Practice Makes Perfect
Daniela Klasén-Martin of Crestbridge outlines the process of gaining a SuperManCo licence in Luxembourg.
How difficult was it to obtain the licence in Luxembourg?
Daniela Klasen-Martin (DKL):
We were already a UCITS management company so we were able to take advantage of the fast-track procedure as many of the required procedures, processes and governance requirements were already in place. This made the process of creating our application quite straightforward. We did have to make some adjustments for requirements that were specific to AIFMs, specifically to the asset classes we plan to work on.
However, it did take more time than we expected to get our licence (five months). The issue was that we were one of the first applicants, which gives us a head start but also slightly made us the guinea pigs.
All parties have been learning from the exercise and at the time the regulator specifically was working through some capacity issues, given the high number of applicants. There has since been a conscious recruitment drive from industry professionals so future applicants should have a smoother experience.