Advisers and managers have some legislative developments to catch up on following Luxembourg's approval of a draft bill of law which will modify the law on Specialised Investment Funds (SIF), the investment vehicle of choice for non-UCITS in Luxembourg.
This announcement dovetails with the publication of the Alternative Investment Fund Managers Directive (AIFMD) setting out the regulation of the activities of entities engaged in the management and administration of funds that are not UCITS funds. It also lays down rules for the marketing of those funds to professional investors within the EU. This latest initiative of Luxembourg legislators seeks to adapt the SIF legislation to certain aspects of AIFMD, notably in terms of delegation and risk management as well as integrate certain improvements (such as cross-compartment investments) th...
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