Reserved Alternative Investment Fund
Prior to the entry into force of the RAIF Law, all Luxembourg investment fund vehicles were subject to prior authorization and supervision of the Commission de Surveillance du Secteur Financier (CSSF).
Targeting fund managers rather than regulating the funds themselves, the Alternative Investment Fund Managers Directive (AIFMD) has introduced the concept of “unregulated” alternative investment funds, benefitting from the European marketing passport, through the passport of its authorised alternative investment fund manager (AIFM).
The law of 23 July 2016 on Reserved Alternative Investment Funds (RAIF law) introduces a new type of alternative investment fund that is not subject to approval or supervision of the CSSF.
The law on Reserved Alternative Investment Funds, dated 23 July 2016, came into force on 1 August 2016