THE NEW LUXEMBOURG REGULATORY FRAMEWORK FOR COVERED BONDS: BETWEEN EUROPEAN HARMONISATION AND NATIONAL SPECIFICITIES

From the Law of 8 December 2021 to CSSF Circular 26/907: towards a complete and operational normative framework
The overhaul of the Luxembourg regime for covered bonds (or “lettres de gage”), initiated by the transposition of Directive (EU) 2019/21621, is now entering a phase of operational consolidation. Recent developments, in particular the clarifications provided by the CSSF in 2025–20262 and the legislative adjustments of 20243, illustrate a characteristic dynamic: that of a [...]







