Transposition Of AIFMD In Luxembourg

A draft bill of law (the "Bill") introducing the AIFM Directive (AIFMD) into the Luxembourg legal framework has been submitted to the Luxembourg Parliament on 24 August 2012. By aiming at having the Bill adopted before the end of 2012, Luxembourg wants to position itself as amongst the first jurisdictions to implement this EU directive and hence, give its fund industry a head start to prepare before its transposition deadline of 22 July 2013.

The Bill provides for a new dedicated law that will regulate all managers of alternative investment funds (AIFMs). The alternative investment funds (AIFs, all investment funds except UCITS), currently regulated under Part II of the 2010 Law, the SIF Law and the Sicar Law, will continue to be governed by such laws. These will, however, also see some changes triggered by AIFMD.