The Bill n°6929 on reserved alternative investment funds was adopted yesterday by the Luxembourg Parliament and shall come into force three (3) days after its publication in the official Gazette (the "RAIF Law").
The RAIF Law creates an unregulated alternative investment fund called "Reserved Alternative Investment Fund" or "RAIF" similar in its attributes to the renown Luxembourg regulated SIFs and SICARs. RAIFs are therefore not subject to the direct supervision of the Luxembourg financial supervisory authority (Commission de Surveillance du Secteur Financier or "CSSF"). This will allow for fund promoters using RAIFs to improve substantially the time-to-market of their new fund products while reducing their set-up and running costs.
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