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Use of Luxembourg management companies to access the AIFMD passport

May 2011 - EU & Competition. Legal Developments by Chevalier & Sciales .

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The European Union's Directive on Alternative Investment Fund Managers is expected to be formally adopted in the coming weeks and to take effect from around June 2013.

The directive will have extensive implications for managers based outside the EU. They will not be able to benefit from the directive's passporting arrangements for at least another two years, mid-2015 at the earliest, a period during which their only option will be distribution under national private placement rules.

This raises the question of whether non-EU managers of European-domiciled funds such as Luxembourg Specialised Investment Funds could gain access to professional investors in Europe by using a management company established in Luxembourg and able to benefit from the directive's provisions from 2013.

Please find hereunder a link to our latest publication, Use of Luxembourg Management Companies to access the AIFMD Passport, which outlines the key issues regarding the establishment or adoption of a Luxembourg management company for SIFs and the delegation of investment management functions to a non-EU manager once the directive comes into effect.

 Download the brochure "Use of Luxembourg management companies to gain access to the AIFMD passport".

You may find more information on our AIFM blog at