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AIFM License application assistance - 31/10/2013


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Deloitte Regulatory Strategy

Context

On 18 July 2013, the CSSF published its practical guidance in relation to the registration and authorisation of Alternative Investment Fund Managers (AIFM) established in Luxembourg, in accordance with the Luxembourg Law of 12 July 2013 on Alternative Investment Fund Managers (“AIFM Law”). In order to be authorised by the CSSF, existing management companies wishing to carry out AIFM activities have to submit a detailed application file.

Immediate Challenges

The application questionnaire for the setup of a fully licensed AIFM requires to address multiple questions, complete tables and provide detailed information in appendix format to demonstrate compliance with the new AIFM requirements. Authorisation will be granted based on operating conditions, remuneration policy, risk management, liquidity management, valuation of assets, use of leverage, depositary compliance and supervision of delegated functions. Policies, procedures and overall organisation and reporting lines may also need to be revisited to ensure compliance with the new requirements.

The filing process involves challenges at many levels:

  • Time consuming data collection across your organisation and coordination of multiple internal stakeholders. This challenge is increased for market players in multiple locations
  • Providing comprehensive information to the regulator: up to 34 separate documents may need to be appended to the application file, depending on your readiness level and organisational setup
  • Gaps identified during the data collection and information gathering phase will require you to update or setup corresponding procedures and policies
  • Your organisational setup and reporting lines may need to be modified to ensure they are in line with the new regulatory requirements

How can Deloitte help you?

  • We have gained practical experience with AIFM authorisation filings, having already assisted several players in achieving regulatory approval. Our established methodology will simplify and assist you throughout this process
  • Our interdisciplinary team of professionals will guide you through the complex maze of rules against which you need to establish compliance
  • Market players with management companies in multiple European domiciles often setup a global AIFMD project structure. By working with us, you will be able to leverage our experience of the Luxembourg application process for subsequent filings in other locations, as we will pass on our knowledge to your global project structure

Our level of engagement can vary according to your needs and level of readiness: we can drive the entire process or just be involved for specific tasks, such as reviewing your application file, assisting with the drafting of specific policies or procedures, or simply reviewing the compatibility of your governing bodies.

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Contacts

Name:
Lou Kiesch
Company:
Deloitte Luxembourg
Job Title:
Partner - Regulatory Consulting
Phone:
+352 451 452 456
Email
lkiesch@deloitte.lu
Name:
Benjamin Collette
Company:
Deloitte Luxembourg
Job Title:
Partner - EMEA AIFMD Leader
Phone:
+352 451 452 809
Email
bcollette@deloitte.lu
Name:
Michael John Flynn
Company:
Deloitte Luxembourg
Job Title:
Directeur - Regulatory Consulting
Phone:
+352 451 452 060
Email
mjflynn@deloitte.lu

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