On 20th January 2021, the Commission de Surveillance du Secteur Financier (CSSF) published an updated FAQ concerning Luxembourg Law of 12 July 2013 on alternative investment fund managers.
Updated FAQ:
L.2 Which accounting standards are accepted under article 20(3) of the Law of 2013 for preparing the accounting information in the annual report of an AIF managed by an Authorised AIFM established in Luxembourg?
As per article 20 (3) of the Law of 2013, an Authorised AIFM established in Luxembourg managing an EU AIF is required to prepare the accounting information given in the annual report in accordance with the accounting standards of the home Member State of the AIF.
Therefore, with regards to Luxembourg AIFs managed by an Authorised AIFM established in Luxembourg, the accounting standards generally accepted in Luxembourg are those laid down in the Law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of companies which are LUX GAAP and IFRS as adopted by the European Union by Regulation (EC) No 1606/2002 on the application of international accounting standards.
This means that all Authorised AIFMs established in Luxembourg managing Luxembourg AIFs are required to use one of the aforementioned accounting standards for preparing the annual report of the relevant AIFs, regardless of the AIFs’ legal form. This requirement is also applicable to Authorised AIFMs established in Luxembourg managing Luxembourg AIFs that have adopted the legal form of a société en commandite spéciale or société en commandite simple.
Click on the link for further information.