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The European Union’s Directive on Alternative Investment Fund Managers is expected to be formally adopted in the coming weeks and to take effect from around June 2013.
The Directive will have extensive implications for managers based outside the EU. They will not be able to benefit from the Directive’s passporting arrangements for at least another two years, mid-2015 at the earliest, a period during which their only option will be distribution under national private placement rules.
This raises the question of whether non-EU managers of European-domiciled funds such as Luxembourg Specialised Investment Funds could gain access to sophisticated investors in Europe by using a management company established in Luxembourg and able to benefit from the Directive’s provisions from 2013.
We will continue to cover new developments in the implementation of the directive and the drafting of subsidiary legislation, as well as analyse key aspects of the new rules and their practical application in our AIFM Directive blog.
The PDF guide (Use of Luxembourg Management Companies to access the AIFMD Passport) which outlines the key issues regarding the establishment or adoption of a Luxembourg management company for SIFs and the delegation of investment management functions to a non-EU manager once the Directive comes into effect can be found in HFMweek’s special reports features section.
You may find more information on the AIFM blog at www.cs-avocats.lu/aifm-directive.
Olivier Sciales is a partner in the Luxembourg law firm Chevalier & Sciales.
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