The Luxembourg Bill 7349 has been adopted by the Luxembourg Parliament on 11 July 2019 (Law).
The initial wording of Art. 8 of the RAIF Law led to legal uncertainty for the fund industry in Luxembourg. Indeed, by providing that management companies of FCP – RAIFs have to meet the conditions set out in Article 125-1 or 125-2 of the UCI Law, management companies authorised under Chapter 15 of the UCI Law were excluded from the scope. Hence, so-called "Super ManCos" i.e., management companies with a dual authorization under the UCITS Directive and AIFMD, were precluded from acting as management company of FCP - RAIFs. This was not intended by the spirit of the RAIF Law.
Nearly three years after the enactment of the RAIF Law, this legal uncertainty has now been removed: management companies of FCP – RAIFs must be authorized according to the Chapter 15, 16 or 18 of the UCI Law. This amendment was much awaited by the Luxembourg investment fund community.