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By Begga Sigurdardottir, Partner, PwC Luxembourg
In August 2012, the Luxembourg government issued the draft law implementing Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers (“AIFMD”). The aim of the AIFMD is to monitor systemic risk, enhance investor protection and create a common market for alternative investment products. Unlike Directive 85/611 on Undertakings for Collective Investment in Transferable Securities (“UCITS”), which was adopted in 1985, the AIFMD regulates a business and, to a lesser extent, the investment products themselves.
As a result of the introduction of the AIFMD, many players will need to review their business model and decide if, where and how many AIFMD-compliant management companies they...
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