The Specialised Investment Fund (SIF) regime was established in
Luxembourg by the Law of 13 February 2007 (SIF Law). The SIF
regime's purpose was to offer great flexibility on investment
scope, structuring, and providing for an advantageous tax regime,
while being regulated at the fund level by the Commission de
Surveillance du Secteur Financier (CSSF).
The entry into force of the Alternative Investment Funds
Managers Directive (AIFMD), particularly Recital 10, “This
Directive does not regulate AIFs,” took the discussion of the
regulation at the fund level a bit further. Indeed, in
Luxembourg's regulatory framework, a double layer of
supervision exists: direct supervision from the CSSF and indirect
supervision from the alternative investment fund manager (AIFM),
which is also regulated by the CSSF.
