Educational Resources
Practical guides on Luxembourg securitisation, AMCs, ETNs, pre-IPO notes and structured finance, written for professional investors and managers.
What is an Actively Managed Certificate (AMC)?
An AMC gives investors exposure to a discretionarily managed strategy through a single bankable security with its own ISIN, no fund required. How the structure works, how it compares to ETNs, and what to check in the documentation.
Securitised Note vs Setting Up Your Own Fund in Luxembourg
For a growing share of strategies, a securitised note achieves the goal in a fraction of the time and cost of a fund. A side-by-side comparison of time to market, costs, regulatory footprint, investor experience and distribution.
Luxembourg Compartment Segregation Explained
Compartment segregation in Luxembourg is statutory, not contractual, written into the Securitisation Law and effective against all third parties. What this means for investors and why it matters more than pages of contractual comfort.
Pre-IPO Notes: Accessing Late-Stage Private Companies Through Securities
Pre-IPO notes remove the operational gates (cap-table entry, subscription negotiations, no bank custody) without changing the underlying economics. How the structure works and what to verify before investing.
The Luxembourg Securitisation Law of 22 March 2004 Explained
The most flexible securitisation framework in Europe: why it defines securitisation broadly, how statutory compartment segregation works, what the 2022 reform changed, and where the market goes next.
Bill of Law 8761: The 2026 Reform of the Luxembourg Securitisation Law
Filed on 8 June 2026, the Bill proposes removing the debt-only restriction on actively managed portfolios, broadening the financing toolbox, and enabling intra-vehicle compartment investments. What changes and what it means for AMC and ETN issuers.