AIFMD implementation in Luxembourg

The CSSF publishes practical guidance for registration/authorisation of existing AIFMs established in Luxembourg and updates its FAQs

On 18 July 2013 the CSSF published press release 13/32 which describes the action that needs to be taken by all existing AIFMs established in Luxembourg. The practical consequences for the different types of AIFMs can be summarised as follows: 

1. Each AIFM established in Luxembourg (including each AIF that is potentially an internally managed AIFM) has to make an assessment whether (i) it is an external AIFM or an internal AIFM and (ii) whether it needs to become authorised by the CSSF or whether it only needs to register with the CSSF (as is potentially the case for below-threshold AIFMs). The result of this self-assessment must be provided to the CSSF by 16 August 2013 at the latest (this also applies to all Chapter 15 and Chapter 16 Management Companies which currently manage one or several AIFs). 

2. An AIFM that needs to register with the CSSF, has to do so immediately! 

3. An AIFM that needs to be authorised by the CSSF, must file an application by 22 July 2014 at the latest (as already indicated in the FAQs previously published by the CSSF). 

4. The press release re-states that all AIFMs have to comply with reporting requirements and that the practical aspects of reporting will be communicated by the CSSF upon having been defined by ESMA, presumably by the end of Q4/2013. 

On 19 July 2013 the CSSF updated its FAQs on AIFMD by adding a section on depositary aspects and by updating the list of the authorities with which the CSSF has signed cooperation agreements as required under the AIFMD.