The Luxembourg parliament has adopted the new AIFM act that fully transposes the Alternative Investment Fund Managers Directive (AIFMD) into national law.
The act will come into force on the day it is published in the Luxembourg official gazette, which will take place before 22 July 2013 to meet the deadline set under the AIFMD.
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The draft legislation transposing AIFMD into law was approved by the grand duchy’s Chamber of Deputies.
The bill of law no. 6471 not only incorporates the directive but introduces into national law a new regime known as the société en commandite special.
The AIFM Act represents a significant reform of the management of alternatives funds, by extending regulation and oversight across the sector and through the introduction of a rigorous depositary regime for AIFs.
Marc Saluzzi, chairman of The Association of the Luxembourg Fund Industry (ALFI), said: "With the legislative process now complete, the regulated alternative investment fund industry in Luxembourg is ready to take off.
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By GlobalData"AIFMD pushed the alternative fund management industry towards a model which is based on the compromise of more regulation in exchange for a passport. This is the same as the UCITS model which we know so well in Luxembourg, and the law puts the Luxembourg financial centre in a strong competitive position to develop our hedge, real estate and private equity activities even further," Saluzzi added.
ALFI expects that implementation of the AIFMD will enhance Luxembourg as a leading domicile for fund and management companies in the alternative sector.
