As of 20 September 2014, 126 AIFMs had been registered on the official list of AIFMs in Luxembourg, and 11 of these AIFMs are authorised to provide investment management services to entities other than AIFs or to provide so-called “non-core” services. There is an even greater number of AIFMs as to which the CSSF has granted authorisation, since not all AIFMs authorised by the CSSF have yet been registered on the official list of AIFMs.
According to the CSSF,1 151 AIFMs out of 215 applications had been authorised at the end of the 22 July 2014 transitional period. Approximately half of these applications were submitted by existing UCITS management companies.
The CSSF updated the FAQs on AIFMD2 most recently on 18 July 2014. Among other matters, the FAQs clarify that non-EU AIFMs are allowed to market AIFs to professional investors in Luxembourg without passport, if the conditions of article 45 of the AIFM Law3 are fulfilled. However, before marketing these AIFs, the non-EU AIFMs must notify the CSSF.4 The marketing can start as of the notification date. Further, the CSSF must be informed when these marketing activities cease.
For such time as the passport regime is not available to non-EU AIFMs, the reporting5 is limited to the data of those AIFs that are marketed in Luxembourg. Once the passport regime becomes available, a non-EU AIFM will be required to report to the supervisory authority of the EU Member State where that non-EU AIFM was authorised as an AIFM.
In addition, non-EU AIFMs must comply with the section on disclosure in ESMA’s guidelines on sound remuneration policies under the AIFMD.
The above-mentioned notification to the CSSF is also required if the AIF marketed by a non-EU AIFM is a regulated Luxembourg AIF (e.g., SIF or SICAR) or a non-regulated Luxembourg AIF.