New reporting for non-regulated AIFMs

The circular CSSF 15/612 dated on 15 May 2015 informs Alternative Investment Fund Managers ("AIFMs") on the information they have to provide to the CSSF in relation with such AIFs.

Luxembourg based Alternative Investment Fund Managers (regulated or non regulated) must provide information about the Alternative Investment vehicle they managed to the CSSF, on an ad-hoc basis within 10 working days after the AIFM has started managing the AIF.

This means for example that a non regulated General Partner of Special Limited Partnership should must report each Luxembourgish new Special Limited Partnership it manages. This obligation is only for SLP which are considered as AIF and not the commercial ones nor the ones which are excluded of the AIFM legislation like the pure holding companies or ad hoc securitisation undertaking.

Registered and fully-licensed managers (AIFMs) are also concerned when they start managing an “additional AIF” which is whether non-regulated or regulated in a non-EU country. This means for example that a management Company established in Luxembourg, supervised by the CSSF, should report any offshore fund it manages from Luxembourg (Cayman hedge fund, Foreign Partnerships, BVI fund of fund, a private equity vehicle, etc).

An “additional AIF” is a non-regulated fund or a regulated AIF established in a non-EU country which has not been communicated to the CSSF, neither at the time of application for registration or licensing as an AIFM, nor in an update of the application file. In the case of the AIF includes sub-funds, the same requirements are also applicable.

Information required have to be filled in a specific form. CSSF will then be able to establish on a quarterly basis a list of all AIFs managed by Luxembourg AIFMs, together with additional information on the management and marketing of those funds, for the European Securities and Markets Authority ("ESMA"),

Creatrust can help any manager of such Alternative Investment vehicles to register the vehicle (AIF) they manage on behalf of investors.

More information - please contact us

Links:

>> Alternative Investment Funds

>> Hedge Funds

>> Regulatory Compliance