Sun, Mar 26, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Luxembourg issues new rules on special investment funds

Monday, March 26, 2012

Bailey McCann, Opalesque New York: Earlier this month, the Luxembourg Parliament amended its rules for specialized investment funds (SIFs). The rules provide additional guidance to a law passed in February 2007 in order to bring the country in line with requirements in the Alternative Investment Fund Managers Directive (AIFMD).

Luxembourg is making an effort to increase the popularity of SIFs as they are faster to set up and authorize. According to a client alert from Laven Partners, obtained by Opalesque, the key point of the new law is a set of restrictions on the delegation of investment management responsibilities to third parties. Any third party chosen from now on must be authorized or registered specifically as an asset manager.

Investment management can be delegated to portfolio managers outside of the EU only as long as there is an agreement between Luxembourg’s regulator Commission de Surveillance du Secteur Financier (CSSF) and the regulatory authority of the non-EU country. If a fund wants to delegate investment management to a firm other than an asset manager, that firm will have to be specially approved by the CSSF. Funds will also have to undertake due diligence on any third party they delegate to in order to verify that they can perform the required functions. In order to operate as a SIF core investment management functions can not be managed by the depositary.

Going forward, any new SIF will also have to be approved by the CSSF before they can s......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge fund liquidations in 2016 surpass 2009 levels, new launches decline[more]

    Benedicte Gravrand, Opalesque Geneva: Even as the hedge fund industry's total assets exceeded the $3tln milestone last year, hedge fund liquidations increased. So much so that 2016 had the highest number of liquidations since 2008, claims the latest HFR Market Microstructure Report, re

  2. Hedge funds find no joy in macro as returns lag Trump rally[more]

    From Gulfnews.com: In 2017, macro hedge funds were expected to shine. So far? Not so much. It's been a far from impressive first two months for funds that trade around macroeconomic events. Discretionary funds rose just 0.3 per cent through February, according to Hedge Fund Research Inc., while the

  3. Strategies - Billionaire investor Marc Lasry shares how he's playing markets right now, Classic models are failing FX hedge funds desperate for return[more]

    Billionaire investor Marc Lasry shares how he's playing markets right now From CNBC.com: Buy on the prospect of deregulation. Sell on the enactment of deregulation. That's the strategy that billionaire investor Marc Lasry is implementing, according to an interview with CNBC in Las Vegas

  4. Opalesque Exclusive: Aberdeen makes the case for the lower mid-market[more]

    Bailey McCann, Opalesque New York: Aberdeen Asset Management has released a new paper focused on lower mid-market private equity. According to the paper, this segment of the private equity market is gaining popularity with private equity investors that are looking for multiple expansion and less

  5. Hedge funds await outcome of French elections, feel pinch on lower oil prices & weak dollar[more]

    Komfie Manalo, Opalesque Asia: Hedge funds felt the pinch of lower oil prices and weak U.S. dollar as the Lyxor Hedge Fund Index was marginally down as of the week ending 14 March, Lyxor Asset Management said in its Weekly Briefing. The Lyxor He