July 23, 2014 / 9:13 AM / 3 years ago

Luxembourg fund body approves 151 AiFMD applications by deadline

LONDON, July 23 (Reuters) - Nearly three quarters of the fund firms who applied to become Alternative Investment Fund Managers by a July 22 deadline were approved, the Association of the Luxembourg Fund Industry said in a statement.

Of the 215 applications made by the deadline, 151 were approved.

A further 558 fund firms had asked to register by the deadline, of which 487 had been.

The new European regulatory regime for alternative investment managers was launched a year ago, and gave firms 12 months to apply for a licence that would enable them to sell their funds across the European Union.

While many European firms had applied for the licence, some foreign managers had held back due to uncertainty about the application of the new rules by national regulators, as well as the costs of applying for the licence. (Reporting by Simon Jessop; editing by Nishant Kumar)

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