The Association of the Luxembourg Fund Industry (ALFI) recently presented a seminar that outlined the Luxembourg funds industry, Brexit, regulatory developments and fund distribution. The seminar, which featured panel discussions with representatives from financial services, asset management, legal and accounting firms, was hosted by ALFI chairman Denise Voss. This article, the second in a two-part series, examines the panelists’ views on E.U. regulatory developments concerning, among other things, substance requirements and delegation, as well as the E.U. retail distribution environment. The first article covered the portions of the seminar that discussed the current condition of the Luxembourg funds industry and the status and implications of Brexit. For more from ALFI, see “Luxembourg Fund Structures Evolve to Meet the Needs of the Private Fund Industry” (Oct. 13, 2016).