The Reserved Alternative Investment Fund - A New Luxembourg Regime For AIFs

Mondaq Business BriefingLuxembourg Articles in EnglishFinance and Banking (2017)

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The Reserved Alternative Investment Fund - A New Luxembourg Regime For AIFs

INTRODUCTION

The Law on Reserved Alternative Investment Funds dated 23 July 2016 ("RAIF Law")1, introducing a new type of Luxembourg investment vehicle named "Reserved Alternative Investment Fund" (in short "RAIF"), entered into force on 1 August 2016.

The RAIF is regulated under the AIFMD2 and benefits from the corresponding EU passport but is not supervised by the Commission de Surveillance du Secteur Financier ("CSSF"), making it an attractive vehicle from a time-to-market perspective.

The AIFMD, a managers' directive and a change of Paradigm

The AIFMD requires that authorised alternative investment fund managers ("AIFMs") ensure that the alternative investment funds ("AIFs") they manage comply with the AIFMD product rules3, irrespective of whether or not the relevant AIF is subject to a product regulation.

When an AIF is a regulated and supervised product, compliance with product rules is consequently ensured at two levels: at t...

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