The alternative investment fund manager (“AIFM”) must be determined in accordance with the amended law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”) or pursuant to Directive 2011/61/EU (the “AIFM Directive”).

Each alternative investment fund (“AIF”) established in Luxembourg and managed within the scope of the AIFM Law must have a single AIFM. This AIFM shall then be responsible for ensuring compliance with the provisions of the AIFM Law.

The AIFM shall either be:

1. an external AIFM - the external AIFM may be an AIFM established in:

   • Luxembourg;

   • another Member State; or in

   • a third country duly authorised pursuant to the AIFM Directive; or

2. where the legal form of the AIF permits an internal management and where the AIF’s governing body chooses not to appoint an external AIFM, the AIF itself, which shall then be authorised as AIFM.

References: Article 4(1) of AIFM Law, as defined above (correspondence in the Directive: Article 5(1) of the AIFM Directive - the AIFM Law transposes the AIFM Directive into Luxembourg law); AIFM & RAIF - ii, August 26, 2020, Bertrand Mariaux.

*Podcast #251:

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Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)