Luxembourg Law Transposing the AIFMD Passed by Luxembourg Parliament

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. The AIFM Law will become effective on its day of publication in the Luxembourg official gazette which will take place in the coming days but in any case before 22 July 2013 to meet the deadline set under the AIFMD.

The AIFMD Law can be split into two parts:

- Chapters 1 to 11 establish the legal regime for a Luxembourg alternative investment fund manager or “AIFM” and conditions to be fulfilled when managing and marketing alternative investment funds or “AIFs” in Luxembourg.

- Chapter 12 amends several existing Luxembourg laws by adjusting and enhancing the different legal regimes to which a Luxembourg AIF may be subject, including:

- Laws regulating Luxembourg fund vehicles, namely the law of 17 December 2010 on undertakings for collective investment, as amended (the “UCI Law”), the law of 13 February 2007 on specialised investment funds, as amended (the “SIF Law”) and the law of 15 June 2004 on investment companies in risk capital, as amended (the “SICAR Law”);

- The law of 5 April 1993 on the financial sector act, as amended (the “Financial Sector Law”), creating a new depositary license;

- The law of 10 August 1915 on commercial companies, as amended (the “Companies Act”), overhauling the limited partnership regime in Luxembourg corporate law; and

- The law of 4 December 1967 on income tax, as amended (the “Income Tax Law”).

Please see full summary below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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