CSSF announces transitional measures for Luxembourg managers and funds under AIFM Directive

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Luxembourg’s financial regulator, the Financial Sector Supervisory Authority (CSSF), has published a series of Frequently Asked Questions (FAQs) regarding the draft legislation that will implement the European Union’s Alternative Investment Fund Managers Directive (AIFMD) into national law and the European Commission’s implementing regulation.

The CSSF has decided to publish the FAQs to provide managers with greater clarity on the impact of the directive, and especially provisions regarding the transitional period of a year up to 22 July 2014, even though Luxembourg’s Chamber of Deputies has not yet voted the draft legislation into law.

The CSSF says the FAQs will be regularly updated and that it may, if need be, change its approach to some of the issues they deal with. This emphasises that the document is purely designed to provide guidance and does not offer managers legal certainty, especially before the draft bill is enacted into law…

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