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By Pierre Kreemer, KPMG Luxembourg*
The Alternative Investment Fund Manager Directive (AIFMD) seeks to provide for more regulation to alternative investment fund managers (AIFMs). This directive is expected to be transposed in Luxembourg law before the end of 2012, Luxembourg willing to be the first mover in the like of the UCITS directive almost 25 years ago. This new piece of regulation is likely to have a huge impact on the real estate fund industry, and especially on the way real estate funds are managed and fund managers are organized, with many tax ramifications. Today, many real estate funds and their managers are unregulated, but in most cases (other than those out of scope of the AIFMD or grandfathered) this is going to change as a...
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