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While the UCITS Directive is based on the supervision and regulation of funds ("product supervision"), the AIFM Directive (AIFMD) aims at ensuring adequate supervision and regulation of fund managers ("management supervision"). The AIFMD marketing passport is available to all funds which are managed by an authorised AIFM, irrespective of whether the funds are directly regulated or not.
Luxembourg has developed a wide range of investment vehicles that can be used to set up AIFs. The most common Luxembourg based regulated structures are:
The fact that an investment fund is not directly regulated does not necessarily mean that it falls outside the supervision of regulators. Unless it benefits from an AIFMD exemption, an unregulated investment fund that qualifies as an AIF must be managed by a duly authorised AIFM and is therefore indirectly subject to regulatory oversight through its AIFM. The most common Luxembourg based unregulated structures are:
We can help you to meet all regulatory requirements with efficient, flexible and cost-effective solutions.