On July 11, 2023, the Luxembourg Parliament voted for the bill of law 8183 (Modernization Law), providing a smarter regulatory framework for all non‑UCITS hedge funds and their Luxembourg managers subject to certain Luxembourg laws. The Modernization Law, which came into effect on July 28, 2023, is a game changer, providing options for managers to hit the retail market with a lighter regulatory framework. This guest article by Alexandrine Armstrong-Cerfontaine, partner at Goodwin Procter, reviews the changes made by the Modernization Law and discusses their impact on hedge fund managers. It does not, however, cover the Modernization Law’s tidy-ups, drafting clarifications, corrections and alignments to European legislation. For insights from other Goodwin attorneys, see “New FCA Consultation: the U.K. Version of the E.U.’s SFDR?” (Jan. 5, 2023).