As of July 22, the deadline for application for authorisation of alternative managers under European Union’s Alternative Investment Fund Managers Directive, the CSSF had received a total number of 773 applications under Luxembourg’s legislation of 12 July 2013 implementing the AIFMD, comprising 215 requests for full manager authorisation and 558 requests for registration for sub-threshold firms.
Out of the 215 requests for full authorisation, the CSSF had approved 151 firms as alternative investment fund managers by July 22, and 74 are now on the official list of authorised AIFMs. Some applications for which the approval process is still ongoing relate to businesses that were not active in management of alternative funds before July 22, 2013 and therefore did not benefit from the one-year transitional period for existing managers.
The CSSF says regulated entities active before July 2013 that were required to apply for AIFMD authorisation at the latest by July 22 this year submitted applications to the regulator within the deadline.
Of the 215 authorisation requests, 105 came from existing UCITS management companies, 48 from existing non-UCITS ManCos and 62 from other existing or newly-created entities.
A total of 487 entities had received the status of registered alternative investment fund manager under Article 3(2) of the Luxembourg legislation as of July 22. The remaining 71 applications for registration were either incomplete as of that date or had been withdrawn by the applicant.
Existing non-UCITS management companies that have not applied for authorisation or registration in Luxembourg have designated a third-party AIFM, for the most part established within the EU, or are in the process of doing so.
Investment Management
23 July 2014