The Luxembourg Parliament adopted a new bill amending the Law on Specialised Investment Funds. The Law introduces several important changes to the regime governing SIFs and will effectively create an Alternative Investment Fund Managers Directive compliant Alternative Investment Fund vehicle ahead of AIFMD coming into effect. The amended Law introduces rules on delegation, risk management and the handling of actual or potential conflicts of interest.
Given the authority granted to the Financial Stability Oversight Council and the Federal Reserve by the Dodd-Frank Act, these regulators have been provided with a broad brushstroke to implement financial reform. With the intention of creating a stronger and more stable money market, the impact will most likely be increased oversight, further reporting requirements and more stringent guidelines designed to reduce potential systemic risk by a nonbank financial company.
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