CSSF Issues New Update To AIFMD Law Q&A
Luxembourg's Financial Sector Supervisory Authority has published on July 18 the latest update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive and the European Commission's Level 2 regulation on implementation of the AIFMD.
The FAQ document, now in its seventh version in just over a year, is intended by the CSSF to highlight aspects of the AIFMD rules from a Luxembourg perspective for the benefit primarily of alternative funds and managers established in the grand duchy.
It should be read in conjunction with the Q&A document published by the European Securities and Markets Authority, most recently updated on July 21, at http://www.esma.europa.eu/system/files/2014-esma-868__qa_on_aifmd_july_update.pdf. The European Commission also publishes on an ongoing basis answers to questions regarding the AIFMD, at http://ec.europa.eu/yqol/index.cfm?fuseaction=legislation.show&lid=9&maxRows=*.
The FAQs include the scope of the law, the authorisation and registration regimes applicable to alternative managers, delegation requirements, entry into force of the law and duration of transitional provisions, the scope of authorised managers' activities, depositary aspects, the application of the AIFMD passport to Luxembourg managers and funds as well as for foreign managers marketing in Luxembourg, reporting, valuation, transaction costs and co-operation agreements signed by the CSSF with non-EU regulators.
The new version primarily updates information regarding reporting requirements, in conjunction with ESMA's Reporting Guidelines and its Opinion on Reporting under Article 24(5) of the directive. The guidelines recommend that reporting periods for alternative fund managers be aligned with the calendar year, with quarterly, half-yearly or annual reporting periods depending on the requirements applicable to the particular manager.
CSSF says managers authorised between July 22, 2013 and June 30 this year must submit their first reporting statement, for the period starting July 1, by the end of October for those subject to quarterly reporting, or by the end of January 2015 for those reporting half-yearly and annually, or 15 days later in the case of fund of funds managers. They also have the option to report for periods before July 1. The deadline for transmission information is one month following the end of the reporting period for ordinary...
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