Luxembourg is due to have a law on Alternative Investment Funds managers before July

The Luxembourg Parliament began its work on the draft law on managers of alternative investment funds (AIFM), transposing the European Directive called AIFM. Thus, the bill also creates a new type of professional in the financial sector.

 Officially entered into force in the European Union in July 2011, the AIFM Directive must be transposed into national law by July 2013. The AIF managers will then have until July 2014 to get approval from the competent authority.

Adopted on November, 15 2010 the Directive determined the rules for the Alternative Investment Funds market, including hedge funds, private equity funds, infrastructure funds, commodity funds et real estate funds.