Marketing by non-EU AIFMs in Luxembourg

On 18 July 2014, the CSSF published guidance on the procedure to be followed in order for a non-EU AIFM to market its AIFs to professional investors in Luxembourg without the passport.

The CSSF confirmed that marketing by non-EU AIFMs in Luxembourg may start upon sending a simple notification email to the CSSF together with an information form ("Marketing Information Form"). The Marketing Information Form, which contains the information to be provided to the CSSF, can be downloaded from the CSSF website. A scanned version of this form, duly completed, dated and signed, must be attached to the email sent to the CSSF. There is no obligation for the non-EU AIFM to wait for a response from the CSSF before marketing its AIFs to professional investors without the passport.

There is no requirement to annex documents to the Marketing Information Form except if the non-EU AIFM is required to notify the acquisition of major holdings and control of non-listed companies.

Non-EU AIFMs which marketed AIFs to professional investors in Luxembourg under the existing Luxembourg placement regime before 22 July 2013 and which benefited from the AIFMD transitional period have to send the Marketing Information Form to the CSSF if they intend to continue marketing their AIFs in Luxembourg.

The date of the Marketing Information Form provided to the CSSF will be the start date for the reporting obligations to be fulfilled by the non-EU AIFM under Article 24(1), (2) and (4) of the AIFMD.

At the same time as the publication of the abovementioned guidance and Marketing Information Form, the CSSF also updated its frequently asked questions on AIFM ("FAQ"), by adding a new question 17 on requirements of initial capital and own funds applicable to AIFMs as well as a new question 18 on the marketing by non-EU AIFMs of AIFs to professional investors in Luxembourg without the passport.

The updated FAQ is available on the CSSF's website.