Luxembourg Investment Vehicles
Approval and supervision
Regulated Investment Vehicles
UCITS ("Part I Fund")
Approval process
Creation of a fund is subject to the CSSF's prior approval
of:
•
Constitutive documents or management regulations,
prospectus, draft KIIDs and main agreements with
service providers.
Directors of the fund and/or of the management
company.
Choice of depositary, auditor and asset manager.
• Promoter's experience and financial soundness
(if applicable).
• Confirmation of supervision by regulatory authority of
promoter (if applicable) and asset manager.
Part II Fund with authorised AIFM
Creation of a fund is subject to the CSSF's prior
approval of:
• Constitutive documents, or management regulations,
prospectus and main agreements with service
providers.
Directors of the fund and/or of the management
company.
⚫Choice of depositary, auditor and AIFM.
• Promoter's experience and financial soundness
(if applicable).
Confirmation of supervision by regulatory authority of
promoter (if applicable).
SIF with authorised AIFM
Creation of a fund is subject to the CSSF's prior
approval of:
Constitutive documents or management regulations,
offering document or prospectus
and main agreements with service providers.
Directors of the fund and/or of the management
company.
• Choice of depositary, auditor and AIFM.
SICAR with authorised AIFM
Formation of a SICAR is not subject to approval
of the CSSF.
An authorisation file must be submitted to
the CSSF within the month following the formation
of the SICAR. The authorisation will be granted
subject to:
• Approval of the constitutive documents,
prospectus and main agreements with service
providers.
⚫ Notification of the directors of the SICAR.
• Approval of the choice of depositary, auditor and
AIFM.
Process for cross-border distribution in Europe
Regulator-to-regulator for initial notification.
Fund management company to regulator for notification
of subsequent changes.
Professional investors:
regulator-to-regulator for initial notification and
subsequent changes.
Retail investors:
national marketing rules apply.
Marketing may also be performed by
a non-EU AIFM based on national marketing rules.
Professional investors:
regulator-to-regulator for initial notification
and subsequent changes.
Other types of well-informed investors:
national marketing rules apply.
Marketing may also be performed by a non-EU
AIFM based on national marketing rules.
Professional investors:
regulator-to-regulator for initial notification
and subsequent changes.
Other types of well-informed investors:
national marketing rules apply.
Marketing may also be performed by a non-EU AIFM
based on national marketing rules.
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KPMG
Luxembourg Investment VehiclesView entire presentation