RAIF: Highlights of the investment tool’s success
2016-2019 what to expect in the future?
RAIFs: Highlights of the investment tool’s success
2016-2019 What to expect in the future ?
2016-2019 The Reserved Alternative Investment Fund (RAIF): what to expect
Nearly four years after the introduction of the new alternative investment fund (AIF) regime, the RAIF (in French fonds d’investissement alternatif réservé or FIAR), introduced by the Law of 23 July 2016, confirmed its position as leader in Luxembourg’s fund industry.
Tips and trends, are you aware of everything?
What are the roles and the responsibilities of the RAIF, the AIFM and their service providers?
What are the best practises regarding distribution?
The purpose of this conference is to discuss the success and the benefits of the creation and use of RAIFs under Luxembourg law. A panel of renowned legal and industry experts, all longtime practitioners in the RAIF industry, share their best practises with the investment tool, explain the concerns of their stakeholders and offer ways to advance the RAIF’s success.
We look forward to welcoming you to the 3rd edition of this conference.
click here to download the program
- Prevent the legal difficulties of using the RAIF
- Know the good practices and benefits of the structure
- Specialist fund’s manager
- Conducting Officers
- Tax, financial and legal directors.
- Tax advice, tax specialists
- Asset managers
- Directors of private banking(private’s banking directors)
- Wealth management advice
- Private client’s managers
Chairperson & speaker Virginie LEROY
DSM Avocats à la Cour
Jean-Pierre Gomez, Head of Regulatory & Public Affairs Luxembourg at Société Générale Bank & Trust S.A.
Revel Wood Founding Partner at ONE group solutions and/or Enda Fahy Partner at ONE group solutions
Introduction from the chairperson
Is the RAIF a success? Is the RAIF the best investment vehicle for your Investment Funds?
- What are the main features of the RAIF?
- Why create a RAIF and not an unregulated vehicle such as an SCS or SCSp?
- What about similar tools which are available on the European Market? What are the key trends?
- The success of the RAIF versus the SIF/SICAR?
- Is the creation of a SIF/SICAR still an option.
- Conversion of the RAIF to a SIF/SICAR is possible to welcome new investors that wish to invest into a regulated investment fund.
- Brexit impact?
- What should be expected for the future?
- Do you see any chance that regulation may adversely affect these trends ?
Revel Wood/Enda Fahy
Roundtable What are the role and responsibilities of the RAIF, AIFM and services providers? How does it work in practice?
- Responsibilities of the RAIF
- Risk diversification principle
- Grace period for diversification?
- How the usual exemptions granted by the CSSF work?
- Formalities for the creation of the RAIF
- Information to be supplied to investors
- CSSF supervision of the AIFM managing the RAIF
- Product rules (AIF/RAIF) applicable to the AIFM
- CSSF notification for distribution
- CSSF Circular 18/698 applicable to the AIFM
- Dedicated due-diligence on the RAIF for its on-boarding by the AIFM?
- What are the interactions between the AIFM, Central Administration and the Depositary in a RAIF structure?
- How does the delegation work?
- Management of the conflict of interests?
- Is there any difference between the RAIF and the AIF for the depositary supervision role?
- Portfolio Management & Valuation
- Purpose of the PM role
- How to evaluate an investment
- What happens when PM goes wrong
- Valuation – how to do it?
- Responsibilities and definition of negligence for Valuation
Moderator: Virginie Leroy
Revel Wood/Enda Fahy
Roundtable What are the best practices regarding distribution?
Global perspective on the role of the AIFM and distributors ?
- What is the future trend for distribution fund marketing ?
- Who are the targeted investors?
- Can a RAIF be actively distributed to other well informed investors?
Quid of reverse solicitation?
- Registration in the USA
- EU marketing passport to professional investors
- Is it harmonised across the EU?
- Some EU countries have still some specificities (e.g. Austria, France, Germany,..)
- What type of marketing can be done?
- The tools (website, road show,…) and the content of the advertising
- New EU rules on advertising
- AIFM will need to review the teaser and marketing information
- New EU pre-marketing procedure
- AIFM will be able to test market for investor appetite
- Pre-marketing activity disclosure to the CSSF
- Third-party in charge of pre-marketing (impact on the placement and marketing activities)
- New EU de-notification procedure for marketing activities
- Business impact from distribution perspective?
- Distribution channel with MiFID II: What is expected from the distributors?
Revel Wood/Enda Fahy