Trésorier/Treasurer magazine - N°83 — Oct/Nov/Dec 2013 - (Page 6)

Lux News Luxembourg Tax News LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE — N°83 — OCT / NOV / DEC 2013 Luxembourg implements AIFM Directive 6 In July 2013, the Luxembourg Alternative Investment Funds Managers (AIFM) Law transposing the AIFM Directive was adopted by the Luxembourg Parliament and published in the Official Gazette (the Mémorial). Luxembourg’s AIFM Law faithfully reflects the AIFM Directive while at the same time offering the alternative investment fund a pragmatic and flexible approach to the implementation of the AIFM Directive; for example, it offers alternative investment groups the opportunity to choose the operating model which best suits their needs. The AIFM Law creates a specific stand-alone legal framework for AIFM. The Luxembourg AIFM regime will exist alongside Luxembourg’s established regulated management company regimes. Existing management companies of alternative investment funds (AIF) will be able to obtain AIFM authorization, or, alternatively, continue acting as management companies of the AIF without being authorized as AIFM, provided that they designate an authorized AIFM or provided that the AIF assets under management remain below the AIFMD de minimis thresholds. This allows alternative investment groups to leave existing AIF structures unchanged. On the product side, Luxembourg’s AIFM Law leaves existing AIF product regimes in place. However, they are amended, inter alia, to ensure that AIF which are managed by AIFM meet the AIFM Law requirements. The AIFM Law also updates a number of related Laws, inter alia, with a view to:· Creating a new status of financial sector professional: professional depositary of assets other than financial instruments · Creating a new “special limited partnership” (S.C.Sp.) regime, based on the English Limited Partnership · Providing legal certainty in relation to the taxation of carried interest paid to managers of AIF · Exempting management services provided to AIF from VAT · Subjecting SICARs to conflicts of interest requirements similar to those applicable to SIFs. For further information, see the AIF Club Alert entitled Luxembourg open for AIFM application. The Alert can be downloaded from the AIFM section of the EY Luxembourg website: ey.com/lu/aifm Axelle Ferey, Executive Director, Axelle.Ferey@lu.ey.com Kai Braun, Executive Director, Kai.Braun@lu.ey.com Désirée Springmann, Manager, Desiree. Springmann@lu.ey.com European venture capital and social entrepreneurship fund regimes implemented In March 2013, the European Union (EU) approved two regimes creating EU labels (“designations”) for investment funds investing primarily in small and medium sized enterprises (SMEs): ➢ Regulation on European Venture Capital Funds (EuVECA) ➢ Regulation on European Social Entrepreneurship Funds (EuSEF) The EuVECA and EuSEF regimes will initially be available to managers of Undertakings for Collective Investment (UCIs) established in the European Economic Area (EEA) whose assets under management do not exceed the AIFM Directive threshold of €500 million applicable to managers of unleveraged, closed-ended alternative investment funds (AIF). The EuVECA and EuSEF regimes are also available to internally managed AIF. The regimes create “passports” enabling registered managers of EuVECA and EuSEF which comply with certain organizational requirements and investment rules to market their EuVECA and EuSEF to suitably qualified investors throughout the EEA from 22 July 2013. The two new regimes are voluntary. If a manager chooses not to meet the requirements of one of the regimes and benefit from one of the passports, the Regulations do not apply; existing national rules and general EU rules continue to apply. The Regulations were published in the Official Journal of the European Union in April 2013. They are directly applicable in all EU Member States without national transposition from 22 July 2013, coinciding with the date of application of the AIFM Directive. Axelle Ferey, Executive Director, Axelle.Ferey@lu.ey.com Olivier Coekelbergs, Partner, Olivier.Coekelbergs@lu.ey.com. http://www.ey.com/lu/aifm

Table des matières de la publication Trésorier/Treasurer magazine - N°83 — Oct/Nov/Dec 2013

Couverture
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW David White - TriOptima
FOCUS
FORUM
CORPORATE FINANCE
15 MINUTES WITH Capita Asset Services - Luxembourg
NEWS
THE FINANCIAL RISK OBSERVATORY

Trésorier/Treasurer magazine - N°83 — Oct/Nov/Dec 2013