RAIF Law amendment

The Law of 16 July 2019¹  ("Law") which came into force on 22 July 2019 introduces two amendments to the Law of 23 July 2016  on Reserved Alternative Investment Funds (“RAIF”).

The first amendment clarifies that a RAIF incorporated under the form of an FCP²  (“FCP-RAIF”) can be managed by a management company authorised in accordance with Chapter 15 of the UCI Law³ (“UCITS ManCo”). A UCITS ManCo appointed as management company of an FCP-RAIF must appoint an external alternative investment fund manager (“AIFM”) if the UCITS ManCo is not also authorised to act as AIFM in accordance with the Law of 12 July 2013 on AIFMs. 

The second amendment corrects an oversight in the original version of the Law in order to enable the unitholders of an FCP-RAIF to convert the FCP into a SICAV under the same conditions as those provided for under the Law of 13 February 2007 on specialised investment funds (SIFs).