Luxembourg Investment Vehicles

■Legal and regulatory requirements ■ Shareholding ■Reporting requirements ■ Approval and supervision ■ Taxation RAIF only with authorised AIFM Minimum capital requirement for fund/company €1,250,000 to be reached within 12 months from entry into force No minimum capital requirement required. of the management regulations. Supervised Investment Vehicles SCS (AIF) SCSP (AIF) No minimum capital requirement required. The capital requirement is calculated at the level of the AIFM. The capital requirement is calculated at the level of the AIFM. For umbrella structures, this capital requirement applies to the structure as a whole. Risk management 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 the Commission Delegated Regulation (EU) No 231/2013. 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 the Commission Delegated Regulation (EU) No 231/2013. It is one of the two core functions of an AIFM. Portfolio management 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 a 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 a specific third-party country regime. Luxembourg Investment Vehicles KPMG 19

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