New draft law in Luxembourg adopting the AIFM (“Alternative Investment Fund Managers”) Directive
The draft law number 6471 which adopts Directive 2011/61/EC of the European Parliament and of the Council of November 11, 2010 on Alternative Investment Fund Managers (the “AIFM” directive) has been submitted on Friday August 24th, 2012 before the Luxembourg Parliament and Chambre des Députés (Chamber of Deputies).
Below is a summary of the most important legal aspects on the Luxembourg market which will be bought in by this directive:
Amendments to Luxembourg laws
The amendments make several significant changes to the current Luxembourg Law. The following is a list of the main laws which will be impacted:
- Law of August 10, 1915 (as amended) on commercial companies;
- Law of April 5, 1993 (as amended) on the financial sector (“PSF”);
- Law of June 15, 2004 relating to the company in risk capital (“SICAR”);Law of July 13, 2005 on institutions for occupational retirement as pension savings company with variable capital and pension savings associations (“SEPCAV/ASSEP”);
- Law of February 13, 2007 on specialized investment funds (“SIF”) – previously amended in March 2012 in order to implement certain elements of the AIFM Directive;
- Law of December 17, 2010 concerning undertakings for collective investment (“UCI”).
The New Directive
In principle the Directive follows the main criteria and rational of the AIFM Directive.
Pursuant to the regime introduced already by the AIFM Directive, all managers managing or acting as management companies (“AIFM”) to full scope funds (“AIFs”) with assets exceeding the specific thresholds introduced by the revised need to be authorised as AIFM.