What an authorised AIFM does
An authorised AIFM manages alternative investment funds within the applicable framework. Responsibilities include at least the management functions required by law, risk oversight and regulatory reporting. External appointments and delegation arrangements do not simply transfer away the manager’s own regulatory responsibilities.
Authorised is not the same as registered
The CSSF distinguishes authorised AIFMs from smaller registered managers operating under specific exceptions. The regimes entail different supervisory and passporting implications. Check the exact manager and regulatory status against authoritative records before drawing conclusions.
New Luxembourg rules in 2026
Luxembourg’s law of 3 March 2026 transposed Directive (EU) 2024/927. The CSSF has communicated additional reporting and information requirements for managers conducting third-party initiated or “white-label” fund business. A dedicated CSSF communication was issued on 8 October 2026. Applicability should be assessed case by case.
Due diligence on an AIFM
- Verify the legal entity and permissions in the current official register.
- Understand portfolio, risk, compliance, valuation and reporting responsibilities.
- Clarify delegation, conflicts of interest and governance arrangements.
- Request a written scope of services, fees and relevant operational controls.