Bill of Law implementing AIFMD now deposited with Luxembourg Parliament

On 24 August 2012, the bill of law (the " Bill") transposing the AIFM Directive was submitted to the Luxembourg Parliament for approval. 

The Bill purports to transpose faithfully the provisions of the AIFM Directive while also introducing a number of innovations which are designed to facilitate and improve the development of the alternative investment funds industry as a whole. 

The Bill is expected to be adopted at the end of 2012, which is 6 months before the deadline for the AIFM Directive to be implemented and applied in all EU Member States. By transposing the AIFM Directive into law in 2012, Luxembourg authorities intend to allow enough time for the industry to prepare for complying with any new requirements. 

We have selected from the Bill a few topics which we consider of particular interest and have, for each of them, briefly developed what we deem to be their salient points and features:

• the overall structure of the Bill;
• the new regime applicable to Managers;
• the new regime applicable to Depositaries;
• the new Special Limited Partnership
• the new Carried Interest regime