wagner warned that letting funds grant loans raises systemic risk.
\n\n\nAn et ass jo awer och eng Mesür, déi u sech a Richtung vun enger Kapitalmaartunioun geet, wou och schlussendlech d’Fongen ëmmer méi Afloss kréien an der ekonomescher Direktioun, wat de Risiko vu systeemesche Krisen nach erhéicht.
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This is also a measure that in itself goes in the direction of a capital markets union, where funds ultimately gain more and more influence over economic direction, which increases the risk of systemic crises.
\nSitting of 12 February 2026, David Wagner, déi Lénk
\nOn 2 May 2024, during questions on President Macron's speech on the European Union, the Prime Minister welcomed the Capital Markets Union, relabelled the Savings and Investment Union, as a way to mobilise private money for investment.
\n\n\nD’Capital Markets Union, deen neien Term, deen iwwregens vum Här Letta kënnt an deen den Här Macron iwwerholl huet, vun enger Erspuernisan Investmentunioun, fannen ech richteg.
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I think the Capital Markets Union, the new term, which by the way comes from Mr Letta and which Mr Macron took over, of a savings and investment union, is right.
\nSitting of 2 May 2024, Luc Frieden, Premier ministre
\nOn 22 January 2026, during extended questions on the Capital Markets Union, the Minister of Finance argued that Luxembourg must widen access to risk capital and simplify the 2004 securitisation law.
\n\n\nMir mussen duerfir den Zougang zu dem Risikokapital verbesseren an de Listing. An och d’Titrisatiounsreegelen – dat ass e Gesetz bei eis zanter 2004 – musse mer vereinfachen.
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We must therefore improve access to risk capital and to listing. And we must also simplify the securitisation rules, a law we have had since 2004.
\nSitting of 22 January 2026, Gilles Roth, Ministre des Finances
\nOn 3 March 2026, answering a question on the financial mission to India, the Minister of Finance gave the number of Indian masala bonds and green bonds listed on the Bourse de Luxembourg.
\n\n\nMir hunn op der Lëtzebuerger Bourse aktuell 95 sougenannte Masala Bonds gelëscht, an dat an engem Gesamtwäert vu 5 Milliarden Euro. Dobäi kommen nach eemol gréng Obligatiounen, also Obligations vertes, fir 300 Milliounen Euro.
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We currently have 95 so-called Masala Bonds listed on the Luxembourg Stock Exchange, worth a total of 5 billion euros. On top of that come green bonds, worth 300 million euros.
\nSitting of 3 March 2026, Gilles Roth, Ministre des Finances
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