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 affect 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; PE and real assets funds; and evolving anti-tax avoidance measures. For additional coverage of an ALFI event, see our two-part series: “Luxembourg Positions Itself As a Calm in the Brexit Storm” (Jan. 10, 2019); and “How Luxembourg Is Affected by Regulatory Developments and the E.U. Retail Distribution Environment” (Jan. 31, 2019).