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CSSF practical guidance on the registration in Luxembourg - 23/07/2013


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The CSSF published on 18 July 2013 its practical guidance in relation to the registration and authorisation under the Luxembourg Law of 12 July 2013 on Alternative Investment Fund Managers (hereinafter the "AIFM Law") of manager of alternative investment funds (hereinafter "AIFM") established in Luxembourg.

Who is concerned by this guidance?

All entities which may potentially be considered as AIFMs under the AIFM Law, in particular:

  • "Chapter 15" management companies;
  • "Chapter 16" management companies;
  • Self-managed undertakings for collective investments (UCI) under part II of the Law of 2010;
  • Self-managed specialised investment funds (SIF) under the Law of 2007;
  • Self-managed SICARs under the Law of 2004;
  • Any Luxembourg entity providing management services to alternative investment funds (hereinafter "AIF") which are not regulated; and
  • Any self-managed Luxembourg entity qualifying as AIF which is not regulated.

For AIFM performing activities before 22 July 2013 falling under the AIFM Law, what are the next steps?

Immediately

  • each concerned entity shall assess whether it qualifies as AIFM under the AIFM Law;
  • If yes: each concerned entity shall assess whether they are subject to registration or authorisation under AIFM Law (NB: registration is the lighter process for AIFM whose assets under management fall below the thresholds as specified in the AIFM Law and which do not want to "opt in" to benefit from the rights granted by the AIFMD, such as AIFMD passport)
  • If the entity qualifies as AIFM which has to be registered, it is required to register immediately with the CSSF using the following registration form which can be downloaded from the CSSF website under http://www.cssf.lu/aifm/.

Before 16 August 2013

Each AIFM shall provide the CSSF with the following information:

  • Name of the AIFM;
  • Address of the AIFM;
  • Information about whether the AIFM is an internal AIFM or an external AIFM;
  • Information about whether the AIFM has to be registered or authorised with the CSSF.

This information shall be sent to the CSSF by email at the following address: aifm@cssf.lu

Before 22 July 2014

Each entity which has to be authorised by the CSSF has to submit an completed application for authorisation which can be downloaded from the CSSF website under http://www.cssf.lu/aifm/.

When will AIFM reporting practical guidance be available?

The CSSF indicates that the practical aspects of reporting (information to be reported and timing) are currently being defined by the European Securities and Markets Authority (ESMA). Final guidelines are expected by end of the 4th quarter of 2013 and will be communicated by the CSSF via press release.

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Contacts

Name:
Benjamin Collette
Company:
Deloitte Luxembourg
Job Title:
Partner - EMEA AIFMD Leader
Phone:
+352 451 452 809
Email
bcollette@deloitte.lu
Name:
Lou Kiesch
Company:
Deloitte Luxembourg
Job Title:
Partner - Regulatory Consulting
Phone:
+352 451 452 456
Email
lkiesch@deloitte.lu
Name:
Ruth Bültmann
Company:
Deloitte Luxembourg
Job Title:
Partner - Family Office Services Leader
Phone:
+352 451 452 115
Email
rbueltmann@deloitte.lu

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