The law of July 23rd 2015 which implements Directive 2013/36 on credit institutions (commonly referred to as CRD IV) amends Article 5(6) of the AIFM Law.
A new paragraph is inserted providing that Article 101 (4) second paragraph of the law of December 17th 2010 relating to undertakings for collective investment applies to AIFMs that provide discretionary portfolio management in accordance with Article 5(4)(a) of the AIFM Law.
This amendment was to rectify an error in transposing the AIFMD into Luxembourg law and what it means in practice is that such AIFMs have to comply with rules relating to capital adequacy requirements.
