Luxembourg Investment Vehicles

Legal and regulatory requirements Regulated Investment Vehicles UCITS ("Part I Fund") Minimum capital requirement for fund/company €1,250,000 to be reached within 6 months of authorisation. Self-managed SICAV/SICAF: €300,000 at the date of authorisation and €1,250,000 to be reached within 6 months of authorisation. For umbrella structures, this capital requirement applies to the structure as a whole. Part II Fund with authorised AIFM €1,250,000 to be reached within 6 months of authorisation. Internally-managed SICAV/SICAF: €300,000 at the date of authorisation and €1,250,000 to be reached within 6 months of authorisation. For umbrella structures, this capital requirement applies to the structure as a whole. SIF with authorised AIFM €1,250,000 to be reached within 12 months of authorisation. Internally-managed SICAV/SICAF: €300,000 at the date of authorisation and €1,250,000 to be reached within 6 months of authorisation. For umbrella structures, this capital requirement applies to the structure as a whole. SICAR with authorised AIFM Total of subscribed share capital and share premium of €1,000,000 to be reached within 12 months of authorisation. Internally-managed company: €300,000 at the date of authorisation and the total of subscribed share capital and share premium of €1,000,000 to be reached within 12 months of authorisation. For umbrella structures, this capital requirement applies to the structure as a whole. Risk management The risk management function is regulated by CSSF Regulation 10-4, CSSF Circular 11/512, CSSF Circular 18/698 and CSSF Circular 11/498 implementing CESR guidelines 10-788. The risk management function is regulated under AIFMD and under articles 38 to 49 of Commission Delegated Regulation (EU) No 231/2013 as well as regulated by CSSF Circular 18/698. It is one of the two core functions of an AIFM. The risk management function is regulated under AIFMD and under articles 38 to 49 of Commission Delegated Regulation (EU) No 231/2013 as well as regulated by CSSF Circular 18/698. It is one of the two core functions of an AIFM. The risk management function is regulated under AIFMD and under articles 38 to 49 of Commission Delegated Regulation (EU) No 231/2013 as well as regulated by CSSF Circular 18/698. It is one of the two core functions of an AIFM. Portfolio management The portfolio management function is regulated under UCITS Directive and under Directive 2010/43/EU. When delegated the asset management function is regulated under the asset manager's local regulation. The portfolio management function is regulated under AIFMD and under Commission Delegated Regulation (EU) No 231/2013. It is one of the two core functions of an AIFM. The portfolio management may also be performed by a non-EU AIFM under specific third party country regime. The portfolio management function is regulated under AIFMD and under the Commission Delegated Regulation (EU) No 231/2013. It is one of the two core functions of an AIFM. The portfolio management may also be performed by a non-EU AIFM under specific third party country regime. The portfolio management function is regulated under AIFMD and under Commission Delegated Regulation (EU) No 231/2013. It is one of the two core functions of an AIFM. The portfolio management may also be performed by a non-EU AIFM under specific third party country regime. 18 KPMG Luxembourg Investment Vehicles

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