{"id":20307,"date":"2026-09-15T07:50:27","date_gmt":"2026-09-15T07:50:27","guid":{"rendered":"https:\/\/sff-camara.com\/?p=20307"},"modified":"2026-09-17T13:29:09","modified_gmt":"2026-09-17T13:29:09","slug":"la-revision-del-marco-regulatorio-de-los-fondos-de-inversion-como-aifmd-ii-eltif-2-0-y-la-distribucion-transfronteriza-estan-redefiniendo-la-estrategia-de-los-fondos-en-2026","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/la-revision-del-marco-regulatorio-de-los-fondos-de-inversion-como-aifmd-ii-eltif-2-0-y-la-distribucion-transfronteriza-estan-redefiniendo-la-estrategia-de-los-fondos-en-2026\/","title":{"rendered":"La revisi\u00f3n del marco regulatorio de los fondos de inversi\u00f3n: c\u00f3mo AIFMD II, ELTIF 2.0 y la distribuci\u00f3n transfronteriza est\u00e1n redefiniendo la estrategia de los fondos en 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"20307\" class=\"elementor elementor-20307 elementor-20306\">\n\t\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-f377bdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f377bdd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26c6730c \" data-id=\"26c6730c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba72526 elementor-widget elementor-widget-heading\" data-id=\"7ba72526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">La revisi\u00f3n del marco regulatorio de los fondos de inversi\u00f3n: c\u00f3mo AIFMD II, ELTIF 2.0 y la distribuci\u00f3n transfronteriza est\u00e1n redefiniendo la estrategia de los fondos en 2026<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22afa2a4 elementor-widget elementor-widget-spacer\" data-id=\"22afa2a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1fdaa8 elementor-widget elementor-widget-text-editor\" data-id=\"4f1fdaa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-septiembre-2026\/\" rel=\"tag\">SFF Magazine Septiembre 2026<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31767f27 elementor-widget elementor-widget-spacer\" data-id=\"31767f27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15f6496 elementor-widget elementor-widget-image\" data-id=\"15f6496\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.akd.eu\/offices\/luxembourg\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"140\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/03\/akd_logo1_RGB_Darkblue-300x140.png\" class=\"attachment-medium size-medium wp-image-19467\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eef0661 elementor-widget elementor-widget-text-editor\" data-id=\"3eef0661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTem\u00e1ticas: <a href=\"https:\/\/sff-camara.com\/es\/temticas\/distribucion-de-fondos\/\" rel=\"tag\">Distribuci\u00f3n de fondos<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/regulation\/\" rel=\"tag\">Regulation<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/tendencias\/\" rel=\"tag\">Tendencias<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-63252ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"63252ee\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5763627 \" data-id=\"5763627\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-514e925 elementor-widget elementor-widget-text-editor\" data-id=\"514e925\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><p style=\"font-weight: 400\">2026 es el a\u00f1o en el que, en particular, tres marcos normativos \u2014AIFMD II, ELTIF 2.0 y el r\u00e9gimen de distribuci\u00f3n transfronteriza\u2014 est\u00e1n convergiendo en la pr\u00e1ctica, con consecuencias tangibles para la estructuraci\u00f3n, la distribuci\u00f3n y las operaciones de los fondos.<\/p><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4493726 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4493726\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c44f137 \" data-id=\"c44f137\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-24dcd69 elementor-widget elementor-widget-text-editor\" data-id=\"24dcd69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>1. AIFMD II: de la transposici\u00f3n a la realidad operativa<\/strong><\/h5><p style=\"font-weight: 400\">Luxemburgo transpuso AIFMD II mediante la ley de 3 de marzo de 2026 (<a href=\"\/\/8A587A98-8332-460F-9B3B-4D40F89D4A6F#_ftn1\" name=\"_ftnref1\">1<\/a>), aplicable desde el 16 de abril de 2026. La transposici\u00f3n fue fiel, sin gold-plating, preservando la flexibilidad de la que depende el mercado. Tres cambios dominan la pr\u00e1ctica diaria.  <\/p><p style=\"font-weight: 400\"><em>Herramientas de gesti\u00f3n de la liquidez.<\/em> Cada AIFM que gestione AIF abiertos debe haber seleccionado ahora al menos dos herramientas de gesti\u00f3n de la liquidez de la lista armonizada de la UE, tras evaluar su idoneidad en funci\u00f3n de la estrategia y la pol\u00edtica de reembolso del fondo. Los gestores tuvieron que revisar los documentos de oferta y las pol\u00edticas de liquidez, e integrar las decisiones de activaci\u00f3n en la gobernanza del fondo. Los m\u00f3dulos espec\u00edficos de eDesk de la CSSF para la selecci\u00f3n y activaci\u00f3n (<a href=\"\/\/8A587A98-8332-460F-9B3B-4D40F89D4A6F#_ftn2\" name=\"_ftnref2\">2<\/a>) de las LMT hacen especialmente visible este cambio operativo en 2026.  <\/p><p style=\"font-weight: 400\"><em>Concesi\u00f3n de pr\u00e9stamos.<\/em> La Directiva AIFMD II introdujo el primer r\u00e9gimen a escala de la UE para los FIA dedicados a la concesi\u00f3n de pr\u00e9stamos, que abarca la retenci\u00f3n de riesgos, los l\u00edmites de concentraci\u00f3n y los l\u00edmites m\u00e1ximos de apalancamiento. Los FIA dedicados a la concesi\u00f3n de pr\u00e9stamos deben ser, por defecto, de tipo cerrado, y solo se permite una estructura de tipo abierto cuando el gestor de FIA pueda demostrar una gesti\u00f3n del riesgo de liquidez compatible. En el caso de la consolidada plataforma de cr\u00e9dito privado de Luxemburgo, los RAIF representan el 64 % de los veh\u00edculos de fondos de deuda y los SCS el 80 % de los fondos de deuda (<a href=\"\/\/8A587A98-8332-460F-9B3B-4D40F89D4A6F#_ftn3\" name=\"_ftnref3\">3<\/a>), lo que confirma en gran medida la pr\u00e1ctica existente.  <\/p><p style=\"font-weight: 400\"><em>Delegaci\u00f3n<\/em>. AIFMD II no ha modificado de manera fundamental las funciones que los AIFM pueden delegar; en cambio, ha reforzado el marco de supervisi\u00f3n, especialmente en lo relativo a la delegaci\u00f3n a entidades de terceros pa\u00edses, donde ahora se aplican obligaciones de reporting reforzadas. Los AIFM est\u00e1n revisando los acuerdos de delegaci\u00f3n y los flujos de datos de cara al reporting supervisor reforzado que comenzar\u00e1 en abril de 2027. La incorporaci\u00f3n de la originaci\u00f3n de pr\u00e9stamos al cat\u00e1logo de funciones de los AIFM tambi\u00e9n somete los acuerdos de delegaci\u00f3n en cr\u00e9dito privado a los mismos est\u00e1ndares de supervisi\u00f3n, haciendo que la delegaci\u00f3n sea cada vez m\u00e1s un ejercicio de datos y supervisi\u00f3n, adem\u00e1s de contractual.   <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ec0361 elementor-widget elementor-widget-text-editor\" data-id=\"0ec0361\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>2. ELTIF 2.0: ganando terreno en la apertura al inversor minorista<\/strong><\/h5><p style=\"font-weight: 400\">El mercado ELTIF contin\u00faa ganando impulso, con m\u00e1s de 300 ELTIF autorizados en toda la UE (<a href=\"\/\/BACE18C6-8027-40DD-8B16-641B9983D860#_ftn1\" name=\"_ftnref1\">4<\/a>), de los cuales m\u00e1s de la mitad est\u00e1n domiciliados en Luxemburgo (el mercado global se ha triplicado aproximadamente en tres a\u00f1os). El informe de mercado de ESMA de 2026 sobre costes confirma esta tendencia: el 62 % de todos los ELTIF autorizados se lanzaron en 2024 o 2025, mientras que los ELTIF de private equity registraron las mayores rentabilidades en 2024, con un 10 % (<a href=\"\/\/BACE18C6-8027-40DD-8B16-641B9983D860#_ftn2\" name=\"_ftnref2\">5<\/a>). En Luxemburgo, el veh\u00edculo predominante para mandatos minoristas es el UCI Parte II, mientras que la combinaci\u00f3n RAIF-ELTIF se utiliza cada vez m\u00e1s cuando la estrategia se dirige a inversores profesionales o bien informados (<a href=\"\/\/BACE18C6-8027-40DD-8B16-641B9983D860#_ftn3\" name=\"_ftnref3\">6<\/a>).  <\/p><p style=\"font-weight: 400\">El principal motor estructural es el dise\u00f1o semil\u00edquido y evergreen: los ELTIF abiertos con ventanas peri\u00f3dicas de reembolso complementan cada vez m\u00e1s al modelo cerrado tradicional. Al eliminar las barreras de ELTIF 1.0 \u2014umbrales m\u00ednimos de inversi\u00f3n, un \u00e1mbito restringido de activos elegibles y reglas de idoneidad MiFID II poco alineadas\u2014, la regulaci\u00f3n ha permitido una verdadera distribuci\u00f3n minorista a escala. Por tanto, el estatus ELTIF se est\u00e1 convirtiendo cada vez m\u00e1s en una decisi\u00f3n de distribuci\u00f3n: la base de inversores objetivo condiciona desde el inicio la elecci\u00f3n del veh\u00edculo, la arquitectura de liquidez y los canales de distribuci\u00f3n.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-59a5240 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"59a5240\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7e4c030 \" data-id=\"7e4c030\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57359e3 elementor-widget elementor-widget-text-editor\" data-id=\"57359e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>3. Distribuci\u00f3n transfronteriza: armonizada sobre el papel, pero todav\u00eda con margen de mejora en la pr\u00e1ctica<\/strong><\/h5><p style=\"font-weight: 400\">El marco de pre-marketing y notificaci\u00f3n de la UE lleva varios a\u00f1os en vigor, pero 2026 ha aportado las pruebas m\u00e1s claras de d\u00f3nde persisten las fricciones. La CSSF ha digitalizado su proceso de notificaci\u00f3n y actualizado sus plantillas para reflejar AIFMD II, incluidas las nuevas plantillas para los pasaportes de gesti\u00f3n y comercializaci\u00f3n exigidas desde el 31 de julio de 2026 (<a href=\"\/\/22F8B964-EDA7-4BD8-B793-1785789E8EAA#_ftn1\" name=\"_ftnref1\">7<\/a>), mientras que, a escala de la UE, nuevas iniciativas de integraci\u00f3n apuntan hacia procesos de pasaporte m\u00e1s centralizados (<a href=\"\/\/22F8B964-EDA7-4BD8-B793-1785789E8EAA#_ftn2\" name=\"_ftnref2\">8<\/a>). <\/p><p style=\"font-weight: 400\">Para los gestores establecidos en Luxemburgo, la respuesta pr\u00e1ctica ha consistido en combinar el pasaporte minorista armonizado de ELTIF para el segmento retail con el pasaporte profesional de AIFMD para el segmento institucional, recurriendo a los reg\u00edmenes nacionales de colocaci\u00f3n privada cuando el pasaporte no est\u00e1 disponible. La reverse solicitation sigue siendo relevante en determinados contextos, pero depende de una iniciativa genuina del inversor. Estos marcos ya no funcionan como l\u00edneas de trabajo de compliance separadas: la estructuraci\u00f3n y la distribuci\u00f3n se dise\u00f1an conjuntamente desde el inicio.  <a href=\"\/\/22F8B964-EDA7-4BD8-B793-1785789E8EAA#_ftnref1\" name=\"_ftn1\"><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-ac18ebe elementor-hidden-tablet \" data-id=\"ac18ebe\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0ddfbbb elementor-widget elementor-widget-image\" data-id=\"0ddfbbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-1024x682.jpg\" class=\"attachment-large size-large wp-image-20704\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-1024x682.jpg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-768x512.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-42db5e8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42db5e8\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-44c8569 \" data-id=\"44c8569\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-23b5835 elementor-widget elementor-widget-text-editor\" data-id=\"23b5835\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>4. Novedades espec\u00edficas de Luxemburgo<\/strong><\/h5><p style=\"font-weight: 400\">El proyecto de ley 8814 (<a href=\"\/\/D3A7D7AC-FE9E-413A-9220-CB0628DBC3CC#_ftn1\" name=\"_ftnref1\">9)<\/a>, presentado el 30 de julio de 2026, propone introducir compartimentos legales para los AIF constituidos como SCS\/SCSp que no est\u00e9n sujetos a una ley luxemburguesa de producto, pero sean gestionados por un AIFM autorizado de la UE. Un compartimento es un conjunto de activos econ\u00f3micamente segregado dentro de una \u00fanica entidad jur\u00eddica, disponible exclusivamente para satisfacer las obligaciones atribuibles a dicho compartimento, protegiendo a los inversores de un compartimento frente a los riesgos de otro. Hasta ahora, estas sociedades solo pod\u00edan reproducir esta segregaci\u00f3n mediante acuerdos contractuales. El nuevo r\u00e9gimen adopta los mecanismos de compartimentaci\u00f3n ya consolidados en las leyes RAIF y SIF, lo que lo hace adecuado para estructuras deal-by-deal, plataformas multiestrategia y estructuras de fondos paralelos. Al ofrecer segregaci\u00f3n legal a nivel de la sociedad, el proyecto proporciona a los gestores de fondos una flexibilidad sustancialmente mayor para estructurar sus veh\u00edculos y reduce la brecha estructural entre Luxemburgo y jurisdicciones offshore que ya ofrecen estructuras legalmente segregadas (como las segregated portfolio companies, SPC, de las Islas Caim\u00e1n). El proyecto reduce, aunque no elimina, la ventaja comparativa del RAIF para estrategias institucionales basadas en sociedades de personas. Actualmente contin\u00faa su tramitaci\u00f3n parlamentaria.      <\/p><p style=\"font-weight: 400\">Luxemburgo tambi\u00e9n ha modernizado su r\u00e9gimen de carried interest mediante la reforma adoptada a comienzos de 2026 (<a href=\"\/\/D3A7D7AC-FE9E-413A-9220-CB0628DBC3CC#_ftn2\" name=\"_ftnref2\">10<\/a>), distinguiendo entre el carry contractual (gravado a una cuarta parte del tipo impositivo global) y el carry vinculado a una participaci\u00f3n (totalmente exento cuando se cumplen las condiciones aplicables). La reforma ampl\u00eda el grupo de beneficiarios elegibles, posicionando a Luxemburgo como impulsor de la relocalizaci\u00f3n de funciones de front office. <\/p><p style=\"font-weight: 400\">Adem\u00e1s, la CSSF ha recalibrado los umbrales de diversificaci\u00f3n y endeudamiento mediante la Circular 25\/901, sustituyendo los l\u00edmites uniformes por un enfoque escalonado en funci\u00f3n de la base de inversores y formalizando periodos de ramp-up que reflejan la forma en que los fondos privados despliegan realmente el capital. La Circular 26\/912 derog\u00f3 la Circular IML 91\/75, completando la transici\u00f3n de un marco de los a\u00f1os noventa hacia la pr\u00e1ctica supervisora actual. <\/p><p style=\"font-weight: 400\">La introducci\u00f3n del desembolso diferido del capital social m\u00ednimo de las S.\u00e0 r.l., efectiva desde el 2 de junio de 2026 <a href=\"\/\/D3A7D7AC-FE9E-413A-9220-CB0628DBC3CC#_ftn3\" name=\"_ftnref3\">(11<\/a>), reduce la aportaci\u00f3n inmediata de efectivo necesaria al constituir veh\u00edculos GP o sociedades holding.<\/p><p style=\"font-weight: 400\">En conjunto, estas medidas ilustran una estrategia legislativa coherente: adaptar las herramientas nacionales para mantener la competitividad a medida que evoluciona el marco regulatorio m\u00e1s amplio de la UE.<\/p><h5 style=\"font-weight: 400\"><strong>Conclusi\u00f3n<\/strong><\/h5><p style=\"font-weight: 400\">La importancia del \u00faltimo a\u00f1o no reside en una \u00fanica reforma regulatoria, sino en su convergencia. AIFMD II configura ahora la arquitectura operativa de los fondos alternativos, ELTIF 2.0 vincula el dise\u00f1o de producto con la distribuci\u00f3n minorista y Luxemburgo adapta paralelamente sus herramientas nacionales. La estructuraci\u00f3n, la liquidez, el acceso de los inversores y la distribuci\u00f3n ya no pueden abordarse de manera secuencial; deben dise\u00f1arse conjuntamente desde el inicio.  <\/p><p style=\"font-weight: 400\"><em>AKD asesora a gestores de fondos, promotores e inversores institucionales sobre la estructuraci\u00f3n, regulaci\u00f3n y distribuci\u00f3n de fondos de inversi\u00f3n en toda la UE. Para analizar c\u00f3mo estos desarrollos pueden afectar a su estrategia, p\u00f3ngase en contacto directamente con nuestro equipo de Luxemburgo. <\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-de4f5cd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"de4f5cd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e664a79 \" data-id=\"e664a79\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-435c8af elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"435c8af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65f3d59 elementor-widget elementor-widget-text-editor\" data-id=\"65f3d59\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400\"> <a href=\"\/\/8A587A98-8332-460F-9B3B-4D40F89D4A6F#_ftnref1\" name=\"_ftn1\">[1]<\/a> <a href=\"https:\/\/legilux.public.lu\/eli\/etat\/leg\/loi\/2026\/03\/03\/a115\/jo\">Law of 3 March 2026 transposing Directive (EU) 2024\/927<\/a> (AIFMD II) and amending, inter alia, the law of 12 July 2013 on alternative investment fund managers and the law of 17 December 2010 relating to undertakings for collective investment.<\/p><p><a href=\"\/\/8A587A98-8332-460F-9B3B-4D40F89D4A6F#_ftnref2\" name=\"_ftn2\">[2]<\/a> CSSF, &#8220;<a href=\"https:\/\/www.cssf.lu\/en\/2026\/03\/communication-to-the-investment-fund-industry\/?utm_campaign=email-260318-26f51\">Communication to the investment fund industry<\/a>&#8220;, 18 March 2026, and follow-up of 10 April 2026 (<a href=\"https:\/\/www.cssf.lu\/en\/2026\/04\/communication-to-the-investment-fund-industry-2\/\">AIFMD II liquidity management tools and eDesk modules<\/a>).<\/p><p><a href=\"\/\/8A587A98-8332-460F-9B3B-4D40F89D4A6F#_ftnref3\" name=\"_ftn3\"><sup>[3]<\/sup><\/a> <a href=\"https:\/\/www.alfi.lu\/en-gb\/news\/alfi-kpmg-private-debt-fund-survey-2025\">ALFI\/KPMG, Private Debt Fund Survey 2025<\/a>.<\/p><p><a href=\"\/\/BACE18C6-8027-40DD-8B16-641B9983D860#_ftnref1\" name=\"_ftn1\">[4]<\/a> ESMA, <a href=\"https:\/\/www.esma.europa.eu\/document\/register-authorised-european-long-term-investment-funds-eltifs\">Register of authorised European long-term investment funds (ELTIFs)<\/a>. See also \u201c<a href=\"https:\/\/eltif.info\/en\/tag\/esma\/\">ELTIF growth: For the first time, 300 registered funds and strongly increasing assets under management<\/a>\u201d. <\/p><p><a href=\"\/\/BACE18C6-8027-40DD-8B16-641B9983D860#_ftnref2\" name=\"_ftn2\">[5]<\/a> <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2026-03\/ESMA50-1949966494-4065_Market_Report_-_Costs_and_Performance_of_EU_Retail_Investment_Products.pdf\">ESMA, Market Report on Costs and Performance of EU Retail Investment Products 2025, 3 March 2026<\/a>.<\/p><p><a href=\"\/\/BACE18C6-8027-40DD-8B16-641B9983D860#_ftnref3\" name=\"_ftn3\">[6]<\/a> <a href=\"https:\/\/www.scopeexplorer.com\/en\/news\/eltif-market-with-strong-growth-assets-under-management-rose-by-55-to-eur-34bn-in-2025\/111322\">Scope Fund Analysis, ELTIF Study 2025<\/a>; \u201c<a href=\"https:\/\/www.investmentofficer.lu\/en\/news\/eltif-market-enters-new-phase-domestic-momentum-builds\">ELTIF market enters new phase as domestic momentum builds<\/a>\u201d; \u201c<a href=\"https:\/\/rankiapro.com\/en\/insights\/solid-growth-eltif-fund-market\/\">Solid growth of the ELTIF fund market<\/a>\u201d.<\/p><p><a href=\"\/\/22F8B964-EDA7-4BD8-B793-1785789E8EAA#_ftnref1\" name=\"_ftn1\">[7]<\/a> <a href=\"https:\/\/www.cssf.lu\/en\/2026\/07\/communication-regarding-management-notifications-and-de-notifications-with-a-european-passport-for-luxembourg-domiciled-ifms-changes-introduced-by-the-aifmd-ii\/\">CSSF, communiqu\u00e9 of 30 July 2026 on management notifications and de-notifications with a European passport<\/a> (updated AIFMD II templates applicable from 31 July 2026).<\/p><p><a href=\"\/\/22F8B964-EDA7-4BD8-B793-1785789E8EAA#_ftnref2\" name=\"_ftn2\">[8]<\/a> European Commission, <a href=\"https:\/\/finance.ec.europa.eu\/publications\/market-integration-and-supervision-package_en\">Targeted Market Integration and Supervision Package<\/a>, published on 12 March 2025.<\/p><p><a href=\"\/\/D3A7D7AC-FE9E-413A-9220-CB0628DBC3CC#_ftnref1\" name=\"_ftn1\">[9]<\/a> <a href=\"https:\/\/www.chd.lu\/fr\/dossier\/8814\">Bill of law 8814<\/a> amending the law of 12 July 2013 on alternative investment fund managers.<\/p><p><a href=\"\/\/D3A7D7AC-FE9E-413A-9220-CB0628DBC3CC#_ftnref2\" name=\"_ftn2\">[10]<\/a> Law resulting from <a href=\"https:\/\/www.chd.lu\/en\/dossier\/8590?utm_source=chatgpt.com\">Bill of Law No. 8590<\/a>, amending the amended Law of 4 December 1967 on income tax and the amended Law of 12 July 2013 on alternative investment fund managers, M\u00e9morial A No. 26 of 4 February 2026.<\/p><p><a href=\"\/\/D3A7D7AC-FE9E-413A-9220-CB0628DBC3CC#_ftnref3\" name=\"_ftn3\">[11]<\/a> <a href=\"https:\/\/legilux.public.lu\/eli\/etat\/leg\/loi\/2026\/05\/18\/a266\/jo\">Law of 18 May 2026<\/a> amending the law of 10 August 1915 on commercial companies, as amended, allowing deferred payment of the minimum share capital for S.\u00e0 r.l.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5ebeebf7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5ebeebf7\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e2df2c4 \" data-id=\"7e2df2c4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75bd40ac elementor-widget elementor-widget-spacer\" data-id=\"75bd40ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ba6f86d elementor-widget elementor-widget-heading\" data-id=\"7ba6f86d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Autores<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-5d40e061 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d40e061\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-11dca03c \" data-id=\"11dca03c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8deb93d elementor-widget elementor-widget-image\" data-id=\"8deb93d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/jevgeniynesch3.jpg\" class=\"attachment-large size-large wp-image-20423\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dd2ad97 elementor-widget elementor-widget-spacer\" data-id=\"dd2ad97\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fc1490 elementor-widget elementor-widget-heading\" data-id=\"4fc1490\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Jevgeniy Nesch<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a1a3ada elementor-widget elementor-widget-spacer\" data-id=\"a1a3ada\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81458cf elementor-widget elementor-widget-heading\" data-id=\"81458cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Partner<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b687664 elementor-widget elementor-widget-heading\" data-id=\"b687664\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">AKD<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-949ff29 \" data-id=\"949ff29\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5365a5a elementor-widget elementor-widget-image\" data-id=\"5365a5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/lucilenowobilski3.jpg\" class=\"attachment-large size-large wp-image-20424\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b301ba0 elementor-widget elementor-widget-spacer\" data-id=\"b301ba0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13f6f24 elementor-widget elementor-widget-heading\" data-id=\"13f6f24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Lucile Nowobilski<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b5b07d elementor-widget elementor-widget-spacer\" data-id=\"9b5b07d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf4e18e elementor-widget elementor-widget-heading\" data-id=\"cf4e18e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Associate<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c7bbec elementor-widget elementor-widget-heading\" data-id=\"6c7bbec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">AKD<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-b4c65d7 elementor-hidden-tablet elementor-hidden-mobile \" data-id=\"b4c65d7\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5017459 elementor-widget elementor-widget-spacer\" data-id=\"5017459\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element 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data-id=\"48b70216\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wp-widget-tag_cloud.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"widget widget_tag_cloud widget-collapsible\"><h3 class=\"widget-title\">Buscar publicaciones por tem\u00e1ticas<\/h3><div class=\"tagcloud\"><a href=\"https:\/\/sff-camara.com\/es\/temticas\/activos-digitales\/\" class=\"tag-cloud-link tag-link-302 tag-link-position-1\" style=\"font-size: 12.628099173554pt;\" aria-label=\"Activos Digitales (4 items)\">Activos Digitales<span class=\"tag-link-count\"> (4)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/alternative-investment-es\/\" class=\"tag-cloud-link tag-link-291 tag-link-position-2\" style=\"font-size: 20.842975206612pt;\" aria-label=\"Alternative Investment (25 items)\">Alternative Investment<span class=\"tag-link-count\"> (25)<\/span><\/a>\n<a href=\"https:\/\/sff-camara.com\/es\/temticas\/aml-es\/\" 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data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20240 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-regulation tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/conseguira-el-paquete-omnibus-de-integracion-de-los-mercados-y-supervision-relacionada-eliminar-las-barreras-a-la-distribucion-de-fondos-de-inversion\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Bazer-McKenzie-image-septembre-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Bazer-McKenzie-image-septembre-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Bazer-McKenzie-image-septembre-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Bazer-McKenzie-image-septembre-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/conseguira-el-paquete-omnibus-de-integracion-de-los-mercados-y-supervision-relacionada-eliminar-las-barreras-a-la-distribucion-de-fondos-de-inversion\/\">\r\n\t\t\u00bfConseguira el paquete \u00ab\u00f3mnibus\u00bb de integraci\u00f3n de los mercados y supervisi\u00f3n relacionada eliminar las barreras a la distribuci\u00f3n de fondos de inversi\u00f3n?\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/conseguira-el-paquete-omnibus-de-integracion-de-los-mercados-y-supervision-relacionada-eliminar-las-barreras-a-la-distribucion-de-fondos-de-inversion\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20269 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-distribucion-de-fondos tag-ia tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/de-administrador-de-fondos-a-coordinador-nativo-de-ia\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Aptus-ai-image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Aptus-ai-image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Aptus-ai-image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Aptus-ai-image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/de-administrador-de-fondos-a-coordinador-nativo-de-ia\/\">\r\n\t\tDe administrador de fondos a coordinador nativo de IA\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/de-administrador-de-fondos-a-coordinador-nativo-de-ia\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20286 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-distribucion-de-fondos tag-regulation tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/sfdr-2-0-por-que-un-lenguaje-mas-sencillo-podria-suponer-decisiones-mas-dificiles-para-los-gestores-de-fondos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/AZTEC-image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/AZTEC-image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/AZTEC-image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/AZTEC-image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/sfdr-2-0-por-que-un-lenguaje-mas-sencillo-podria-suponer-decisiones-mas-dificiles-para-los-gestores-de-fondos\/\">\r\n\t\tSFDR 2.0: Por qu\u00e9 un lenguaje m\u00e1s sencillo podr\u00eda suponer decisiones m\u00e1s dif\u00edciles para los gestores de fondos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/sfdr-2-0-por-que-un-lenguaje-mas-sencillo-podria-suponer-decisiones-mas-dificiles-para-los-gestores-de-fondos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20307 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-distribucion-de-fondos tag-regulation tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/la-revision-del-marco-regulatorio-de-los-fondos-de-inversion-como-aifmd-ii-eltif-2-0-y-la-distribucion-transfronteriza-estan-redefiniendo-la-estrategia-de-los-fondos-en-2026\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-600x420.jpg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-600x420.jpg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-400x280.jpg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/iStock-1469920356-570x400.jpg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/la-revision-del-marco-regulatorio-de-los-fondos-de-inversion-como-aifmd-ii-eltif-2-0-y-la-distribucion-transfronteriza-estan-redefiniendo-la-estrategia-de-los-fondos-en-2026\/\">\r\n\t\tLa revisi\u00f3n del marco regulatorio de los fondos de inversi\u00f3n: c\u00f3mo AIFMD II, ELTIF 2.0 y la distribuci\u00f3n transfronteriza est\u00e1n redefiniendo la estrategia de los fondos en 2026\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/la-revision-del-marco-regulatorio-de-los-fondos-de-inversion-como-aifmd-ii-eltif-2-0-y-la-distribucion-transfronteriza-estan-redefiniendo-la-estrategia-de-los-fondos-en-2026\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20338 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-banca-digital tag-regulation tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/dora-de-la-regulacion-a-la-realidad\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Deloitte-image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Deloitte-image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Deloitte-image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Deloitte-image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/dora-de-la-regulacion-a-la-realidad\/\">\r\n\t\tDORA: de la regulaci\u00f3n a la realidad\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/dora-de-la-regulacion-a-la-realidad\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20356 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/faster-la-prueba-de-estres-fiscal-para-la-distribucion-de-fondos-entre-luxemburgo-y-espana\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Montclare-image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Montclare-image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Montclare-image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Montclare-image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/faster-la-prueba-de-estres-fiscal-para-la-distribucion-de-fondos-entre-luxemburgo-y-espana\/\">\r\n\t\tFASTER: la prueba de estr\u00e9s fiscal para la distribuci\u00f3n de fondos entre Luxemburgo y Espa\u00f1a\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/faster-la-prueba-de-estres-fiscal-para-la-distribucion-de-fondos-entre-luxemburgo-y-espana\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20378 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-banking-es tag-servicios-de-custodia tag-servicios-de-deposito post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/entrevista-con-brenda-bol-country-head-managing-director-de-la-sucursal-de-cecabank-en-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Entrevista-Brenda-Bol-1-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Entrevista-Brenda-Bol-1-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Entrevista-Brenda-Bol-1-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Entrevista-Brenda-Bol-1-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/entrevista-con-brenda-bol-country-head-managing-director-de-la-sucursal-de-cecabank-en-luxemburgo\/\">\r\n\t\tEntrevista con Brenda Bol, Country Head &#8211; Managing Director de la Sucursal de Cecabank en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/entrevista-con-brenda-bol-country-head-managing-director-de-la-sucursal-de-cecabank-en-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20426 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-activos-digitales tag-regulation tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/activos-digitales-de-la-expectativa-a-la-adopcion-institucional\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Alvaro-Laorden-image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Alvaro-Laorden-image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Alvaro-Laorden-image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Alvaro-Laorden-image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/activos-digitales-de-la-expectativa-a-la-adopcion-institucional\/\">\r\n\t\tActivos digitales: de la expectativa a la adopci\u00f3n institucional\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/activos-digitales-de-la-expectativa-a-la-adopcion-institucional\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20453 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-regulation tag-tax-es tag-tendencias post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/paquete-omnibus-fiscal-de-la-ue-cambios-clave-para-europa-y-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/CMS-Luxembourg-image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/CMS-Luxembourg-image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/CMS-Luxembourg-image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/CMS-Luxembourg-image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/paquete-omnibus-fiscal-de-la-ue-cambios-clave-para-europa-y-luxemburgo\/\">\r\n\t\tPaquete \u00f3mnibus fiscal de la UE: cambios clave para Europa y Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/paquete-omnibus-fiscal-de-la-ue-cambios-clave-para-europa-y-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20490 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-asset-management-es tag-legal-es tag-tax-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/meet-the-team-el-sello-espanol-de-van-campen-liem\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Van-Campem-Liem-SFF-Magazine-September-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Van-Campem-Liem-SFF-Magazine-September-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Van-Campem-Liem-SFF-Magazine-September-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/Van-Campem-Liem-SFF-Magazine-September-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/meet-the-team-el-sello-espanol-de-van-campen-liem\/\">\r\n\t\tMeet the Team: El sello espa\u00f1ol de Van Campen Liem\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/meet-the-team-el-sello-espanol-de-van-campen-liem\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-20531 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-septiembre-2026 tag-capital-riesgo tag-precios-de-transferencia post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/precios-de-transferencia-en-private-equity-principales-conclusiones-de-la-encuesta-global-de-kpmg-sobre-precios-de-transferencia\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/KPMG-Image-september-2026-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/KPMG-Image-september-2026-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/KPMG-Image-september-2026-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2026\/09\/KPMG-Image-september-2026-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2026\/09\/15\/\">15 de September de 2026<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/precios-de-transferencia-en-private-equity-principales-conclusiones-de-la-encuesta-global-de-kpmg-sobre-precios-de-transferencia\/\">\r\n\t\tPrecios de Transferencia en Private Equity: principales conclusiones de la encuesta global de KPMG sobre Precios de Transferencia\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-septiembre-2026\/precios-de-transferencia-en-private-equity-principales-conclusiones-de-la-encuesta-global-de-kpmg-sobre-precios-de-transferencia\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1457a4cf elementor-widget elementor-widget-spacer\" data-id=\"1457a4cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>2026 es el a\u00f1o en el que, en particular, tres marcos normativos \u2014AIFMD II, ELTIF 2.0 y el r\u00e9gimen de distribuci\u00f3n transfronteriza\u2014 est\u00e1n convergiendo en la pr\u00e1ctica, con consecuencias tangibles [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":20704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[347],"tags":[173,352,223],"class_list":["post-20307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sff-magazine-septiembre-2026","tag-distribucion-de-fondos","tag-regulation","tag-tendencias"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AIFMD II, ELTIF 2.0 y distribuci\u00f3n transfronteriza de fondos<\/title>\n<meta name=\"description\" content=\"Descubre c\u00f3mo la AIFMD II, el ELTIF 2.0 y la distribuci\u00f3n transfronteriza est\u00e1n transformando la estructuraci\u00f3n de los fondos, la liquidez, el acceso de los inversores y la estrategia de los fondos en Luxemburgo.\" \/>\n<meta name=\"robots\" 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