On 30 June 2021, the CSSF updated its FAQ on the Luxembourg law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”) to state that Section 14, L2 of the FAQ with regard to the accounting standards which are accepted under article 20(3) of the AIFM Law for preparing the accounting information in the annual report of an AIF managed by an authorised AIFM established in Luxembourg, is no longer applicable. Further to an update of 17 January 2021, this Section had provided that Lux. GAAP and IFRS were the sole accounting standards accepted under article 20(3) of the AIFM Law.
The CSSF took into consideration inter alia the Luxembourg Bill No 7737, which now explicitly permits AIFs under the form of special limited partnership (SCSp) to use Lux. GAAP, IFRS and other accounting standards from certain third countries (such as U.S. GAAP) to draw up the accounting information contained in their annual report.
We consider that this clarification will provide added regulatory certainty to a number of AIFMs whilst confirming the practice of a number of industry players over the last years.
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