The Commission de Surveillance du Secteur Financier (CSSF) has issued a status report on the implementation of the Alternative Investment Fund Managers Directive (AIFMD) as of July 22, 2014, the official implementation deadline.
So far CSSF reports that it has received a total of 773 applications submitted in accordance with the AIFMD, which was introduced on July 12 2013. There have been 215 separate requests for authorization (105 UCITS, 48 non-UCITS and 62 other) and 558 requests for registration. Among the former, 151 have been approved as AIFM by the CCSF, with 74 now included on the official list of authorized AIFMs.
The CSSF has pointed out that a certain percentage of the 773 entities who have applied for AIFMD approval were not practicing alternative investment funds prior to July 22, 2013, and therefore are not obliged to comply with the provisions of the transitional period. Those alternative investment fund market participants who were active in the field prior to this date have all submitted their applications in time, the CSSF reports.
Of the 558 requests for registration, 487 have been granted registered AIFM status under Article 3(2) of the AIFM Law, while the remaining 71 applications either remain incomplete or have since been withdrawn by the applicant.
A third-party AIFM is being established within the EU for those non-UCITS that have not applied for authorization or registration.
Luxembourg Regulator Issues AIFMD Status Report
The CSSF has approved 151 requests for registration under the directive, with 74 now included on the official list of authorized AIFMs.