Proposed Changes to Luxembourg Law on Specialised Investment Funds


The Luxembourg Government on 12 August 2011 submitted to Parliament a bill (the “Bill”) to amend the Luxembourg law of 13 February 2007 applicable to specialised investment funds (“SIFs”) (the “SIF Law”).

The Government’s intent, among other things, is to reflect the experience of the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (the “CSSF”), and adapt the SIF Law with respect to the AIFM Directive,1 which must be implemented into national law by 22 July 2013.

If voted, the Bill will bring numerous changes to the current SIF regime.

The Bill provides for changes to the regulatory approval process and includes new provisions with respect to portfolio management, the delegation of certain functions to third parties, risk management and conflicts of interest. Finally, the Bill, if voted, will introduce into the SIF Law additional flexibilities already adopted for UCITS and non-UCITS retail funds by the Law of 17 December 2010 on undertakings for collective investments (the “UCI Law”).

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© Dechert LLP | Attorney Advertising

Written by:


Dechert LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.