Alternative Investment Fund Manager Direktive (AIFMD)
Besides UCITS, Luxembourg offers investment funds that exist outside the UCITS directive. These allow for the issuance of funds that invest in financial assets, which are not seen as securities, such as real estate or private equity investments. Furthermore, these alternative funds can be set up as closed-end funds, which require more flexible rules for risk diversification.
The integration of AIFMDs into Luxembourg law set up new legal structures for UCI, SIF and SICAR. The Luxembourg Law of 12th July 2013 now acts a framework for other laws governing funds.