Law, Tax, Compliance
New guidelines on Look-Through and Control: strengthening consistency across the depositary landscape
Published on 12 June 2025
The ABBL and the Luxembourg Private Equity and Venture Capital Association (LPEA) have released a new set of market guidelines on Look-Through and Control, developed in close collaboration with industry stakeholders. These guidelines aim to clarify and harmonise market practices around the application of look-through and control obligations for depositary banks, particularly in the context of alternative investment funds. They offer a practical, consensus-based framework to navigate a highly technical and often fragmented regulatory topic.
Summary
A practical response to complex challenges
The look-through principle has long raised operational and interpretative questions. When must a depositary “look through” an intermediate structure? What defines a situation of control? How far down the chain should the depositary go?
These guidelines address those questions by providing:
- A structured methodology for identifying control
- Clarifications on when look-through applies and when it doesn’t
- Practical tools, including decision trees and real-life scenarios
- A shared reference point for internal processes and industry dialogue
They are intended as non-binding guidance and do not constitute legal advice. Users are encouraged to apply them with appropriate professional and legal judgement. Download the full Guidelines on Look-Through and Control (PDF)
A collective voice for the industry
As highlighted in the video below by Maxime Perrin (J.P. Morgan) and Fabrice Buchheit (IQ-EQ), this publication marks the outcome of a multi-year effort and reflects a true collective achievement by Luxembourg’s depositary banks and financial professionals.
Watch the video (YouTube)
Their message captures the collaborative spirit and long-term commitment that led to this milestone, and reinforces the importance of a common framework across the sector.
Coordination, engagement and expert input
The publication was accompanied by a well-attended event, which brought together professionals across the depositary, legal and fund administration sectors. Discussions reflected a high level of engagement and the strong relevance of the topic.
Special thanks go to the many contributors who shaped this work, and in particular to Hélène Lange, Head of Business Coordination at the ABBL, whose involvement and coordination were instrumental throughout the process, from concept to delivery.
Hélène Lange
Head of Business Coordination
Published on 12 June 2025