ARTICLE · 22 JULY 2013

Luxembourg implements AIFMD

BSP

Contributor

BSP

BSP

BSP is an independent full-service law firm based in Luxembourg. We are committed to providing the...

View firm profile

Explore more from BSP

The Luxembourg Parliament has enacted the law regarding alternative investment fund managers, which implements in Luxembourg the Alternative Investment Fund Managers Directive 2011/61/EU.

LuxembourgFinance and Banking

Bonn Steichen & Partners

This Wednesday, the Luxembourg Parliament enacted the law regarding alternative investment fund managers (AIFM Law), which implements in Luxembourg the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD).

Subject to some exemptions, the AIFM Law applies to all legal persons incorporated under Luxembourg law, whose activity consists in managing one or several alternative investment funds (AIFs) regardless of the location of those AIFs (in the European Union or outside) or of their legal form and structure.

Luxembourg alternative investment fund managers falling within the full scope of the AIFM Law shall seek authorisation from and be regulated by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial supervisory authority.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Luxembourg Financial Services Regulator CSSF Issues First FAQ On Fund Tokenisation

LuxembourgFinance and Banking

AIF Distribution Agreements: Making Oversight Work In Practice

LuxembourgFinance and Banking

Five Early Warning Signs Of A Fund Dispute

LuxembourgFinance and Banking

AIFMD II: Key Implementation Developments In Luxembourg

European UnionFinance and Banking

US Fund Managers: How To Accommodate EUR Commitments To Your USD Fund – New York Office Snippet

LuxembourgFinance and Banking

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Finance and Banking
- Fund Management/ REITs
- Financial Services

Related Comparative Guides

Comparative Guide

Acquisition Finance

Comparative Guide

Banking & Finance

Comparative Guide

Capital Markets

Comparative Guide

Securitisation

See more popular content from

Finance and BankingBSP

CSSF Imposes Fine For AML And Sanctions Compliance Violations

Luxembourg's CSSF imposed a €56,000 fine on Stonehage Fleming Luxembourg S.A. for multiple compliance failures, including significant delays in processing sanctions screening alerts and implementing changes to screening lists. At the time of inspection, hundreds of alerts had been treated with substantial delays and 42 alerts remained completely unnoticed by the financial services provider.

LuxembourgFinance and Banking

Duane Morris LLP

AIFMD II: Key Implementation Developments In Luxembourg

Two years on from the entry into force of Directive (EU) 2024/927, commonly referred to as AIFMD II, the 16 April 2026 transposition deadline has passed, and the state of play across the EU is best described as uneven, with compliance posture increasingly dependent on where an AIFM is authorised. However, Luxembourg, which hosts the largest shares of EU AIFs within the Union, transposed the Directive without material gold-plating.

European UnionFinance and Banking

Luxembourg On Track For CRD VI Transposition

The formal process of implementation of Directive (EU) 2024/1619 amending Directive 2013/36/EU ("CRD VI") began on 6 October 2025 with the publication of the bill of law n°8627 ("Bill") and its submission to Parliament.

LuxembourgFinance and Banking

ELVINGER HOSS PRUSSEN, société anonyme

Update Of CSSF Circular 12/552: Key Governance Obligations Clarified For The Banking Sector

On 29 August 2024, Luxembourg's CSSF issued Circular 24/860, clarifying governance, risk management, and audit committee requirements for credit institutions, updating key provisions of Circular 12/552.

LuxembourgFinance and Banking

ELVINGER HOSS PRUSSEN, société anonyme

The AIFMD II Directive And Financing Transactions

The Luxembourg law of March 3, 2026 transposed the AIFMD II Directive into national law, introducing significant changes to the regulatory framework governing alternative investment funds. This article examines the practical implications for financing transactions involving Luxembourg AIFs, analyzing how the new rules on loan origination, leverage caps, concentration limits, and enhanced disclosure requirements affect both lenders and borrowers in structured finance arrangements.

LuxembourgFinance and Banking

Luxembourg Private Funds Organised As Companies: How To Make Them Fit For Purpose

Luxembourg's partnership limited by shares (SCA) offers private fund managers a compelling corporate alternative to the special limited partnership structure, particularly for EU family offices and high-net-worth individuals. When combined with the RAIF regime, this vehicle achieves tax neutrality while maintaining the corporate governance framework that certain investors prefer. The SCA-RAIF structure addresses key legal and tax considerations while providing flexibility for secondary strategies, fund-of-f

LuxembourgFinance and Banking

Luxembourg Introduces Multi-compartment Structures For Unregulated AIF Limited Partnerships

Luxembourg has introduced a landmark legislative reform allowing unregulated alternative investment fund (AIF) limited partnerships to adopt multi-compartment structures. This development enables fund sponsors to consolidate multiple investment strategies, investor classes, and fund-level structures within a single limited partnership, significantly reducing complexity and administrative burden while maintaining creditor protection and investor segregation.

LuxembourgFinance and Banking

Herbert Smith Freehills Kramer LLP

Redemption Gates Or Redemption Caps: Why The Difference Matters

Semi-liquid alternative investment funds face inherent tensions between illiquid assets and investor liquidity demands, requiring sophisticated redemption management tools. Under AIFMD II, EU-authorized private fund managers must implement pre-determined liquidity management tools, but not all redemption restrictions qualify equally.

LuxembourgFinance and Banking

Spotlight On Luxembourg

CMS Luxembourg's M&A experts analyze the Grand Duchy's evolving dealmaking landscape, examining how regulatory complexity and fund services consolidation are reshaping Luxembourg's dual role as both a domestic market and Europe's premier cross-border structuring hub. The discussion reveals why private equity houses are driving unprecedented consolidation among fund service providers in the world's second-largest investment fund center.

LuxembourgFinance and Banking

Luxembourg’s AIFM Directive Transposition Law Awaits Scrutiny By Parliament

The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.

LuxembourgFinance and Banking

Chevalier & Sciales

Data Privacy Comparative Guide

Data Privacy Comparative Guide for the jurisdiction of Luxembourg, check out our comparative guides section to compare across multiple countries

LuxembourgPrivacy

2026 Luxembourg Budget Announced | Tax Measures To Come

On 8 October 2025, the Luxembourg Minister of Finance presented the 2026 budget (the "Budget Law") oriented towards growth and social cohesion.

ESG Comparative Guide

ESG Comparative Guide for the jurisdiction of Luxembourg, check out our comparative guides section to compare across multiple countries

LuxembourgCorporate/Commercial Law

Labour and Employment Comparative Guide

Labour and Employment Comparative Guide for the jurisdiction of Luxembourg, check out our comparative guides section to compare across multiple countries

LuxembourgEmployment and HR

Au Luxembourg, Qui Peut Pratiquer Le Conseil Juridique?

Le métier d’avocat fait partie de ces professions règlementées qui jouissent d’un monopole d’exercice.

LuxembourgLaw Practice Management

Real Estate Rich Companies Clause - Tax Treaty With France

Luxembourg signed a protocol to the income tax treaty with France on September 5th 2014 ("French Protocol").

Transposition Of The Mobility Directive | A Review

The entry into force, on 2 March 2025, of the law of 17 February 2025 transposing in the Grand Duchy of Luxembourg Directive (EU) 2019/2121 of the European Parliament and the Council of 27 November 2019 on cross-border conversions, mergers and divisions entails important changes in the Luxembourg legal system...

LuxembourgCorporate/Commercial Law

New CSSF Publications In Respect Of The AIFMD

The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier, issued a template application questionnaire for Luxembourg alternative investment fund managers who may already wish to obtain approval by the CSSF as an AIFM.

LuxembourgFinance and Banking

Fourth AML Directive

The European Parliament vote on the final text of the fourth AML Directive is imminent. The draft Fourth AMLD is based on the revised FATF recommendations (February 2012), but goes beyond.

European UnionFinance and Banking

A New Regime For European Venture Capital Funds

The regulation on European venture capital funds was published in the Official Journal of the European Union on April 17th 2013.

LuxembourgCorporate/Commercial Law