Chevalier & Sciales


CSSF publishes guidance on AIFM Directive for Luxembourg-based managers

Luxembourg’s financial regulator, the Financial Sector Supervisory Authority, has published practical guidance for alternative fund managers on how they should approach the issue of becoming registered or authorised under the Alternative Investment Fund Managers Directive, which was transposed into Luxembourg law through legislation that came into force on 15 July.

The CSSF says any entity established in Luxembourg that could potentially be categorised as an alternative manager under the new law must conduct a self-assessment of whether it qualifies and, if so, whether it will be subject to a requirement for registration or authorisation.

The Luxembourg legislation stipulates that the external manager of an alternative fund, or where relevant a self-managed fund itself, must be registered or authorised. Nonregulated alternative funds, vehicles structured as Part II funds under the grand duchy’s 2010 investment funds law, Specialised Investment Funds and SICARs must all conduct a self-investment process to determine whether they qualify as self-managed funds (internal AIFMs) subject to registration or authorisation…

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