The Commission de Surveillance du Secteur Financier (CSSF) has issued its updated version of the frequently asked questions dated 10 January 2014 concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers.
Among some other points (such as reporting obligations), the CSSF has clarified its position regarding the external and internal status of the alternative investment fund managers (the “AIFM”) for limited partnerships (société en commandite par actions and société en commandite simple) as well as for special limited partnerships (société en commandite spéciale) and has confirmed the opinion of the majority of the professionals on that topic. The CSSF has namely confirmed that:
- the general partner of a limited partnership shall be considered as an external AIFM except if its purpose is limited to the management of any particular limited partnership and;
- as to the special limited partnerships, such alternative investment fund will always have to appoint an external AIFM as it cannot qualify itself as an internal AIFM.
For more detailed information, please feel free to consult the updated version of the FAQ issued by the CSSF.