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Clifford Chance

Clifford Chance


Amendments of the Luxembourg Law on Specialised Investment Funds

7 March 2012

On 6 March 2012 the Luxembourg Parliament adopted a new law (Bill 6318) amending the Luxembourg law of 13 February 2007 on specialised investment funds (SIFs). The full legislative process is expected to be completed shortly.

The amendments:

  • anticipate some of the requirements to be introduced by Directive 2011/61/EU on Alternative Investment Funds (AIFM Directive), in particular as regards risk management, conflicts of interests and the delegation of functions to third parties, but do not yet comprehensively implement these or other requirements of the AIFM Directive;



  • strengthen the supervisory framework for SIFs, e.g. by requiring SIFs to obtain approval prior to carrying out their activities;
  • make available to SIFs some of the innovations introduced by the law of 17 December 2010 on undertakings for collective investment (UCI Law), such as the relief for some corporate SIFs from some of the requirements of the law of 10 August 1915 on commercial companies (Commercial Companies Law) or the possibility of cross sub-fund investments for umbrella SIFs.



This briefing provides a short overview of the main changes to the legal regime of SIFs introduced into the law of 13 February 2007 on SIFs as amended by the new law emerged from Bill 6318 (SIF Law).

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