Sat, Jul 30, 2016
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. Opalesque Exclusive: California-based manager launches long/short equity hedge fund with unique algorithm[more]

    Benedicte Gravrand, Opalesque London for New Managers: SJL Capital LLC, an investment advisory firm based in California, has launched its maiden fund, the SJL MarketDNA Hedge Fund LP. The fund, which began trading

  2. Manny Roman to move from Man to Pimco[more]

    Benedicte Gravrand, Opalesque London: Emmanuel (Manny) Roman, an investment world veteran, has been hired by PIMCO, the large US bond fund house, as chief executive officer. PIMCO's current CEO Douglas Hodge will assume a new role as managing director and senior advisor when Roman joins P

  3. Opalesque Exclusive: ArbitrOption outperforms benchmarks, up 7.18% in H1[more]

    Komfie Manalo, Opalesque Asia: Independent registered advisor ArbitrOption breezed through the tumultuous Brexit referendum and outperformed its benchmarks. ArbitrOption was up 7.18% in the first half of 2016 compared to the S&P 500 which gain

  4. Europe - European hedge funds shrink and shutter as turmoil hurts returns, Investors go bargain-hunting for U.K. property after Brexit vote, Brexit: Guidance for fund directors - what to know and what to ask[more]

    European hedge funds shrink and shutter as turmoil hurts returns From Bloomberg.com: Europe’s hedge-fund industry contracted for a sixth straight quarter as the U.K.’s decision to leave the European Union and concerns that China’s growth is slowing caused losses and forced some money man

  5. Platinum Partners starts liquidation of hedge funds following municipal union kickback scandal[more]

    Komfie Manalo, Opalesque Asia: Platinum Partners, the hedge fund in the middle of a New York City municipal union kickback investigation, is reported to be liquidating two of its funds, the New