What changed

Every page on FundRegTracker carries a changelog — this is the combined ledger, newest first. Superseded guidance is corrected on the page and the correction is recorded here; nothing is silently rewritten. Subscribe via RSS.

2026-07-06

• AIFMD II — the living implementation tracker (what applies when, per member state + UK divergence) — verification pass: confirmed the two LMT delegated regulations in the OJ as (EU) 2026/465 + 2026/466 (published 27 Feb 2026, in force 19 Mar 2026, apply 16 Apr 2026 — EUR-Lex); confirmed the Commission's 1 Oct 2025 letter to the ESAs (published 6 Oct 2025) deferring 115 "non-essential" Level 2 acts to not before 1 Oct 2027, with the open-ended LO-AIF RTS named in its annex (finance.ec.europa.eu); added the Legilux citation for the Luxembourg law of 3 Mar 2026 (Mémorial A n° 115, 9 Mar 2026, via the CSSF communication); confirmed the ESMA LMT guidelines published 12 Mar 2026 (ESMA34-671404336-1364), applying 16 Apr 2026 / pre-existing funds 16 Apr 2027; confirmed the Art 12 costs report published 6 Nov 2025 (ESMA50-1949966494-3918); verified Jersey, Guernsey and the UK on neither the EU AML high-risk list nor the EU tax list Annex I/II (Commission pages, lists as amended 29 Jan 2026 / updated 17 Feb 2026). 6 To-verify items closed, 3 remain (Irish S.I. signing date — irishstatutebook.ie blocks automated access; EU transposition scoreboard; UK draft SI — still unpublished, expected from Jul 2026). ¶
• AIFMD Annex IV reporting — the practical guide (who, what, when, where per NCA) — page created. ¶
• CSSF Circular 24/856, annotated — thresholds, procedures and the FAQ, in one place — page created. Built from CSSF Circular 24/856 (English PDF) and the CSSF FAQ on Circular 24/856, Version 1 (24 December 2024), read in full; notification window, REA report deadline, thresholds and repeal corroborated against the CSSF text and EY Luxembourg's circular summary. Cross-linked to the NAV error correction matrix page. ¶
• ELTIF 2.0 vs Luxembourg Part II UCI (and vs ELTIF 1.0) — the retail private-assets comparison — page created. Baseline: Regulation (EU) 2023/606 (ELTIF 2.0) and consolidated Regulation (EU) 2015/760 (ELTIF 1.0) primary texts; Commission Delegated Regulation (EU) 2024/2759 (ELTIF liquidity RTS); Luxembourg Law of 17 December 2010 (Part II); CSSF Circular 25/901 (cross-linked). Cross-checked against Macfarlanes, Norton Rose Fulbright, Dechert, Arthur Cox, Loyens & Loeff and Elvinger Hoss commentary, and Scope Fund Analysis ELTIF market data (secondary — flagged in To verify). ¶
• Loan-originating funds under AIFMD II — Ireland vs Luxembourg, the practical comparison — verification pass: all 7 open items closed against primary sources. Confirmed from the consolidated AIFMD (EUR-Lex CELEX 02011L0061-20260416): Art. 16(2a) closed-ended default/open-ended derogation, Art. 15(4e) connected-party lending ban, Art. 15(4b) third subparagraph subscription-line carve-out, Art. 4(1)(as)/(at) shareholder-loan and loan-originating-AIF definitions; corrected the shareholder-loan exemption — it lifts the leverage caps only (Art. 15(4b), final subparagraph), not the closed-ended default. Confirmed from S.I. 181/2026 (irishstatutebook.ie): Regulation 8 inserts the consumer-lending ban into Regulation 16 of the 2013 AIFM Regulations (consumers in the State; servicing ban; marketing unaffected), commencement 1 May 2026 with Regulation 14 deferred to 16 April 2027. Corrected the Luxembourg law identity from Legilux: Law of 3 March 2026 (Doc. parl. 8628), Mémorial A No. 115 of 9 March 2026, in force 16 April 2026; its Art. 29 inserts the consumer prohibition as Art. 4-1 of the 2013 AIFM Law. Confirmed the AIF Rulebook publication date (5 May 2026) from the Central Bank's own AIF guidance page, the ILP (Amendment) Act 2020 commencement (1 February 2021; beneficial-ownership sections 1 March 2021) from gov.ie, the ESMA open-ended loan-originating AIF RTS as still unadopted (Commission "not before 1 October 2027" position unchanged), and the legacy L-QIAIF 25% diversification limit as expressed against net assets (Dechert 2018 and William Fry concur). 7 items closed, 0 remain. ¶
• NAV error correction across domiciles — materiality thresholds and remediation, compared — verification pass: Guernsey per-investor de minimis confirmed as £30 (GFSC pricing-controls guidance s.5.4.1 — the black-lined final version strikes £10 and inserts £30); Jersey Certified Funds Code Schedules 3–5 (listed fund, OCIF and eligible investor fund guides) confirmed to contain no pricing-error provision (JFSC); Irish Regulations 107(2) and 118(3)–(5) confirmed against the text of S.I. No. 230 of 2019 (CBI); Ireland CP130 re-checked — CBI page still lists no feedback statement and no final rules; CSSF FAQ on 24/856 confirmed still Version 1 of 24 December 2024 (CSSF circular page). 5 items closed, 2 remain (UK 0.5% convention formulation; GFSC guidance issue date). ¶
• Where to domicile a private fund — JPF vs Guernsey PIF vs Luxembourg SCSp-RAIF vs Irish ILP, compared — verification pass: confirmed the Guernsey designated-administrator requirement (rule 3.1(1)) and the Family PIF criteria/"eligible employee" definition from the GFSC PIF Rules & Guidance 2025 text; confirmed Irish regulator cost from CBI sources — no application fee, Category E1 industry-funding levy €8,734 minimum + €579/sub-fund (2025 Funding Strategy Guide); confirmed the full JPF Annex A professional-investor limbs against the current JFSC JPF Guide; confirmed the AIFMD II transposing measures — Luxembourg law of 3 March 2026 (Legilux) and Irish S.I. No. 181 of 2026 + revised AIF Rulebook. 5 items closed, 1 remains (Luxembourg RAIF cost baseline — no official all-in figure exists). ¶
• Where to domicile a private fund — JPF vs Guernsey PIF vs Luxembourg SCSp-RAIF vs Irish ILP, compared — page created. Master matrix and per-vehicle sections built from primary and near-primary sources on the current (post-August-2025) rules: JFSC Jersey Private Fund Guide + 2025 amendments (50-cap removed 6 Aug 2025) + 2025 CoBO Fees Notice; GFSC Private Investment Fund Rules & Guidance 2025 + fast-track PIF regime + 1 Jan 2026 fee reduction; ALFI RAIF framework (RAIF Law 2016) for the Luxembourg SCSp-RAIF; Central Bank of Ireland revised AIF Rulebook (5 May 2026) + QIAIF 24-hour fast-track for the Irish ILP. ¶
• New US fund registrations — SEC Form D and the registered-fund universe — page created; first pull of EDGAR FTS live list, Form D quarterly dataset and the series/class reference file. ¶

2026-07-05

• AIFMD II — the living implementation tracker (what applies when, per member state + UK divergence) — page created. Timeline, transposition table and change areas built from Directive (EU) 2024/927 (EUR-Lex), ESMA final reports (LMT RTS Apr 2025 · open-ended LO-AIF RTS Oct 2025 · amended LMT guidelines Dec 2025), CSSF law-of-3-March-2026 communication + Circular 25/901, Irish S.I. 181/2026 + Central Bank AIF Rulebook (May 2026) + CP162 feedback statement, HMT/FCA April 2025 consultation pair, with law-firm secondary sources marked as such. ¶
• CSSF Circular 25/901, consolidated — the new single framework for SIFs, SICARs and Part II UCIs — page created. Baseline: Circular 25/901 primary text (EN PDF), CSSF press release, legacy circulars 02/80 and 07/309 primary texts, CSSF status pages for 06/241, IML 91/75 and 26/912; cross-checked against Maples, Dechert, A&O Shearman and Arendt alerts. ¶
• Loan-originating funds under AIFMD II — Ireland vs Luxembourg, the practical comparison — page created. Built from Directive (EU) 2024/927 (EUR-Lex text for Art. 15/16 provisions), S.I. 181/182 of 2026 + revised CBI AIF Rulebook coverage (A&L Goodbody, Arthur Cox, Walkers, KPMG), Luxembourg Bill 8628 coverage (AIMA, CMS, SGSS, ICLG), ESMA final report on open-ended loan-originating AIF RTS + McCann FitzGerald on the adoption delay, Irish Funds and Pinsent Masons on the Ireland opportunity, and the legacy L-QIAIF record (Dechert 2018, William Fry) cited as historical only. ¶
• NAV error correction across domiciles — materiality thresholds and remediation, compared — page created. Initial matrix from primary sources: CSSF 24/856 + FAQ v1, CBI CP130 + Central Bank UCITS Regulations (as cited therein), FCA COLL 6.6.3R / SUP 15.3.11R, JFSC Certified Funds Code Sch 1 & 2, GFSC pricing-controls guidance. ¶
• Cross-Border Fund Regulatory Calendar — Luxembourg · Ireland · UK · Jersey · Guernsey (2026) — page created. ¶
• Sub-threshold AIFM registration, jurisdiction by jurisdiction — Luxembourg · Ireland · UK · Jersey · Guernsey — page created. Initial comparison from primary sources: AIFMD Art. 3 + Delegated Regulation 231/2013 Arts 2–5 (EUR-Lex), Directive (EU) 2024/927, Luxembourg Law of 12 July 2013 + CSSF registration page + CSSF AIFMD FAQ, CBI authorisation page + A&L Goodbody regime note + S.I. 181/2026 coverage, FCA authorisation-options map + sub-threshold notifications page + Call for Input, JFSC AIF Codes (2021 and AIFMD II) + AIFMD FAQ, GFSC AIFMD regime page, FCA NPPR page. ¶