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By Pierre Reuter and Jean-Florent Richard, NautaDutilh Avocats Luxembourg
The purpose of this article is to give an overview of the rules governing the delegation of portfolio management under the Alternative Investment Fund Managers Directive ("Directive").
While the draft bill of law transposing the Directive into the Luxembourg legal framework (submitted to the Luxembourg Parliament on 24 August 2012) is still undergoing the consultation process, the EU Commission has published its long awaited Level 2 measures on 22 March 2013. These measures are fundamental to assess the real impact of the Directive.
The Level 2 measures take the form of a regulation (the "Regulation") that will be directly applicable in the Member States of the...
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