The Financial Sector Supervisory Commission (CSSF) announced in a that it had imposed an administrative penalty of €18,580 on M7 Portuguese Active Fund General Partner S.à r.l.

The fine, which was imposed on 13 February 2024, was for non-compliance with the obligation of registration as an alternative investment fund manager (AIFM), as laid out in a law relating to AIFMs.

In its communiqué, the CSSF provided more details: “The AIFM acted as manager for one single alternative investment fund (“AIF”) for a period of approximately 22 months without being registered pursuant to the provisions of Article 3(3) of the AIFM Law, providing for the mandatory registration of managers as referred to in the provisions of Article 3(2) of the AIFM Law.”

“After an incomplete submission of a first application for registration to the CSSF 5 months after its start of activity, followed by a second incomplete submission 10 months later, the AIFM continued to act as AIF manager without being registered, until the non-judicial liquidation of the AIF under management, on 31 October 2023,” said the CSSF’s press release.

Contacted by Delano, M7 declined to comment.

According to the Luxembourg Business Registers, the registration date of M7 Portuguese Active Fund General Partner S.à r.l. is 13 January 2022 and its registered office is located at 40 Rangwee, L-2412 Luxembourg. In its annual accounts for the financial year ended 31 December 2022 (and filed with the business registry in June 2023), it notes that its registered office and central administration migrated from Jersey to Luxembourg on 24 December 2021. Total assets stood at €84,253.75, said the report.

Updated on 18 April 2024 at 13:45 to add that M7 declined to comment.