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ARTICLE · 16 JULY 2013

Luxembourg’s AIFM Directive Transposition Law Comes Into Force

Chevalier & Sciales
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The legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law, approved by the grand duchy’s Chamber of Deputies last Wednesday, July 10, has come into force.

LuxembourgFinance and Banking
Olivier Sciales
Olivier Sciales
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The legislation transposing the European Union's Alternative Investment Fund Managers Directive into Luxembourg law, approved by the grand duchy's Chamber of Deputies last Wednesday, July 10, has come into force following its receipt of royal assent last Friday and publication on July 15 in the grand duchy's official gazette, the Mémorial.

The provisions of the legislation, henceforth known as the law of July 12, 2013 on alternative investment fund managers, will apply from July 22, the deadline for EU member states to adopt the directive into their national law.

However, Luxembourg-based fund managers will enjoy a transition period of up to one year to comply fully with the law's conditions. On June 18 the Luxembourg regulator, the CSSF, issued a Q&A document outlining how the transitional provisions will apply.

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