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Marc Saluzzi, chairman of ALFI, says: “The publication of the ‘Level 2’ measures finally allows a three year-long painful legislative process to near completion. The development of a regulated alternative investment fund industry in Europe is nearing reality.”
The measures published cover:
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. Given 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 believes that two major features of the draft law are likely to present a particular interest to the alternative investment fund community. First, the creation of a limited partnership structure, which will add a flexible and secure partnership structure to Luxembourg’s fund product offering and which might be particularly appealing to investors familiar with such a structure based on the anglo-saxon model. Second, the draft Bill provides for additional clarifications regarding the taxation regime of the carried interest.