Luxembourg Investment Vehicles

Reporting requirements Regulated Investment Vehicles UCITS ("Part I Fund") Part II Fund with authorised AIFM Prospectus directive as transposed into the Luxembourg law Closed-ended Part I funds may not be closed-ended. Open-ended Part I funds make a public offer on the basis of their prospectus prepared in accordance with the requirements of the Fund law. Closed-ended A prospectus prepared in compliance with the requirements of the Prospectus Directive must be prepared when an "offer to the public" within the meaning of the Prospectus Directive is made except if the offer falls under any exemption of the Prospectus Directive. In that case, a prospectus must be prepared in accordance with the Fund law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. Open-ended Part II funds may make a public offer on the basis of their prospectus prepared in accordance with the requirements of the Fund law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. SIF with authorised AIFM Closed-ended A prospectus prepared in compliance with the requirements of the Prospectus Directive must be prepared when an "offer to the public" within the meaning of the Prospectus Directive is made except if the offer falls under any exemption of the Prospectus Directive. In that case, either a prospectus or an offering document must be prepared in accordance with the SIF law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. Open-ended A SIF may make an offer to well-informed investors on the basis of their prospectus/offering document being prepared in accordance with the requirements of the SIF law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. SICAR with authorised AIFM Closed-ended A prospectus prepared in compliance with the requirements of the Prospectus Directive must be prepared when an "offer to the public" within the meaning of the Prospectus Directive is made except if the offer falls under any exemption of the prospectus Directive. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. Open-ended A SICAR that makes an offer under an exemption of the Prospectus Directive must prepare a prospectus compliant with the SICAR law. The information to be communicated to investors stated in article 21 of the AIFM law must either be included in the prospectus or communicated separately to investors. The prospectus must be updated on an ongoing basis. The prospectus must be updated on an ongoing basis. PRIIP (Packaged Retail and Insurance-based Investments Products) Exemption at least until December 31, 2021. Key Investor Information Document (KIID) Required at least until December 31, 2021 NAV computation frequency NAV must be computed on each day there are subscriptions or redemptions with a minimum of twice a month. Required if the fund is offered to retail investors. Not required. NAV must be computed on each day there are subscriptions or redemptions with a minimum of once a month. The prospectus/offering document must be updated on an ongoing basis. Required if the SIF's well-informed investor is classified as retail investor. Not required. NAV is computed on the frequency set in the constitutive documents or management regulations with a minimum of once a year. The prospectus must be updated each time new securities are issued. Required if the SICAR's well-informed investor is classified as retail investor. Not required. NAV is computed on the frequency set in the constitutive documents or management regulations, which must be done at least once a year. 24 KPMG Luxembourg Investment Vehicles

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