The European Union’s Alternative Investment Fund Managers Directive has been amended by the draft legislation into Luxembourg law which was approved by the grand duchy’s Chamber of Deputies on Wednesday July 10, 2013.
Luxembourg has become one of a minority of EU countries which has implemented the AIFM Directive on time following the deadline of July 22 for member states to accept the directive into national law.
The Bill contains actions altering and updating various elements of Luxembourg’s investment fund regulation in line with the AIFM Directive provisions particularly the 2010 legislation adopting the UCITS IV directive into national law. In total 14 existing laws will be amended, including the legislation governing Specialized Investment Funds (SIFs) and Risk Capital Investment Companies (Sicars).
The date of entry into force was amended on June 28 to change to the day of publication whereas the original draft of the law provided that it would come into force on the first day of the month following its publication.
