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The Law of 12 July 2013 (the AIFM Law)(1) transposed the EU’s Directive on Alternative Investment Fund Managers (2011/61/EU) (AIFMD)(2) into Luxembourg law. Even though the AIFM Law mainly provides regulation for the managers (AIFMs) of alternative investment funds (AIFs), it also introduces dispositions that are applicable to the AIFs themselves (Product Rules). The AIFM Law has modified the Luxembourg Law of 17 December 2010 (the UCI Law)(3), Law of 13 February 2007 (the SIF Law)(4) and Law of 15 June 2004 (the SICAR Law)(5) to incorporate the Product Rules.
As a result, compliance with the Product Rules is carried out at two levels: first, the AIFM checks that the AIF is in compliance with such rules and, second, the regulated AIF itself is also under a direct...
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