On the 10 July 2013, the Luxembourg parliament passed the draft law regarding the implementation of the Alternative Investment Fund Managers Directive (AIFMD) into national law. Luxembourg implemented the AIFMD ahead of schedule.
The Directive’s purpose is to aim at regulating alternative investment fund managers and, indirectly, the funds they manage (the AIF).Incorporated in the directive are various requirements that will apply at the level of the AIF, such as the requirements for a depositary, a valuation agent, the publication of an annual report and accounts and to provide investors information in the form of an offering memorandum or otherwise and to report to regulators. A key feature of AIFMD is the introduction of a European passport for alternative investment fund managers who wish to access the cross-border European market.
Furthermore, the new law will establish a special tax regime with tax at a reduced rate on carried interest, one of the aims of this is to attract more fund managers to Luxembourg.
If you require further information or assistance for your additional reporting requirements in light of AIFMD implementation, please contact us at prisma@prisma.lu