In anticipation of the implementation of the Alternative Investment Fund Managers Directive (AIFMD) and making mere adjustments to a now well-established and proven fund regime, the law of 26 March 2012 amending the law of 13 February 2007 concerning specialised investment funds (SIFs) has been published on 30 March 2012 in the Luxembourg Official Gazette (Mémorial A-63) and has entered into force on 1 April 2012. The French version of the new law can be viewed here.
Our newsflash of 28 October 2011 contains a short description of the new law on the SIF (to view, please click here). A complete memorandum of the coordinated SIF law highlighting the main points of the SIF law can be consulted by following this link.
We draw your attention to the fact that existing SIFs must comply with the new rules by 30 June 2012 in regards to the implementation of a (i) suitable risk management processes, (ii) a procedure to minimise conflicts of interest and (iii) an appropriate investor eligibility verification mechanism. Written guidance from the Luxembourg supervisory authority will detail the requirements relating to these items. With respect to the provisions on the delegation of portfolio management, existing SIFs must be compliant by 30 June 2013.