Luxembourg implements AIFMD
The Luxembourg Parliament has adopted the new AIFM act that fully transposes the Alternative Investment Fund Managers Directive (AIFMD) into national law. The act will enter into force on the day of its publication in the official gazette Mémorial. This publication is expected before the EU transposition deadline of July 22.
The new legal framework for alternative investment funds closely follows the wording of the AIFMD itself. The Luxembourg legislator seized the opportunity to introduce i.a. a new type of depositary agent – the ‘Professional Custodian of Assets other than Financial Instruments’ – and to extend the range of limited partnership vehicles by creating the Société en Commandite Spéciale (SCSp), a transparent entity similar to an English Limited Partnership.