The CSSF has published on its web site on January 10, 2014 a fresh update, the fourth, of its Frequently Asked Questions document regarding Luxembourg’s law of July 12, 2013 on alternative investment fund managers.
The FAQs cover the European Union’s Alternative Investment Fund Managers Directive, as transposed into Luxembourg legislation last July, and the Level 2 AIFMD regulation issued by the European Commission in December 2012.
The document highlights important aspects of the legislation from a Luxembourg legal standpoint. Since the previous version, issued on July 19 last year, the CSSF has added two new topics, covering marketing and reporting issues.
The new sections on marketing detail the provisions applicable to managers established in Luxembourg marketing EU-domiciled funds using the AIFMD passport, as well as those covering the marketing in Luxembourg of EU-based alternative funds by managers based elsewhere in the union.
Under the grand duchy’s transitional arrangements, Luxembourg’s private placement regime remains available for the distribution of EU-based funds run by EU managers until July 22 this year.
In its detailed explanation of AIFMD regulatory reporting obligations, the CSSF refers to the guidelines issues by the European Securities and Markets Authority, which set out reporting start dates and transmission deadlines depending on how often managers are required to provide information and whether or not the funds in question are funds of funds (which have transition deadlines 15 days later than single-manager funds).
The full text of the FAQs can be viewed here.