In a recent seminar, the Association of the Luxembourg Fund Industry (ALFI) offered a detailed overview of the Luxembourg funds industry, Brexit, regulatory developments and fund distribution. Hosted by ALFI chairman Denise Voss, the program featured panel discussions with representatives from financial services, asset management, legal and accounting firms. This article, the first in a two-part series, covers the portions of the seminar that discussed the current condition of the Luxembourg funds industry and the status and implications of Brexit. The second article will examine the panelists’ views on E.U. regulatory developments concerning, among other things, substance requirements and delegation, as well as the E.U. retail distribution environment. For more from ALFI, see “Luxembourg Remains a Significant Point of Entry for Non-E.U. Managers to Raise Capital in the E.U.” (May 17, 2018).