Management companies & AIFMs

We have extensive experience advising sponsors seeking to provide management company services and/or alternative investment fund manager (AIFM) services for their own or third-party (non-)Luxembourg funds.

Our involvement in the asset management industry and our participation in committees of the Luxembourg Financial Sector Supervisory Commission (CSSF), the Association of the Luxembourg Fund Industry (ALFI), the Luxembourg Compliance Officers Association (ALCO), the Institut Luxembourgeois des Administrateurs (ILA), and the Luxembourg Private Equity and Venture Capital Association (LPEA) provide channels to ensure that Luxembourg continues to offer a highly attractive environment for international groups seeking to set up management companies or AIFMs. Our expertise in this area allows us to support clients through initial discussions around the venture and give guidance on the best way to set up a regulated company, vehicle or structure in Luxembourg.

Our clients

Our clients include management companies and AIFMs or sponsors seeking to provide these services.

Our services

Our legal services range from assisting sponsors with their project to establish an investment fund manager (IFM) in Luxembourg, to ongoing legal and regulatory advice throughout the life of the IFM, both in daily activities, regulatory compliance and ad hoc events such as on-site and off-site regulatory inspections.

Our services include:

1. In the initial phase:

• Identifying the key initial elements to be taken into account when defining the project
• Drafting legal documentation
• Advising on operational needs, human resourcing, IT requirements and employment issues
• Submitting applications to the regulator, supporting discussions and securing authorisation

2. Once in existence

Once the IFM is established, we can provide ongoing guidance on running the business and responding to legal and regulatory developments. If a client wishes to grow its operations, we can advise on license extension as well as cross-border expansion, establishing branches abroad or providing services in EU member states. We help our clients understand the legal and regulatory frameworks and to anticipate CSSF expectations through:

• Dedicated and tailor-made practical training on all aspects of the IFM’s activities (e.g. governance, board responsibilities, AML/CFT obligations, MiFID obligations)
• Reviewing existing policies and procedures to enhance the internal framework or, where relevant, to render them compliant with the latest legal and regulatory requirements
• Defining acceptable outsourcing, whether this relates to human, technical, IT or cloud support, and, where required, filing the relevant documents and applications/notifications with the CSSF
• Advising on marketing matters
• Advising on communicating with the CSSF on ongoing business and how to respond to specific requests from the regulator
• Preparing clients for on-site inspections by the CSSF (including the organisation of mock meetings) and assistance during on-site and off-site inspections, including drafting responses to observation letters or information request letters from the CSSF
• Assisting in completing questionnaires from the CSSF (teleworking, side letters, costs and charges) and updating the related required policies/procedures
• Assisting investment fund managers with discussions they may have with internal and external auditors. 

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