With respect to the marketing by Luxembourg authorised AIFMs, only AIFs established under part II of the Law of 2010 can be marketed to any retail investors in the territory of Luxembourg, while the scope of eligible investors of AIFs established under the SICAR, SIF and RAIF laws covers well-informed investors as defined in these laws.

With respect to the marketing of non-Luxembourg EU AIFs pursuant to Article 46 of the Law of 2013, Luxembourg Authorised AIFMs are allowed to market to retail investors in the territory of Luxembourg units or shares of EU AIFs they manage, when the following conditions are fulfilled:

• the EU AIFs concerned must be subject in their home Member State to a permanent supervision performed by a supervisory authority set up by law in order to ensure the protection of investors;
• EU AIFs established in a Member State other than Luxembourg must furthermore be subject in their home Member State to regulations offering a level of protection for investors as well as to a prudential supervision considered by the CSSF as equivalent to that provided for in Luxembourg legislation.

Please note that Article 100 (concerning foreign UCIs) of the Law of 2010 in conjunction with Article 46-1 of the Law of 2013 (arrangements to be made by AIFMs towards retail investors) and Article 129 (prior authorisation by the CSSF) of the Law of 2010 also apply to such non Luxembourg EU AIFs.

CSSF’s FAQs can be found here.