Strengthening international capital markets: Luxembourg Stock Exchange Blog Interview

In the six decades since its founding in 1964, Elvinger Hoss Prussen has grown alongside Luxembourg’s financial centre to become one of the country’s most established law firms, advising on complex legal matters across capital markets. As a LuxSE Partner, the firm works closely with the Luxembourg Stock Exchange (LuxSE) to support issuers navigating the listing process and regulatory environment.

To explore the practical realities of advising issuers, we spoke with Thierry Kauffman, Partner, Jean‑Bernard Spinoit, Partner, and Karolina Szpinda, Senior Professional Support Lawyer at Elvinger Hoss Prussen.

With extensive experience in capital markets and a deep understanding of Luxembourg’s legal framework, they share insights into how issuers in international debt capital markets approach the legal considerations that shape the issuance and listing process, and offer their views on the challenges and opportunities ahead.

When advising issuers, what type of support do you typically provide?

Thierry Kauffman: Our firm provides guidance and advice from the inception of the structure, the incorporation of the issuer and the design of the securities to the listing process. We offer comprehensive support throughout the listing process, including guidance on the applicable legal and regulatory framework, assistance with the preparation and review of prospectuses and other disclosure documents, coordination with LuxSE and, where applicable, with the Commission de Surveillance du Secteur Financier, the Luxembourg Financial Sector Supervisory Authority.

We also advise on ongoing disclosure obligations, corporate governance and post-listing compliance matters. Our approach is pragmatic and tailored to each issuer’s specific needs, ensuring a smooth and efficient listing experience.

In your view, what makes Luxembourg an attractive listing jurisdiction for international issuers?

Karolina Szpinda: Luxembourg offers a stable and business-friendly environment, a robust legal and regulatory framework and unparalleled access to international capital markets. LuxSE is renowned for its responsiveness, efficiency and expertise in handling a wide range of securities, including innovative and sustainable finance instruments.

In particular, LuxSE's Luxembourg Green Exchange (LGX) is the world’s leading platform dedicated to sustainable securities, further enhancing its appeal for ESG-focused issuers. The jurisdiction's openness to international issuers, combined with its multilingual and multicultural ecosystem, makes it a natural choice for companies seeking global visibility and investor reach.

What are the most interesting changes you have seen in terms of issuers’ preferences and expectations over the past years?

Jean-Bernard Spinoit: We have observed a significant shift towards greater transparency, ESG integration and digitalisation. Issuers are increasingly seeking streamlined processes, faster time-to-market and enhanced investor engagement.

There is also a growing demand for sustainable finance solutions and innovative listing products, reflecting broader market trends and investor expectations. The development of LGX and LuxSE's digitalisation initiatives, such as security token listings, are clear responses to these evolving preferences.

Back in 2005, LuxSE established Euro MTF, the first Multilateral Trading Facility in Europe, broadening its listing offering notably for non-European issuers. What influence would you say this has had on Luxembourg’s primary capital markets?

Jean-Bernard Spinoit: The launch of the Euro MTF was a pivotal development, positioning Luxembourg as a leading destination for international listings and facilitating the admission of international debt securities. It provided non-European issuers in particular with a flexible and efficient alternative to regulated markets, enabling access to European investors while accommodating diverse regulatory requirements.

This has significantly enhanced Luxembourg's attractiveness as a primary listing hub and contributed to the deepening and diversification of its capital markets.

Elvinger Hoss Prussen became a LuxSE Partner in 2024. What does this status mean for your firm?

Thierry Kauffman: Becoming a LuxSE Partner reflects our longstanding involvement in Luxembourg’s capital markets. It strengthens our collaboration with the Exchange and reinforces our ability to deliver cutting-edge advice to issuers and the broader capital markets participants.

This partnership underscores our dedication to supporting market innovation, promoting best practices and contributing to the continued development of Luxembourg as a premier international listing centre.

Looking ahead, what legal, regulatory or market developments do you think will be most significant for international issuers in the next 2-3 years?

Karolina Szpinda: We anticipate continued evolution in sustainable finance, the digital transformation of listing and reporting processes, and a heightened focus on cross-border harmonisation within the EU. Key initiatives such as the European Savings and Investments Union, efforts to simplify regulatory requirements and the reduction of administrative costs (alongside ongoing digitalisation) are likely to shape the future landscape.

Thierry Kauffman: For international issuers, proactively engaging with these reforms will be essential not only to optimise compliance and operational efficiency, but also to secure a competitive edge in accessing a broader pool of European institutional investors and leveraging new financing channels.

From a purely national perspective, we look forward to further developments in Luxembourg’s legislation including company law, as well as strong, close and efficient collaboration among all market participants to further develop and design innovative equity and debt capital market transactions in Luxembourg.

This article was first published on the Luxembourg Stock Exchange’s blog (February 2026). For further information, please visit their website.