CSSF Updates Q&A On AIFMD Implementation Law

Luxembourg's Financial Sector Supervisory Authority has published on March 17 an 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, as well as the European Commission's Level 2 regulation on implementation of the AIFMD.

The CSSF says the FAQ document, which is now in its sixth version in nine months, is designed to highlight certain key aspects of the AIFMD rules from a Luxembourg perspective and is primarily aimed at 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 at http://www.esma.europa.eu/page/Investment-management-0, which was most recently revised on February 17. The European Commission has also published answers to questions regarding the transposition of the AIFMD, which is published at http://ec.europa.eu/yqol/index.cfm?fuseaction=legislation.show&lid=9.

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 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 elements added in the latest versions of the FAQs concern reporting requirements. The 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.

Alternative managers authorised between July 1 and 22 must submit their first reporting, for the period from October 1 to December 31, by January 31, 2015 or February 15 for funds of funds, whatever their reporting frequency.

Registered managers of alternative funds with assets below the AIFMD authorisation threshold that have received confirmation of their registration in 2013 must report for 2014 by January 31, 2015, or February 15 for funds...