CSSF clarifies the marketing of alternative investment funds (AIFs) to retail investors in Luxembour

FundGlobam alert

On 30 November 2015, Luxembourg’s competent authority, the Commission for the Supervision of the Financial Sector (‘CSSF’), issued Regulation No 15-03 on the marketing of alternative investment funds (‘AIFs’) to retail investors (the ‘Regulation’).

The Regulation:

• Covers marketing to ‘retail investors’: investors who are not ‘informed investors’, as defined under the Law on Specialised Investment Funds (‘SIF Law’)

• Limits the scope of the AIFs which may be marketed to retail investors to AIFs managed by an authorised Luxembourg, European Economic Area (‘EEA’) or third country Alternative Investment Fund Manager (‘AIFM’)

• Outlines authorisation process for the marketing of AIFs to retail investors

• Specifies the requirements applicable to AIFs which may be marketed to retail investors, clarifying the requirement for the AIFs to be subject to equivalent requirements to Luxembourg Part II UCIs under the Law of 17 December 2010 (the ‘2010 Law’)

• Lays down the requirement to appoint a Luxembourg bank as a paying agent for transactions of Luxembourg investors

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