A recent seminar presented by the Association of the Luxembourg Fund Industry (ALFI) offered a snapshot of the current state of the funds space in Luxembourg and addressed key business and regulatory developments that may have an effect on E.U. fund managers. As with prior ALFI events, the program featured panel discussions with representatives from financial services, asset management, legal and accounting firms. This article covers the portions of the seminar that discussed distribution and fundraising in the E.U.; pre-marketing rules and potential revisions to the Alternative Investment Fund Managers Directive; anti-money laundering and know your customer issues; and evolving anti-tax avoidance measures. For coverage of other portions of the ALFI event, see “Luxembourg Plays Prominent Role in ESG Investing and Sustainable Finance” (Nov. 21, 2019). For coverage of ALFI’s May 2019 event, see our two-part series: “Luxembourg Vehicles Can Assist Managers With Marketing Private Funds in the E.U.” (Jul. 18, 2019); and “Brexit and Sustainable Investing Remain Key Considerations in Luxembourg Funds Space” (Jul. 25, 2019).