At the recent Digipulse USA seminar presented by the Association of the Luxembourg Fund Industry (ALFI), funds industry professionals examined recent significant trends and regulatory developments in the funds industry and their impact on U.S. managers. Marc‑André Bechet, deputy director general of ALFI, hosted the presentation. This article, the first in a two-part series, highlights the portions of the seminar that addressed the growth of the European funds industry, as well as fund distribution in the E.U., including the relative costs and benefits of authorized funds versus private placements and passported funds’ need for authorized distributors. The second article will address the new pre‑marketing regime under the cross-border distribution of funds directive; distribution in Switzerland and post-Brexit U.K.; and retail alternative investment products. A future article will outline the parts of the seminar devoted to sustainable investing and anti-money laundering compliance. For additional insights from ALFI, see “ALFI/KPMG Survey Details Evolution and Growth of Luxembourg Private Debt Funds” (Feb. 11, 2021).