ABBL-ALFI-ACA Brussels Reception 2025

Under the spring sun and in the charming garden of the BELvue Museum, just steps away from the Brussels Royal Place, over 100 guests gathered for a lively reception hosted by ABBL, ALFI, and ACA, bringing together EU policymakers and key players from the financial sector. Under sunny skies and surrounded by blooming greenery, the event created a relaxed yet constructive atmosphere.

The three chairmen— Nicolas Limbourg (ACA), Yves Stein (ABBL) and Jean-Marc Goy (ALFI)—each addressed the crowd with a shared message: the time has come to simplify.

Opening with a smile, Nicolas Limbourg admitted that “Brussels is a strange place sometimes.” His message was clear: regulation may be necessary, but when it loses touch with reality, it risks doing more harm than good.

The ACA chairman took aim at two upcoming EU initiatives—FiDA (the Financial Data Access Regulation) and RIS (the Retail Investment Strategy)—describing them as well-intentioned, but poorly timed and dangerously disconnected from what firms on the ground are experiencing.

“FiDA is the right idea,” he said, “but launched at the completely wrong moment.” In a time of geopolitical tension, inflation, and rapid tech disruption, he warned that imposing sweeping data-sharing obligations could place a heavy burden on smaller financial players—especially Luxembourg’s mid-sized insurers—and even compromise data sovereignty.

And RIS? He described it as “reform by paperwork,” a barrage of new disclosure templates and reporting rules that could drown firms in bureaucracy rather than empower consumers. “Stack them together and what you get is a compliance maze,” he said—one that may push some firms to scale back instead of level up.

But Mr Limbourg wasn’t there to shoot down progress. His call was for smarter progress—reforms that are grounded in proportionality, driven by demand, and shaped through dialogue. “Regulation isn’t just a lever,” he reminded the audience. “It’s a signal.” And right now, with Europe at a crossroads, that signal needs to be crystal clear.

Through events like these, ACA remains engaged with Brussels, helping to ensure Luxembourg’s perspective is part of the ongoing policy dialogue. Here’s to continued collaboration and shared momentum.

An article written by Alessia Thompson and Xavier Bové.