Expert Panel

New BaFin draft guidelines clarify that investor involvement in asset-level decisions risks disqualifying a fund as an AIF under EU rules—a shift with implications far beyond Germany, writes Sebastiaan Hooghiemstra at Loyens & Loeff.

Throughout the financial sector, technology is an important topic and leads to major changes in procedures, with financial companies themselves and also with the regulators. The new rules in Luxembourg for prospectuses should make life easier. In the Netherlands, the regulators lay a focus on the Digital Operations Resilience Act which gives an additional layer of supervision.

This week, we are comparing two asset managers rather than individual funds. When analysts evaluate a fund, they assess and assign ratings to its People and Process pillars while the methodology for Morningstar Medalist Ratings also incorporates and assessment of the Parent pillar. This Parent pillar is our focus this week.

Final clarity at last? Luxembourg ends long-running VAT saga on directors’ fees with new guidance and refund framework in Circular 781-2.

For investors in alternative energy companies, the election of an American president whose slogan is “drill, baby, drill” was bad news. Since Donald Trump won the election on November 6 and became the 47th president of the United States, funds in the Morningstar Equity Sector Alternative Energy category have significantly underperformed global equities.

A new spring brings new developments regarding the reclaiming of the flat-rate foreign tax credit (FBB) on French dividends.

Beyond the human suffering, the COVID-19 pandemic had far-reaching consequences for numerous sectors, particularly the real estate sector. Some market segments are still searching for a new equilibrium. Unlike the 2007-2008 crisis, attention this time has been less focused on the housing market and more on commercial real estate.

Yields on 10-year US treasury bonds and government bonds in Europe remained high coming into 2025, and continued with 2024’s historically tight spread levels versus corporate credit. Still, some investors appear reluctant to take large directional macro bets as uncertainty around the possibility of policy changes in the US remains high.

MiCA is here, but what exactly is a crypto asset? ESMA’s latest guidance clarifies the line between MiCA and MiFID II—but uncertainties remain in digital asset classification.

The global government bond Morningstar category, launched in October 2024, reflects a growing fund landscape with 117 distinct offerings as of February 2025. Divergent economic structures, policy responses, and political backdrops shape investor sentiment.