The fund industry recurs through the whole legislature, from the coalition programme debate of November 2023 to the AIFMD2 transposition of February 2026. The sittings covered the subscription-tax exemption for actively managed ETFs, the transposition of AIFMD2 and a modernised carried-interest regime under bill 8628 and bill 8590, the growth of ELTIFs under bill 8387 and their proposed use for European defence financing, and the recurring statistics on assets under management that made Luxembourg the world's second-largest fund domicile. The size and competitiveness rhetoric of the financial centre is already covered on The financial centre and financial regulation, so this page carries the fund-specific bills, tax measures, and figures instead. The quotes below are taken verbatim from the Compte rendu officiel of each sitting.
\nOn 11 December 2024, during the debate on an omnibus tax-relief bill, Diane Adehm gave the CSV account of the new ETF subscription-tax exemption.
\n\n\nDuerfir ginn déi aktiv geréiert ETFe vun der Taxe d’abonnement exoneréiert. Mat dëser Mesür hu mir keen Déchet fiscal, well et aktuell nach keng esou Fongen zu Lëtzebuerg gëtt.
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Actively managed ETFs are therefore exempted from the subscription tax. With this measure we have no fiscal loss, because there are currently no such funds in Luxembourg yet.
\nSitting of 11 December 2024, Diane Adehm, CSV
\nOn 15 May 2025, opening the interpellation on the future development of the financial centre, Diane Adehm argued that ELTIFs could be redirected to finance European defence efforts.
\n\n\nMir schwätzen hei vun den ELTIF-Fongen. Do stellt sech och d’Fro, ob een net kéint dohinnergoen an och dës Fonge benotzen, fir d’Defenseefforten ze finanzéieren.
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We are talking here about the ELTIF funds. The question also arises whether one could not go there and use these funds too, to finance defence efforts.
\nSitting of 15 May 2025, Diane Adehm, CSV
\nOn 16 December 2025, as rapporteur in the budget debate, Maurice Bauer described a stagnation in the financial centre despite an upward revision to the fund industry's 2024 figures.
\n\n\nD’Finanzplaz, eng vun de Schlësselbranchë vun eisem Land, weist eng gewësse Stagnatioun, och wann d’Donnéeë fir 2024 no uewe korrigéiert goufen an d’Leeschtung besser war wéi ugeholl, dat besonnesch an der Fongenindustrie.
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The financial centre, one of the key branches of our country, shows a certain stagnation, even though the 2024 figures were revised upward and performance was better than assumed, especially in the fund industry.
\nSitting of 16 December 2025, Maurice Bauer, CSV
\nOn 22 January 2026, as rapporteur on bill 8590 PL8590 — Carried interest modernising the carried-interest regime, Laurent Mosar gave the assets under management of the Luxembourg fund industry.
\n\n\nMat méi wéi 7.000 – ech widderhuelen nach eng Kéier: 7.000! – Milliarden Euro ënner Gestioun a genausou ville Mataarbechter ass et iwwregens déi zweetgréisst Fongeplaz weltwäit.
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With more than 7,000 - I repeat, 7,000! - billion euros under management, and just as many staff, it is by the way the second-largest fund centre worldwide.
\nSitting of 22 January 2026, Laurent Mosar, CSV
\nOn 17 December 2024, during the budget debate, Corinne Cahen welcomed the Chambre de Commerce's satisfaction with the subscription-tax abolition for ETFs.
\n\n\nAm alternative Fongeberäich ass den Zouwuess immens grouss zu Lëtzebuerg. D’Chambre de Commerce huet hir Zefriddenheet iwwert d’Ofschafung vun der Abonnementstax fir aktiv geréiert ETFen ausgedréckt.
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Growth in the alternative fund sector is immense in Luxembourg. The Chambre de Commerce has expressed its satisfaction with the abolition of the subscription tax for actively managed ETFs.
\nSitting of 17 December 2024, Corinne Cahen, DP
\nOn 14 May 2025, during the debate on the state of the nation, Gilles Baum described Luxembourg as the world's second-largest fund domicile after the United States.
\n\n\nLëtzebuerg huet sech an de leschte Joerzéngten als eng vun de féierende Finanzplazen an Europa etabléiert an ass haut weltwäit den zweetgréisste Fongestanduert no den USA.
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Luxembourg has established itself over the last decades as one of the leading financial centres in Europe, and today is the world's second-largest fund domicile after the United States.
\nSitting of 14 May 2025, Gilles Baum, DP
\nOn 20 November 2025, during the debate on a bill reforming the penal code and criminal procedure, Carole Hartmann gave the value of assets invested in Luxembourg funds relative to GDP.
\n\n\nMat ronn 6 Billiounen, déi Enn September an de Fongen hei am Land investéiert waren, schwätze mir vun engem Verméigen, dat bal 70-mol de PIB vun eisem Land ausmécht.
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With around 6 trillion invested in funds in this country at the end of September, we are talking about a fortune that is almost 70 times our country's GDP.
\nSitting of 20 November 2025, Carole Hartmann, DP
\nOn 17 December 2025, during the budget debate, André Bauler gave the CSSF's September 2025 figure for assets under management in Luxembourg funds.
\n\n\nAn am September 2025 weisen d’Zuele vun der CSSF, dass déi lëtzebuergesch Fongen erëm eng Kéier en neie Rekord duerchbrach hunn: D’Grenz vu 6.000 Milliarden Euro u geréierte Suen ass iwwerschratt ginn.
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In September 2025, the CSSF figures show that Luxembourg funds broke a new record again: the threshold of 6,000 billion euros under management has been passed.
\nSitting of 17 December 2025, André Bauler, DP
\nOn 22 January 2026, during the debate on bill 8590 modernising the carried-interest regime, Tom Weidig defended fund managers who receive a share of profit against a framing of them as big capital.
\n\n\nDat sinn déi Experten, déi a Firmen investéieren an déi no 5, 10 Joer, wann d’Firmen nees verkaaft ginn, en Deel vum Profitt kréien.
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These are the experts who invest in companies and who, after 5 or 10 years, when the companies are sold again, receive a share of the profit.
\nSitting of 22 January 2026, Tom Weidig, ADR
\nOn 7 May 2024, during a topical debate on the government's nuclear energy policy, David Wagner criticised the environmental and human-rights record of the companies that Luxembourg's fund industry invests in.
\n\n\nLëtzebuerg huet mat 4.300 Milliarden déi gréisste Fongenindustrie an Europa. En enormen Investitiounsvolume fléisst also iwwer eis Finanzplaz. E groussen Deel vun dëse Gelder stécht an Entreprisen, déi mat Ëmwelt a sozialer Nohaltegkeet a mat Mënscherechter wéineg um Hutt hunn
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Luxembourg has, with 4,300 billion, the largest fund industry in Europe. An enormous investment volume flows through our financial centre. A large share of this money goes into companies that pay little attention to environmental and social sustainability and to human rights.
\nSitting of 7 May 2024, David Wagner, déi Lénk
\nOn 22 November 2023, in the government declaration on the coalition programme, the Prime Minister stated the plan to make the framework for ETF and sustainable funds more attractive.
\n\n\nGrad am Fongeberäich, zum Beispill bei den ETF-Fongen a bei Fongen, déi an nohalteg Aktivitéiten investéieren, maache mer d’Ramebedéngunge méi attraktiv, fir kënne mat eise Konkurrenten am Ausland matzehalen an eis Leaderroll am Fongeberäich ze halen.
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Precisely in the fund sector, for example for ETF funds and funds that invest in sustainable activities, we are making the framework more attractive, so we can keep pace with our competitors abroad and keep our leading role in the fund sector.
\nSitting of 22 November 2023, Luc Frieden, Premier ministre
\nOn 25 April 2024, during the budget debate, the Minister of Finance announced the plan to cut the subscription tax for actively managed ETFs to match competitors such as Ireland.
\n\n\nAn duerfir wäert ech och dem Regierungsrot proposéieren, gemääss dem Regierungsprogramm, dass mer um Niveau vun de Fongen, deene sougenannten aktiv gemanagten ETF-Fongen, och en Effort maachen, fir d’Taxe d’abonnement do erofzesetzen, well mer a Konkurrenz – ech hunn dat an der Finanzkommissioun méi ausféierlech explizéiert – mat anere Juridictiounen, wéi ënner anerem Irland, stinn.
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And so I will also propose to the Council of Government, in line with the government programme, that we make an effort at the level of the so-called actively managed ETF funds, to bring down the subscription tax there, because we are in competition with other jurisdictions, such as Ireland among others.
\nSitting of 25 April 2024, Gilles Roth, Ministre des Finances
\nOn 22 January 2025, during the debate on bill 8387 PL8387 — Réglementation cryptoactifs implementing the ELTIF regulation, the Minister of Finance gave the number of new EU ELTIFs set up in Luxembourg in the first 20 days of January 2025.
\n\n\nDéi éischt 20 Deeg am Januar 2025 si 60 nei ELTIF-Fongen an der Europäescher Unioun opgeluecht ginn. Wësst Der, wivill dovun zu Lëtzebuerg? 40.
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In the first 20 days of January 2025, 60 new ELTIF funds were set up in the European Union. Do you know how many of those in Luxembourg? 40.
\nSitting of 22 January 2025, Gilles Roth, Ministre des Finances
\nOn 12 February 2026, during the debate on bill 8628 PL8628 — Octroi prêts par les FIA transposing the AIFMD2 directive, the Minister of Finance gave the total assets managed through Luxembourg funds.
\n\n\nMir hu bal 8.000 Milliarden – 8.000 Milliarden Euro! –, déi iwwer Lëtzebuerger Fonge geréiert ginn. 8.000 Milliarden! An dat soll een ëmmer am An hunn.
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We have almost 8,000 billion - 8,000 billion euros! - managed through Luxembourg funds. 8,000 billion! And that should always be kept in mind.
\nSitting of 12 February 2026, Gilles Roth, Ministre des Finances
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