Annual UCITS & Private Equity Seminar: Latest news from ... - ny annua… · 23 April 2013 – New York Annual UCITS & Private Equity Seminar: Latest news from Luxembourg

23 April 2013 – New York

Annual UCITS & Private Equity

Seminar:

Latest news from Luxembourg

Stream 1: UCITS

Carine Feipel, Partner

Sandra La Sala, Senior Associate

New York, 23 April 2013

3

Agenda

Introduction: some facts, figures and names

Main features of a UCITS in Luxembourg

UCITS IV : where do we stand?

Upcoming legislation:

UCITS V

UCITS VI

Annual UCITS & Private Equity Seminar : Latest news from Luxembourg – 23 April 2013 – New York

4

Introduction:

some facts, figures and names


5

European Net Assets since 1998

Source: EFAMA


6

The UCITS market


7

Luxembourg market share of promoters

Source: CSSF-ALFI


8

Luxembourg market share of promoters in AuM

Source: CSSF-ALFI


9

Top 30 cross-border fund managers Ranking

Management group name

Countries of sale

at group level

First choice

Fund domicile Countries of sale

1 FRANKLIN TEMPLETON 50 Luxembourg 48

2 FIDELITY WORLDWIDE INVESTMENT 43 Luxembourg 42

3 HSBC HOLDING 40 Luxembourg 37

4 BNP PARIBAS 39 Luxembourg 37

5 BLACKROCK 37 Luxembourg 31

6 SCHRODERS 35 Luxembourg 28

7 DEUTSCHE BANK 32 Luxembourg 25

8 ALLIANZ GROUP 31 Luxembourg 30

8 AMUNDI 31 Luxembourg 27

10 UBS 30 Luxembourg 29

11 JP MORGAN 29 Luxembourg 29

11 ING GROUP 29 Luxembourg 27

13 INVESCO 28 Luxembourg 27

14 HENDERSON GROUP 27 Luxembourg 26

14 ABERDEEN ASSET MANAGEMENT 27 Luxembourg 26

16 PIONEER INVESTMENTS 26 Luxembourg 24

16 PIMCO 26 Ireland 23

16 BNY MELLON / WESTLB MELLON 26 Ireland 22

16 GOLMAN SACHS 26 Luxembourg 21

16 LEGG MASON 26 Ireland 21

21 BARCLAYS GROUP 25 Ireland 17

22 INVESTEC 24 Luxembourg 23

22 PICTET & CIE 24 Luxembourg 23

22 THREADNEEDLE 24 Luxembourg 18

25 RBS GROUP 23 Luxembourg 22

25 ALLIANCEBERNSTEIN MANAGEMENT 23 Luxembourg 22

25 PINEBRIDGE INVESTMENTS 23 Ireland 22

25 CREDIT SUISSE 23 Luxembourg 21

29 MORGAN STANLEY 22 Luxembourg 21

29 LLYODS TSB GROUP 22 Jersey 9

31 SKANDIA GROUP 21 Ireland 20


Source: Lipper LMI

and PwC analysis as

at 31 December 2011

10

Cross-border distribution of UCITS

(number of registrations)

Source: PwC - UCITS Fund Distribution 2012 - September 2012


11

Number of cross-border UCITS funds and registrations

Source: PwC - Benchmark your Global Fund Distribution - March 2013


12

Domicile share of authorisations for cross-border

distribution

Source: PwC - Benchmark your Global Fund Distribution - March 2013


13

Main features of UCITS in Luxembourg


14

Main features of a Luxembourg UCITS

Legal form : corporate (SICAV/SICAF) / contractual (FCP)

General structure: open-ended

umbrella (compartments) / single fund

classes and series possible

Investors : shareholders (voting rights) / unitholders (optional)

Governing body : board of self-managed SICAV / management company

Management committee: minimum 2 conducting officers

Capital : Fixed / variable – Min EUR 1,250,000 after 6 months

Luxembourg service providers: depositary, central admin, auditor

Promoter: no longer required in Luxembourg


15

Transferable securities and

structured financial instruments

Money market instruments

Units of UCITS and other eligible UCIs

Deposits with credit institutions

Derivatives based on eligible

underlying assets

Efficient portfolio management

techniques (e.g. repo, sec. lending)

Eligible assets - UCITS III heritage


16

UCITS ETFs, actively managed UCITS ETFs

and rights of secondary market

investors

Efficient portfolio management

techniques, including repo and reverse repo

agreements

Financial derivative instruments, in

particular total return swaps and similar

instruments

Collateral requirements for OTC derivatives

and efficient portfolio management techniques

Index-tracking UCITS, index-tracking

leveraged UCITS Financial indices

Eligible assets (cont.): ESMA Guidelines

ESMA Guidelines on ETFs and other UCITS issues (2012/832)

Entered into force on 18 February 2013 (implemented in Luxembourg)

subject to transitional provisions


17

Substance and organisational requirements

CSSF Circular 12/546: new substance and organisation requirements for

UCITS / management companies:

Permitted activities

Share capital requirements

Board of directors

Conducting persons / Management Committee

Delegation of activities

Central administration - Head office in Luxembourg

Technical and human infrastructure

Administrative and accounting requirements


18

Substance and organisational requirements

CSSF Circular 12/546: new substance and organisation requirements for

UCITS / management companies (cont.):

Permanent compliance function

Permanent internal audit function

Permanent risk management function & risk management process

Personal transactions

Conflict of interests

Rules of conduct

Complaint handling

External audit


19

UCITS IV : where do we stand?


20

Rules and procedures to offer ManCo services on a cross-border basis:

notification to authorities of the EU Member State where the ManCo

has been authorised

compliance with:

- ManCo national rules as regards organisation and conduct of business; and

- rules applicable to the UCITS in its home Member State re. setting-up / running of

the UCITS

- rules of conduct of UCITS home Member State if ManCo provides services

through a branch

- ManCo national rules if ManCo provides services under the freedom to provide

services

depositary agreement: specific provisions to be inserted

Possibility to use a « dual ManCo » for both UCITS and Alternative Funds (AIFM)

Management Company (« ManCo ») Passport for UCITS


21

Management Company Passport for UCITS (cont.)

Source: ALFI - Trends in Global Distribution - September 2012

Tools used by asset managers for their cross-border distribution

now and in 3 years time: intention to use the ManCo passport


22

Marketing of new UCITS or sub-funds: regulator to regulator notification

Required steps

submission of notification documents to the CSSF

transmission from CSSF to host Member State within 10 days (generally 2

days in practice)

host Member State to review the file within 5 working days of its receipt

UCITS may start marketing its units in the host Member State as of the date

of transmission

Notification documents

notification package determined by the UCITS Directive

host Member State cannot request further documents / information

host Member State must have electronic access to documents

Language requirements

only the KIID must be in the official language of the host Member State

Marketing: EU notification procedure


23

Pooling effect

Customization effect

Condition: feeder UCITS must invest at least 85% of its assets in

the master UCITS / its sub-funds

Master-Feeder structures


24

Master-Feeder structures (cont.)


now and in 3 years time: intention to use master-feeder structures



25

Unique EU regime for cross-border mergers of UCITS, aims at:

enhancing the quality of fund management

reducing operational risks and costs

increasing transparency and investor protection

Regulator-to-regulator procedure between the competent authorities of

the home Member States of the merging UCITS

Cross-border mergers of UCITS


26

Cross-border mergers of UCITS (cont.)



now and in 3 years time: intention to use cross-border mergers


27

Upcoming legislation


28

Upcoming legislation: UCITS V

Proposal for UCITS V Directive

EU Commission proposal of 3 July 2012 for a UCITS V Directive

Expected entry into force in 2015

3 main topics:

remuneration policies

depositary

sanctions


29


Proposal for UCITS V Directive

Remuneration policies

Implementation of a remuneration policy

- sound and effective risk management

- no disproportionate risk taking

Transparency: disclosure in the annual report

Review: remuneration committee

Rules on performance-based remuneration

Appropriate balance between fixed and variable components

Deferral of part of variable component

Part of variable component to be paid out in units/shares of UCITS


30


Depositary

Eligibility

Duties

Liability


31


Sanctions

Effective, dissuasive and proportionate sanctions

Minimum catalogue of administrative sanctions and measures

Minimum scope: breaches of main investor protection safeguards

Minimum list of sanctioning criteria

Investigatory powers

Whistle-blowing


32

Upcoming legislation: UCITS VI

Consultation for UCITS VI Directive (EU Commission 26 July 2012)

Eligible assets and use of

derivatives?

Efficient portfolio management techniques?

OTC derivatives?

Extraordinary liquidity

management tools?

Money market funds?

Depositary passport?

Long-term investments ?

Addressing UCITS IV?


Contact us

Carine Feipel

Partner

Tel : (+ 352) 40 78 78 784

[email protected]

Sandra La Sala

Senior Associate

Tel : (+1) 212-554-3547

[email protected]

34

Stream 2:

Private Equity, Real Estate and Acquisition

Structuring

Pierre Beissel, Partner, Co-Head of PE/RE

Bob Calmes, Head of NY Representative Office

New York, 23 April 2013

36

Contents

Luxembourg: European PE/RE and Acquisition Structuring

Servicing Hub

2012-2013 : Challenges & Opportunities

Luxembourg Toolbox

The New Luxembourg LP: A pragmatic approach to corporate

flexibility

AIFMD Case Study


37

Evolution from PE/RE acquisition gateway to regulated PE funds centre

Leading PE /RE service providers present in Luxembourg

Leading global PE houses and real estate managers operating in Luxembourg

PE:

US$ 50 billion in assets

PE:

Over 350 funds

Luxembourg - A leading European hub for PE /RE /

Acquisition Structuring

RE:

US$ 30 billion in assets

RE:

Over 170 funds

•Approx.

35,000

•holding

and

financing

SPVs


38

3i

American Capital

Apax Partners

Bain Capital

BC Partners

Blackstone

Carlyle

Cinven

CVC

Fortress

Goldman Sachs

Global private equity houses using Luxembourg as a centre of excellence

Investcorp

JP Morgan

KKR

Kreditanstalt für Wiederaufbau

(KfW)

Lazard

LGT Capital Partners

Oaktree Capital

Permira

Unicapital

Warburg Pincus

Luxembourg –

A growing European hub for private equity

Annual UCITS & Private Equity Seminar : Latest news from Luxembourg – 23 April 2013 – New

York

39

Global real estate managers using Luxembourg as a center of excellence

Aberdeen

AMB Capital

Aviva

BlackRock

Blackstone

BNP Paribas

Carlyle

CBRE Investors

Cordea Savills

Deutsche Bank

ECE

Heitman

Henderson Global Investors

Hines

ING

JP Morgan

LaSalle

Morgan Stanley

Pramerica

ProLogis

Schroders

Threadneedle

Tishman Speyer

Luxembourg –

A leading European hub for real estate

Annual UCITS & Private Equity Seminar : Latest news from Luxembourg – 23 April 2013 – New

York

40

Contents


Servicing Hub


Luxembourg PE/RE Toolbox


flexibility

AIFMD Case Study


41

2012-2013 Challenges & Opportunities

Challenges:

Regulatory tsunami in the EU and US

European debt crisis

Opportunities:

infrastructure convergence

On-shore migratory trends

Luxembourg to introduce new industry focused products in 2013


42

Contents


Servicing Hub




flexibility

AIFMD Case Study


43

SOPARFI (Holding-

acquisition

structuring)

Securitization SIF (Alternative

Fund) SICAR (Venture

Capital)

Eligible Assets All assets All types of risks All assets All risk related

assets

Targeted

Investors

All Investors All investors Qualified Investors Qualified Investors

Legal Form Corporate or

partnership

Company / Contractual Fund

Corporate/ Partnership /

Contractual Form

Company or

partnership

Luxembourg toolbox / corporate summary


44

SOPARFI Securitization SIF SICAR

Direct tax

(CIT and MBT)

Fully taxable, but:

-Access to DTT

-Access to

participation

exemption

- Cash repatriaton

techniques

Taxable, but committments

towards investors are deductable

Tax exemption (+ transparency if contractual form)

Specific exemption

for risk

investments

WHT 15% on dividends

(except

participation

exemption or treaty

reduction)

No No No

DTT Yes Yes in principle Limited access Yes in principle

Subscription Tax n/a No 0.01% subscription tax

n/a

Luxembourg toolbox – tax summary


45

Contents


Servicing Hub




flexibility

AIFMD Case Study


46

Partnership limited by shares

(SCA)

Common limited partnership

(SCS)

Special limited partnership

(SCSp)

Key Features

Corporate partnership limited by shares

with legal personality one or more

shareholders being jointly and severally

liable for the obligations of the SCA and at

least one different limited shareholder with

limited liability (up to their promised

contribution to the SCA)

Limited partnership with legal

personality with one or more partners

being jointly and severally liable for

the obligations of the partnership and

at least one limited partner with limited

liability (up to their promised

contribution to the partnership)

Limited partnership without legal

personality with one or more

partners, being jointly and severally

liable for the obligations of the

partnership and at least one limited

partner with limited liability (up to

their promised contribution to the

partnership)

Widely used for regulated and unregulated

vehicles. Particularly convenient for PE

funds initiators who want to retain total

control over the management and have a

“corporate” fund

Particularly convenient for PE

transactions where tax transparency

is required at the level of the fund and

fund initiator wants to retain total

control over the management

Particularly convenient for PE

transactions where tax

transparency is required at the level

of the fund and fund initiator wants

to retain total control over the

management while operating in a

non-public environment

Technical adjustments will be made to the

SCA regime by the Bill implementing the

AIFMD

Existing regime overhauled by the Bill

implementing the AIFMD

New partnership regime introduced

by the Bill implementing the AIFMD

Limited contractual flexibility High contractual flexibility High contractual flexibility


flexibility


47

Partnership limited by shares (SCA) Common limited

partnership (SCS)

Special limited

partnership (SCSp)

Duration Limited or unlimited Limited or unlimited

Constitutive

documents

• Articles of association

• Notarial deed

• Limited partnership agreement

• No notarial deed

Minimum capital €31,000 or equivalent in another currency No minimum

Contributions In cash and/or in kind In cash and/or in kind or sweat equity

Capital calls

Variable Capital

only if SIF/SICAR:

No requirement to

amend the articles

of association

before a public

notary

Fixed Capital

Requirement to

amend the articles

of association

before a public

notary

Freely determined in the LPA


48


partnership (SCS)

Special Limited

Partnership (SCSp)

Liability

• Unlimited shareholders/ GP:

indefinitely, jointly and severally liable

for the obligations of the SCA

• Limited shareholders: limited to

amount contributed/promised for

contribution

• A limited partner may take part in the

internal management and maintain

limited liability

• A limited partner may lose its limited

liability by taking part in the external

management

• Unlimited partners/ GP: indefinitely, jointly

and severally liable for the obligations of

the partnership

• Limited partners: limited to amount

contributed/promised for contribution

• A limited partner may take part in the

internal management and maintain limited

liability

• A limited partner may lose its limited

liability by taking part in the external

management

Management Manager must be a general partner (to

be changed).

GP cannot be dismissed without its own

consent unless otherwise provided in the

articles of incorporation

The general partner or other manager

appointed in accordance with provisions of

LPA; if manager is not the general partner,

the manager will only be liable for the

execution of its mandate and any misconduct

in the management

Removal freely determined by the LPA


49


partnership (SCS)

Special Limited

Partnership (SCSp)

Collective

decisions /

Quorum voting /

Rights

• Ordinary Resolutions: no quorum

and simple majority of vote

• Extraordinary Resolutions: 50%

quorum and 2/3 majority

• Change of nationality and increase of

shareholders commitment: unanimity

The GP has a veto right (unless

otherwise provided for by the articles of

association)

Freely determined by the LPA otherwise

default rules will apply:

• Amendments to LPA: consent of partners

representing ¾ of partnership interests and

GP veto right

• Other decisions: majority of votes cast

• Mandatory rules possible

Transfers

• Shares of limited shareholders freely

transferable

• Shares of unlimited shareholder/ GP:

transferable subject to certain

conditions

• Freely determined by the LPA otherwise

restricting transfer provisions apply by

default

Allocation of

profits and losses

and distributions

• Freely determined in the articles of

association to the extent the minimum

share capital and legal reserve is

maintained

• Freely determined in the LPA


50

Partnership limited by

shares (SCA)

Common limited

partnership (SCS)

Special Limited

Partnership (SCSp)

Annual accounts

Must produce annual

accounts (which must be

audited if a SIF or SICAR)

and management reports

Must produce annual

accounts (which must be

audited if a SIF or SICAR)

and management reports

No unless predetermined by

the LPA. Mandatory reports

if a SIF or SICAR

Audit Upon legal requirement,

subject to audit

Upon legal requirement,

subject to audit Voluntary basis

Publication

requirements

• Full articles of association

and amendments

• Annual accounts

• Consolidated accounts

• Identity of GP (only)

• By excerpts

• Annual Accounts


• By excerpts


Tax transparency

Not tax transparent (but

check-the-box eligible for US

purposes)

Tax transparent Tax transparent


51

Contents


Servicing Hub




flexibility

AIFMD Case Study


52

NON EU AIF

NON EU AIFM

EU and Non-EU investors

Non-EU

AIF

(Cayman)

Non-EU

AIFM

(USA)

Professional EU and

Non-EU investors

Lux SPV

Investments

AIFMD Case Study


53

July

2013

Implementation into national law

New Luxembourg AIF/AIFM to comply

with AIFMD

Passport for EU AIFM / EU AIF

2015

Passport for third country AIFM + AIF

2018

End of private placement regimes

Timeline

All Luxembourg AIF/AIFM to comply

with AIFMD

July

2014


54

EU AIFM which manage one or more AIF (EU or Non-EU)

Non-EU AIFM which manage one or more EU AIF

Non-EU AIFM which market one or more AIF (EU and Non-EU) in the

EU

Exclusions: holding companies, institutions for occupational

retirement, supranational institutions, national central banks, government

bodies which manage social security and pension systems, employee

participation/savings schemes

Scope


55

Is the AIF distributed in the

EU?

NON-EU AIF

NON-EU AIFM

AIFMD DOES NOT APPLY

2013-2018: National Placement Rules

+ AIFMD provisions on transparency and controlling interests

Partial 3rd Country Requirements

Dual Regime:

Yes

No

Third countries regime

From 2015:

EU Passport

Full AIFMD applies

+ Full 3rd Country Requirements

+ MSR


56

FROM 2013 TO 2018:

MARKETING WITHOUT A PASSPORT


57

Non-EU

AIF

(Cayman)

Non-EU

AIFM

(USA)

Professional EU and

Non-EU investors

Lux SPV

Investments

From 2013 to 2018 :

First Option: reverse solicitation

Reverse solicitation


58

Reverse solicitation: Marketing is defined in the AIFMD as any direct or

indirect offering or placement at the initiative of the AIFM or on behalf of the

AIFM of managed AIF to investors domiciled or with registered office in the

EU

existing investors contacting the fund/AIFM to express interest in

future funds

For professional investors only

Cannot be used as a placement strategy

From 2013 to 2018 :

First Option: reverse solicitation


59

Non-EU

AIF

(Cayman)

Non-EU

AIFM

(USA)

Belgian

investors

Lux SPV

Lux SPV

Lux SPV

Investments

From 2013 to 2018 :

Second Option: Private Placement

German

investors

Dutch

investors

Private placement


60

Member States may allow non-EU AIFM to market to professional investors,

in their territory only, units of AIF they manage, subject at least to:

Transparency requirements: Annual report

Disclosure to investors

Reporting obligations

Controlling interest requirements: Notification in case of acquisition of control/major holdings of EU entities

Notification in case of acquisition of control of EU entities

Asset stripping prohibition regarding EU entities

Specific third countries requirements Cooperation arrangements in place between the competent authorities of the Member States where the

AIF are marketed, the supervisory authorities of the third country where the non-EU AIFM is established

(i.e. USA) and the supervisory authorities of the third country where the non-EU AIF is established (i.e.

Cayman Islands)

The third country where the non-EU AIFM (i.e. USA) or non-EU AIF (i.e. Cayman Islands) is established is

not listed as a Non-Cooperative Country and Territory by FATF

For professional investors only

Subject to existence of cooperation arrangements

From 2013 to 2018 :

Second Option: Private Placement


61

Austria

Belgium

France

Germany

Ireland

Italy

From 2013 to 2018 in Europe:

Private placement: Country overview

The Netherlands

Luxembourg

Spain

Sweden

Switzerland

United Kingdom


62

FROM 2013:

MARKETING WITH A PASSPORT


63

Non-EU

AIF

(Cayman)

EU AIFM

(Luxembourg)

Professional EU and

Non-EU investors

Lux SPV

Investments

From 2013 :

Luxembourg AIFM

Non-EU

advisor

(US)

Advisory services

Delegation


64

Luxembourg AIFM intending to market non-EU AIF (i.e. a Cayman Islands

AIF) or EU feeder fund of non-EU AIF (i.e. a Cayman Islands AIF) by

using the passport, will have to fully comply with the AIFM Law

In addition, the following third countries requirements apply:

Cooperation arrangements in place between the CSSF and the supervisory authorities of the non-EU AIF

(i.e. the Cayman Islands)

The third country where the non-EU AIF is established (i.e. the Cayman Islands) is not listed as a Non-

Cooperative Country and Territory by FATF

Tax agreements in place between the third country where the non-EU AIF is established (i.e. the Cayman

Islands) and each Member State where the non- EU AIF is marketed

Non-EU AIF to appoint depositary in its jurisdiction (subject to compliance

with third countries requirements) or in the jurisdiction of the AIFM (i.e.

Luxembourg)

Any merit in establishing a Luxembourg AIF (fund of funds) investing

in non-EU AIF to avoid having to comply with third countries and

depositary requirements at Non-EU AIF (i.e. Cayman Islands) level

From 2013: EU Passport

Luxembourg AIFM


65

Functions that the AIFM shall perform from Luxembourg (core

functions):

Portfolio management

Risk management

AIFM may, subject to certain conditions, delegate part of its core

functions to an extent that does not exceed by a substantial margin

the core functions performed by the AIFM

Functions that the AIFM may perform from Luxembourg (additional

functions):

Administration: accounting, valuation & pricing, record keeping, etc.

Marketing

Activities related to the assets of the AIF


Luxembourg AIFM


66

Non-EU

AIF

(Cayman)

EU AIFM

(Luxembourg)

Professional EU and

Non-EU investors

Lux SPV

Investments

From 2013 :

Luxembourg AIFM

US/Cayman

branch


67

Core functions to be undertaken from the US by the branch

Additional functions to be performed from Luxembourg

Luxembourg regulator might have specific requirements

Not supported by wording of the AIFMD – To be checked against

general principles


Variation 1:

Luxembourg AIFM with a US branch


68

Non-EU

AIF

(Cayman)

EU AIFM

(Luxembourg)

Professional EU and

Non-EU investors

Lux SPV

Investments

From 2013 :

Variation 2 – external Luxembourg AIFM Non-EU

advisor

(US)

Luxembourg

service

provider

69

Luxembourg service provides AIFM functions

Option: Luxembourg AIFM may be established as a joint venture with a

Luxembourg service provider

Luxembourg service provider to provide for conducting officers

Luxembourg service provider might also provide infrastructure, processes

and office


Variation 2:

External Luxembourg AIFM


70

FROM 2015:

MARKETING WITH A PASSPORT BY A

NON-EU AIFM


71

Non-EU

AIF

(Cayman)

Non-EU

AIFMD

compliant

AIFM

(US)

Professional EU and

Non-EU investors

Lux SPV

Lux SPV

Lux SPV

Investments

As from 2015 :

Option 1: US AIFM marketing in the EU

Marketing

with a

passport


72

US AIFM to be fully compliant with the AIFMD

US AIFM to be assigned a Member State of Reference (MSR) Competent authority of MSR in charge to authorize, supervise and regulate the US AIFM

Determination of MSR subject to specific tests but may be a Member State where the AIFM intends to

develop effective marketing

To be considered: establishment of a Luxembourg AIF (fund of funds) investing in non-EU AIF to

potentially have Luxembourg determined as MSR. Members States may however decide together that the

MSR is the Member State where the Luxembourg AIF is marketed

US AIFM to appoint a legal representative in its MSR

Specific third countries requirements Cooperation arrangements in place between (i) the competent authorities of the MSR of the US AIFM and

the supervisory authorities of the non-EU AIF (i.e. the Cayman Islands) and (ii) the MSR of the US AIFM

and the USA

The third countries where the non-EU AIFM and non-EU AIF are established are not listed as a Non-

Cooperative Country and Territory by FATF

Tax agreements in place between the tax authorities of (i) the MSR of the US AIFM and the USA, (ii) the

third country where the non- EU AIF is established (i.e. the Cayman Islands) and the MSR of the US

AIFM and (iii) the third country where the non- EU AIF is established (i.e. the Cayman Islands ) and each

country where the third country where the non- EU AIF is marketed

As from 2015: EU Passport

US AIFM marketing in the EU


73

Non-

EU AIF

Luxembourg

AIFM

Professional EU and

Non-EU investors

As from 2015 :

Option 2 : Luxembourg Feeder Fund / Luxembourg

AIFMD

EU

Feeder


Contact us

Bob Calmes

Head of NY Representative Office

Corporate Law, M&A

Tel: (212) 554-3541

Email: [email protected]

Pierre Beissel

Partner

Co-head of Private Equity

Tel: + (352) 407878-262

Email: [email protected]

Documents

Annual UCITS & Private Equity Seminar: Latest news from ... - ny annua… · 23 April 2013 – New York Annual UCITS & Private Equity Seminar: Latest news from Luxembourg