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He continued: “AIFMD pushed the alternative fund management industry towards a model which is based on the compromise of more regulation in exchange for a passport. This is the same as the UCITS model which we know so well in Luxembourg, and, combined with the fact that we already have a well-established ‘alternatives’ industry, the lawputs the Luxembourg financial centre in a strong competitive position to develop our hedge, real estate and private equity activities even further.”
A key measure of the AIFMD involves the introduction of a European passport for alternative investment fund managers who wish to access the entire European market. With Luxembourg’s position as the European leader in the cross-border space, ALFI expects that implementation of the AIFMD will further enhance Luxembourg as a leading domicile for fund and management companies in the alternative sector.
ALFI actively contributed to the draft law on the implementation into Luxembourg law that was submitted to Parliament on 24 August, 2012.
Two major features of the law are likely to be of particular interest to the Alternative Investment Fund community:
In parallel with the law entering into force in Luxembourg, ALFI worked with the industry to put in place the operational requirements needed to comply with the Directive and its Delegated Regulations. In addition, on 18 June 2013, the Luxembourg regulator published “Frequently Asked Questions (FAQs)” to highlight some of the key aspects of the AIFMD regulation from a Luxembourg perspective, together with an application form for establishing a fully licensed alternative investment fund management company.
Mr Saluzzi concludes: “ALFI is confident that the new regulatory framework will provide the global alternatives industry with a solution which combines investor protection with well-established industry practices at a reasonable cost".
AIFM-Act (in French only)