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Alternative Investment Fund Managers (AIFM) - CSS

  1. Alternative Investment Fund Managers (AIFM) An Alternative Investment Fund Manager (AIFM) is any legal person whose regular business is managing one or more alternative investment funds (AIFs). AIFMs are governed by the Law of 12 July 2013 on alternative investment fund managers. The CSSF's prudential supervision aims to verify that AIFMs subject.
  2. The Law of 2013 stipulates that the AIFM may either perform itself the valuation function (article 17(4)(b) of the Law of 2013) or appoint one or several external valuers (article 17(4)(a) of the Law of 2013). LUXEMBOURG LAW OF 12 JULY 2013 ON ALTERNATIVE INVESTMENT FUND MANAGERS - FAQ. Version: 17 -January 2021 59/85
  3. ds all AIFMs that they are required to complete an initial self-assessment and ongoing self- monitoring of their reporting duties, taking into account their status and the value of assets under management for all AIFs managed. The AIFM is responsible for infor

Authorisation. Articles 5 to 19 of the Law of 12 July 2013 on alternative investment fund managers (AIFM Law) lay down the legal conditions which must be met to be granted authorisation as alternative investment fund manager (AIFM). Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 specifies the manner how certain articles of. Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 specifies the rules for the application of certain articles of the AIFM Law. All Luxembourg legal persons whose regular activity includes managing one or several alternative investment funds and that do not need to be authorised under Chapter 2 of the AIFM Law, must submit a request for registration as alternative investment fund manager to the CSSF Luxembourg, la CSSF est l'autorité compétente pour la surveillance des gestionnaires relevant de la présente loi ; (3) competent authorities: the national authorities of Member States which are empowered, by law or regulation, to supervise AIFMs. In Luxembourg, the CSSF is the competent authority for the supervision of AIFMs

According to Article 29 of the Law of 12 July 2013 on alternative investment fund managers (AIFM Law), which transposed into Luxembourg law the provisions of Article 31 of the AIFMD, a Luxembourg based AIFM which intends to market to professional investors in Luxembourg the units or shares of an AIF which is managed by that AIFM and is established in another Member State, must submit a notification file to the CSSF The guidance notes to the ECB Regulation that have been issued by the European Central Bank (and to which the CSSF refers when interpreting the definition of ad hoc securitisation vehicles under the AIFM Law) state in point 4.1 that first lenders, i.e. lenders securitising loans that they themselves have granted and which issue notes to finance their securitisation activities, are not. The necessary information for registration purposes must be kept up to date. Therefore, any change in the information provided in the initial application for registration must be communicated to the CSSF without delay and exclusively via e-mail to aifm_registration@cssf.lu. Examples of changes (non-exhaustive list)

Legal reporting for AIFM - CSS

Sector (the CSSF). The AIFM Law and the European Commission Delegated Regulation n° 231/2013 of 19 December 2012 clearly set out the authorisation and organisation requirements applicable to Luxembourg AIFMs, whereby the same rules apply to internally-managed alternative investment funds (internally-managed AIFs) with minor difference constitutive documents7 provide that they are subject to the provisions of the RAIF Law. 1.1 AIF managed by an authorised AIFM RAIFs represent a specific category of AIFs that must be managed by an authorised AIFM. Therefore, unlike a SIF, a RAIF cannot be a non-AIF or be managed by an exempt AIFM8. 1.2 Not supervised by the CSSF They have to be registered and have to comply with only very few requirements of the AIFM Law (resulting in limited reporting to the CSSF). Alternatively, these below-threshold AIFMs can opt in by applying for a licence as above-threshold AIFM which benefits from a management and marketing passport across the EU/European Economic Area law or regulation to supervise AIFMs. In Luxembourg, the CSSF is the competent authority for the supervision of AIFMs subject to this Law; (4) supervisory authorities in relation to non-EU AIFMs: the national authorities of a third country which are empowered by law or regulation to supervise AIFMs; (5

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Authorisation of an AIFM - CSS

Special serie COVID-19 - n°5 Impact on reporting deadlines

Registration of an AIFM - CSS

Marketing of Alternative Investment Funds - CSS

  1. This brochure contains the amended Law of 12 July 2013 on alternative investment fund managers (AIFM) in French and English. Cette brochure contient la loi modifiée du 12 juillet 2013 relative aux gestionnaires de fonds d'investissement alternatifs (« AIFM ») en français et en anglais
  2. CSSF confirms AIFs' ability to grant loans in updated AIFM law FAQ On June 9, the CSSF issued the latest update of its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the AIFMD and the European Commission's Level 2 regulation on implementation of the directive, last revised on August 10, 2015
  3. Otherwise, the CSSF is empowered pursuant to the Luxembourg AIFM Law of12 July 2013, as amended, to take all measures, including if necessary, the express prohibition of marketing of the AIF (i.e., the RAIF)
  4. In order to allow the CSSF to establish an inventory of all AIFM, each AIFM, after having performed the self-assessment mentioned under point (1) in CSSF press release available below, has to provide the CSSF by 16 August 2013 at the latest, with the following information
  5. On 10 August 2015, the CSSF published an updated version of its Frequently Asked Questions (FAQ) on the AIFM Law of 12 July 2013 (transposing AIFMD in Luxembourg), in relation to activities in Luxembourg needing not be passported or notified, depending on their qualification as marketing or reverse solicitation.. Draft documents and distance marketin
  6. AIFM Law and Product Laws CSSF FAQ and other domestic guidance (e.g. CSSF circulars and press releases) Delegated Regulation and other relevant EC's implementing regulations EC Q&A ESMA Guidelines Regimes to the AIFMD 1.4.1 EuVECAs and EuSEF
  7. 12 July 2013 (the AIFMD Law) Success • AIFs aim to replicate the success of UCITS for all investment funds that are not UCITS. Key for success Once approved in one EU (Super ManCo), which is granted by the CSSF. The AIFM can obtain registered.

Securitisation vehicles subject to AIFM Law in Luxembourg

1915 Law: Luxembourg law of 10 August 1915 on commercial companies 2004 Law: Luxembourg law of 15 June 2004 relating to investment •If non-Luxembourg AIFM: split supervision between CSSF (fund rules) and home supervisory authority (AIFM rules) 17 Your investment fund in Luxembourg June 2020 CSSF updates Q&A on AIFMD implementation law Chevalier & Sciales European Union, Luxembourg April 22 2014 Luxembourg's Financial Sector Supervisory Authority has published on March 17 an update. The conference was specifically addressed to registered AIFMs and internally managed non-AIFs (the Entities). First, the CSSF reiterates that these Entities are under the supervision of the CSSF for AML/CFT purposes, pursuant to article 2-1 (1) of the AML Law law firms, and document and information management firms. (e.g. CSSF 02/77). Recital (55) of AIFMD-CDR is clear when it recalls that Although Directive 2011/61/EU does not impose any investment restrictions on AIFs, the risks incurred by each AIF cannot be managed effectively i

Sector Law (and related CSSF authorisation process) is therefore not triggered. Only the investment management delegation rules set forth in the UCITS Law and the AIFM Law apply in that case. For more information on CSSF Regulation 20-02 and CSSF Circular 20/743, see the Newsflas The Directive gives Member States the flexibility to authorise AIFMs not to provide 50% of the amount referred to in (ii) if the authorised AIFM benefits from a guarantee from a bank or insurer. However, please note that this provision has not been transposed into UK law, and the position will need to be checked on a country-by-country basis

Amendment to a registered AIFM - CSS

  1. Directive 2011/61/EU is a legal act of the European Union on the financial regulation of hedge funds, private equity, real estate funds, and other Alternative Investment Fund Managers (AIFMs) in the European Union. The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation
  2. On 2 September 2019, a new question was added to the following FAQs published by the CSSF: the FAQ concerning the AIFM Law 1, the FAQ concerning the UCI Law 2, the FAQ on specialised investment funds (SIFs) and investment companies in risk capital (SICARs) that do not qualify as alternative investment funds (AIFs)3, and the FAQ on the statuses of PFS 4
  3. Laws, regulations and directives 18 December 2015 - Updated on 25 July 2018 Law of 18 December 2015 (coordinated version) (being updated
  4. istrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (5) for UCITS management companies and in Directive 2004/39/EC for investment firms, AIFMs should adopt procedures.
  5. The Commission de Surveillance du Secteur Financier (CSSF) issued on February 20, 2014 an updated version of the frequently asked questions (FAQ) relating to the Luxembourg Law of July 12, 2013 on alternative investment fund managers (the AIFM Law). Such update concerns the valuation of AIF's assets, in particular when it is performed by an external valuer
  6. The CSSF confirmed in the Press Release that a notification under Article 37 of the AIFM Law (Article 36 of the AIFMD) will automatically trigger the required de-notification mentioned above. b) Continuation of management (and marketing) by the current UK manager of an EU AIF or third-country AIF (including UK AIFs

duly authorised and licensed as AIFM by the CSSF under the amended law of 12 July 2013on alternative investment fund managers (AIFM Law), Luxembourg and internally-managed AIFs, i.e. Luxembourg AIFs of the corporate type that have not appointed an externa CSSF CIRCULAR 07/283 relating to the entry into force of the Law of 13February 2007 relating to specialised investment 61 2 A specific transition regime is provided for in the AIFM Law. This note does not address this situation, therefore the notion of SIF AIF as used in this note refers exclusively t Union Member States' national law by 2013. It seeks to regulate the previously lightly regulated investment fund sector, in particular hedge funds, private equity funds and real estate funds. AIFM under the AIFMD, responsible for the compliance with the AIFMD as the case may be

The Luxembourg Parliament adopted bill 6471 on alternative investment fund managers and transposing the AIFMD into Luxembourg law (the AIFM Law) in its first constitutional vote on 10 July 2013 Article 30 of AIFMD imposes restrictions on distributions (which includes dividends and interest relating to shares), capital reductions, share redemptions or purchases of own shares by EU-incorporated portfolio companies during the first two years following acquisition of control by an AIF, individually or jointly together with other AIFs

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Ensuring that the AIFM and the corresponding AIFs are managed and administered in accordance with all applicable regulations and laws including AML (anti-money laundering), KYC (Know Your Customer) and KYT (Know Your Transactions) duties performed on behalf of the AIFs; - Constant update of internal procedures according to new regulations and circulars issued by the CSSF; - Review and on-going. - CSSF Circular 15/612 on the information to be submitted to the CSSF in relation to unregulated AIFs - CSSF Circular 07/309 on the risk-spreading in the context of SIFs - CSSF Circular 06/241 on the concept of risk capital as used in the SICAR Law CSSF published FAQ regarding Circular CSSF 0277 The FAQ on Circular CSSF 02/77 applies to undertakings for collective investment subject to the law of 17 December 2010 (UCIs and UCITS) (e.g. AIFM, self-managed AIFs),.

ALFI - Investment fund manager

UK AIFs notified for marketing in Luxembourg under the provisions of articles 31 and 32 of the AIFMD (in the home state of the AIFM or in Member States other than the home state, respectively) will need to register for active marketing under article 37 of the AIFM law, triggering an automatic withdrawal of the previous notification The Luxembourg Supervisory Authority for the Financial Sector (Commission de Surveillance du Secteur Financier - the CSSF) issued on 23 October 2013 its updated Frequently Ask Questions on securitisation vehicles (FAQ) in order clarify its position in relation to the definition of securitisation special purpose entities under the law dated 12 July 2013 on alternative. Updated CSSF FAQ on AIFMD On 29 December 2014, the CSSF updated its frequently asked questions (FAQ) on the Law of 12 July 2013 on Alternative Investment Fund Managers (AIFM Law) and the AIFM delegated regulations by adding two new questions: question 19 on the marketing of non-EU alternative investment funds (AIFs) to professiona The FAQs remind the management and supervisory bodies of Luxembourg investment funds , AIFMs, and UCITS management companies regulated by the CSSF that, in accordance with Article 4(1) of the Law of 12 November 2004 on the fight against money laundering and terrorist financing (hereinafter referred to as the Law), they are required to appoint, at board level, the so-called responsable du. AIFMs which are fully authorised under the Directive are subject to detailed rules regarding delegation. However, as per guidance issued by the Commission, the provisions of the Level 2 Regulations (Articles 76 to 83) apply to delegations of all functions noted in Annex I of the Directive.. The AIFM's liability towards the AIF and its investors will not be affected by the fact that the AIFM.

Prime AIFM LUX S.A. The Prime AIFM LUX S.A. was founded as a 100% subsidiary of Prime Capital AG on September 9th, 2016 in order to extend the collective asset management of the Prime Capital group to Luxembourg. The authorizations and admissions to act as an Alternative Investment Fund Manager (AIFM) according to the law of July 12th on Alternative investment Fund Managers and as a management. The CSSF confirms that the loan origination activity is permitted for AIFs in Luxembourg since neither the law transposing the AIFMD (AIFM Law) nor the different product laws applying to alternative funds, if applicable, forbid such activity While the UCITS and the AIFM laws require governing bodies of asset managers/funds to have sound accounting policies and internal control mechanisms in place, the FAQ gives backing to several recommendations included in the ALFI guidelines published in December 2015 as well as clarifying the CSSF's expectations in terms of governance, disclosure, operations and NAV corrections particular the UCI Law and the AIFM Law by granting to the CSSF the temporary power to continue to apply (also for a maximum of 21 months), the EU management passporting provisions for the free provision of services and the free establishment of a branch (as set out in the UCI Law an

欧州金融規制AIFMD(Alternative Investment Fund Managers Directive)について 欧州金融規制AIFMDについて 金融危機後の欧州金融規制の一部であるAIFMD(Alternative Investment Fund Managers Directive)は、2013年7月に各EU加盟国での国内法制化期限を迎えました On July 18th 2014 the Commission de Surveillance Du Secteur Financier (CSSF) published an updated version of its frequently asked questions (Updated FAQ) concerning the Luxembourg law of July 12th 2013 on an alternative investment fund managers (AIFM Law) as well as the Commission Delegated Regulation (EU) No231/2013 of December 19th 2012 The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) published on 9 June 2016 an updated version of its FAQ concerning the Luxembourg law of 12 July 2013 on alternative investment fund managers, as amended (AIFM Law).. The updated FAQ notably includes a new section focusing on loan origination, and follows an opinion from ESMA of 11 April 2016 on a. New CSSF Circular 18/697 on non-UCITS depositaries 11/09/2018. By way of preamble and as a reminder, a depositary of a Luxembourg fund may currently fall under either (1) the regime of the UCITS Directive and Regulation(UCITS Depositary Regime), (2) the regime of the AIFM Directive and Regulation(AIFM Depositary Regime), or (3) the distinctive regime provided for by Luxembourg Law.

The CSSF underlines that loan origination is not prohibited under the AIFM Law or other relevant laws regulating Luxembourg investment funds, and may thus be authorised under certain conditions. However, the CSSF will review such conditions on a case-by-case basis New CSSF Circular 15/612 relating to Luxembourg AIFMs. 11/05/2015. On May 5th 2015 the CSSF issued CSSF Circular 15/612 (the Circular) on information to be submitted to the CSSF concerning non regulated AIFs and regulated AIFs established in a third country by AIFMs subject to the Luxembourg law of July 12, 2013 on alternative investment fund managers (the AIFM Law) The CSSF has published a further update of its AIFM Law FAQ (dated 9 June 2016), providing additional guidance to be taken into consideration by Luxembourg-based and duly authorised (i.e., full-scope) alternative investment fund managers (AIFMs) of alternative investment funds (AIFs) engaging in loan origination, loan participation and/or loan acquisition activities in and from Luxembourg

BSP CSSF publishes updated FAQ on AIF

The AIFM Law amends fifteen existing Luxembourg laws, including the law of 17 December 2010 on undertakings for collective investment, as amended (the UCI Law), the law of 13 February 2007. Luxembourg entities must further comply with Luxembourg laws, regulations and CSSF circulars regarding anti-money laundering (AML) and counter-terrorist financing (CTF), in particular, the law of 12 November 2004 relating to the fight against money laundering and the financing of terrorism, as amended, and the law of 13 January 2019 creating the register of beneficial owners, as amended

On June 9, 2016 the CSSF issued the latest update of its Frequently Asked Questions document on the Luxembourg law of July 12, 2013 implementing the AIFMD and the European Commission's Level 2 regulation on implementation of the directive, last revised on August 10, 2015 The CSSF's updated AIFMD FAQ dated July 6 th 2017 relates to the impact on Luxembourg alternative investment funds (AIFs) of Regulation (EU) No. 1286/2014 of 26 November 2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs Regulation).. As per the PRIIPs Regulation, all PRIIPs manufacturers must issue a PRIIPs KID before retail. Authorisation and organisation of investment fund managers governed by Luxembourg law Circulaire CSSF 18/698 relative à la substance CSSF Circular 18/698 regarding substanc

On 20th January 2021, the Commission de Surveillance du Secteur Financier (CSSF) published an updated FAQ concerning Luxembourg Law of 12 July 2013 on alternative investment fund managers. Updated FAQ: L.2 Which accounting standards are accepted under article 20(3) of the Law of 2013 for preparing the accounting information in the annual report of an AIF managed by an Authorised AIFM. Notification to the CSSF of the acquisition of major holdings and control of non-listed companies on who has not chosen to opt in as Authorised AIFM under the Law of 2013 on the basis of article 3(4) of that law . Retail investor: An investor who is not a professional investor With less less than 3 months to go until the Sustainable Finance Disclosure Regulation (SFDR) comes into force in the EU (on 10 March 2021), the Luxembourg regulator (the « CSSF») published on 16 December 2020 a communication detailing the new regulatory requirements, applying to Luxembourg investment fund managers (AIFMs), with respect to transparency on the integration of. The CSSF has confirmed that neither the AIFMD and the 2013 Law, nor any of the Luxembourg laws governing Part II funds3, SICARs4, or SIFs5 (Product Laws) restrict AIFs from granting or acquiring. Browse All Law News Topics Alternative Investment Fund Manager › Luxembourg › CSSF + Follow. Luxembourg Funds and Brexit: Update to UK Managers. Goodwin on 12/8/2020.

AIFM law. Yes. Twice a year, on 30 June and 31 December with due date 45 calendar days subsequent to the reference date of the report. Annually with due date 6 months after year-end. Details on reporting contained in CSSF circular AIFM law. No reporting to the CSSF by the RAIF The CSSF released on December 2 nd 2015 Regulation 15/03 (the Regulation) laying down general rules for the application of article 46 of the law of July 12 th 2013 on alternative investment fund managers (the AIFM Law) in respect of the marketing of foreign alternative investment funds (AIFs) to retail investors in Luxembourg (the Retail Investors) AIFMs which are fully authorised under the Directive are subject to detailed rules regarding delegation. However, as per guidance issued by the Commission, the provisions of the Level 2 Regulations (Articles 76 to 83) apply to delegations of all functions noted in Annex I of the Directive.. The AIFM's liability towards the AIF and its investors will not be affected by the fact that the AIFM. CSSF: ESMA guidelines on liquidity stress testing in UCITS and AIFs Publication - 05/10/2020 In the midst of the COVID-19 crisis, liquidity risk management is certainly a topical question, as it is meant to prepare a fund for a crisis so that it may meet redemption requests in normal and stressed conditions 11th Hour Considerations for Fund Managers on Cross-Border Brexit Structuringby Mark Shaw, Head of our London Representative Office As I type this, the latest description of the mood on the Brexit negotiations is downbeat following a weekend of mixed reports that have focussed largely on fishing rights. _Over the last couple of years, when we have been advising financial services clients on.

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CSSF updates UCITS and AIFMD FAQs - IR Globa

Luxembourg Law of 1915), as well as the specific requirements to be complied with by the appointed AIFM. Authorisation process The CSSF announces that entities which need an authorisation as AIFM under the Law of 201 AIFMD | CSSF FAQ - Update 16/10/2015. August 2015 On August 10th 2015 the CSSF issued an updated, 9th version of its Frequently Asked Questions (the FAQ) concerning the Luxembourg Law of July 12th 2013 on alternative investment fund managers (the AIFM Law) as well as the Commission Delegated Regulation (EU) No 231/2013 of December 19th 2012 (the Level 2 Regulation) AIFMs managing all types of funds that are not covered by Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to the undertakings for collective investment in transferable securities (UCITS).

What does the AIFM law regulate? 8 Authorisation of AIFMs 8 Operating conditions 10 Valuation 12 Delegation of AIFM functions 14 Depositary 15 Transparency 18 registration requirements with the CSSF. Exempted AIFMs can also decide to opt in to the application of the AIFM regime and thereby benefit from the marketing passport Today, on 1st June 2016, the Law of 10 May 2016 that transposes the UCITS V Directive into Luxembourg law comes into force, bringing several other amendments to the amended Law of 17 December 2010 on undertakings for collective investments (the 2010 Fund Law) and the amended Law of 12 July 2013 on Alternative Investment Fund Managers (the 2013 AIFM Law) Union Member States' national law by 2013. It seeks to regulate the previously lightly regulated investment fund sector, in particular hedge funds, private equity funds and real estate funds. AIFM under the AIFMD, responsible for the compliance with the AIFMD as the case may be The Luxembourg law of 12 July 2013 on alternative investment fund managers (AIFM Law) entered into force on 15 July 2013. It implements Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers (AIFMD) and introduces a number of other changes to existing Luxembourg legislation, including the laws governing regulated investment vehicles.In addition, the Commission de.

CSSF publishes guidance on AIFM Directive for Luxembourg-based managers. Aug 2nd 2013, 10:41, by nospam@example.com (Olivier Sciales) which was transposed into Luxembourg law through legislation that came into force on July 15.. The vote of the Law of 12 July 2013 (the AIFM law) transposed AIFMD in Luxembourg. With the transition period ending on 22 July 2014, Based on information provided by the CSSF in a communication dated 22 July 2014, the CSSF received 215 license applications and 558 registration requests

CSSF updates Q&A on AIFMD implementation law - Lexolog

Consultation Paper (CP 2018-01) - Sub-threshold AIFM Law (available in Greek) 05 March 2018 Consultation Paper CP(2016-12) regarding amendments in AIF Law and the creation of 'mini-manager' regime (Available in Greek Draft Law implementing the AIFM Directive. Draft Law implementing the AIFMDirective│ 2012 Outline. − 23 December 1998 Law establishing the CSSF − 10 August 1915 Law on commercial companies − The Personal Income Tax Law and VAT Law Structure of the Draft Law. 2

Brexit update: Mandatory CSSF notification Elvinger Hos

SIFs / SICARs managed by an AIFM authorized as per the AIFM Law or the AIFM Directive 2011/61/UE are not subject to this CSSF regulation. What measures do 'in scope' SIFs and SICARs need to take? For SIFs, the CSSF regulation sets out criteria to be used in the assessment of the adequacy of their risk management systems Largely inspired by the SIF Law and the SICAR Law, the reserved alternative investment fund (RAIF) was enacted by the law of 23 July 2016 on RAIFs (the RAIF Law) which became effective on 1 August 2016 offering greater flexibility on the product side by avoiding the double layer of regulation as the RAIF will not be authorized by the CSSF 7See Art. 15 (1) AIFMD, Art. 14 (1) Luxembourg AIFM Law and Art. 43 AIFMD-CDR. 6 II. overview of risk management areas addressed by AIFMD and AIFMD-CDR The requirements of Art. 16 AIFMD in conjunction 22See Art. 13 (1) AIFMD-CDR. 23 Cf. Art. 3 No. 11 of the CSSF REGULATION NO. 10-4 TRANSPOSING COMMISSION DIRECTIVE 2010/43/EU of 1 JUL

Authorised and registered AIFM - Law in Luxembour

On 9 June 2016, the CSSF has updated its AIFM Law FAQ by inserting guidance in respect of Luxembourg-based authorised AIFMs managing AIFs which are active in loan origination, loan participation and loan acquisition activities in or from Luxembourg On 17 March 2014 the Commission de Surveillance du Secteur Financier (CSSF) issued an updated version of its frequently asked questions (the FAQ

CSSF issues new update to AIFMD law Q&A Chevalier & Sciale

On 9 April 2020, the CSSF published a communication announcing a new, weekly questionnaire (the Questionnaire) applicable to investment fund managers authorized by the Law of 17 December 2010 relating to undertakings for collective investment (the 2010 Law) or the Law of 12 July 2013 on alternative investment fund managers (the 2013 Law) Update of CSSF AIFM application : On 20 March 2014, the CSSF updated its Q&A on the AIFM application file regarding three main categories: the Programme of activity, the demonstration of how the compliance with the AIFM Law is ensured by the delegates and indication of any other regulatory standards they comply with Moreover, the Luxembourg law of 12 July 2013 on Alternative Investment Fund Managers (AIFM Law) applies. Part II funds investing in short-term assets and having distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment must further comply with the requirements of Regulation (EU) 2017/1131 on money market funds

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