The document helps firms prepare the annual report of regulated AIFs (mainly UCI Part II and SIFs) under the AIFMD.
The document also focuses on the annual report to investors pursuant to article 20 of the AIFMD law as well as the periodic disclosure to investors. It does not address the information to be included in the prospectus or offering documents nor the reporting to the regulator that is specifically addressed in a separate ALFI document.
The document has been prepared on the basis of the two most common accounting frameworks used in Luxembourg: Luxembourg GAAP and IFRS. This does not preclude the use of other accounting frameworks, such as US GAAP, in particular in the context of foreign AIFs managed or marketed by Luxembourg AIFMs.
Whilst article 20 imposes to the AIFM the responsibility to make available an annual report as well as periodic disclosures to investors in accordance with the AIFMD, the preparation of the annual report in line with applicable laws, regulations and the respective accounting framework remains with those in charge of the AIF governance, who might not be the AIFM, i.e. the Board of Directors of an AIF incorporated under a company form or the management company of an FCP. Determining relevant responsibilities in case an annual report is not made available to investors or is not compliant with AIFMD will depend on each AIF structure and is not addressed in this paper.
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© ALFI - Association of the Luxembourg Fund Industry
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