Luxembourg has seen a significant uptick in applications and approvals under alternative investment fund regulations in the past two weeks.
Citing numbers from the local regulator – the Commission de Surveillance du Secteur Financier – the Association of the Luxembourg Fund Industry reports that it has received 110 applications, of which 31 have been approved.
The Alternative Investment Fund Managers Directive (AIFMD) was implemented in July last year, but applicants have until July this year to apply for licences and comply with the directive.
Camille Thommes, director general at the association, says he expects the number of applications to “increase substantially” over the next couple of weeks.
“Overall, the mood is a positive one,” he says. “There are a certain number of challenges these asset managers face when it comes to complying with some of the technical requirements of reporting, but this is not specific to Luxembourg.”
Since the start of the year, the industry has closely watched the number of applications in competing domiciles.
Initially, France had taken the lead. In recent weeks, however, both Ireland and Luxembourg have caught up.
The Irish Funds Industry Association (IFIA) also reports a “significant” increase in applications by fund managers seeking authorisation in Ireland.
The IFIA says the Central Bank of Ireland is processing applications from 72 asset managers and 11 have been authorised.
The full interview with Thommes will be published in the annual Funds Europe Luxembourg report.
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