Luxembourg Investment Vehicles
Prospectus Directive Directive 2003/71/EC (amending Directive 2001/34/EC)
on the prospectus to be published when securities are
offered to the public or admitted to trading, as transposed
into Luxembourg law
RAIF law Law of 23 July 2016 on Reserved Alternative Investment
Funds
Registered AIFM As a derogation from the authorisation regime, entities
qualifying as below-threshold AIFMs are subject to the
registration regime under article 3(3) of the AIFM law, i.e.
AIFMS whose AIFs' assets under management do not in
total exceed the following thresholds:
(i) EUR 100 million, including assets acquired through use
of leverage;
(ii) EUR 500 million, when the portfolio of assets managed
consists of AIFs that are not leveraged and have no
redemption rights exercisable during a period of five
years following the date of the initial investment in
each AIF
Réviseur d'entreprises agréé Approved statutory auditor
SA Société Anonyme (public limited company)
Sàrl Société à Responsabilité Limitée (private limited company)
SCA Société en Commandite par Actions (partnership limited
by shares)
ScoSA Société Coopérative organisée comme une Société
Anonyme (cooperative company organised as a public
limited company)
SCS Société en Commandite Simple (limited partnership)
SCSP Société en Commandite Spéciale (limited partnership
without legal personality)
SIAG Investment company which has not designated a
management company (i.e. self managed investment
company as société d'investissement autogérée)
SICAF Société d'Investissement à Capital Fixe (investment
company with fixed capital)
SICAR Société d'Investissement en Capital à Risque
(investment company in risk capital), compliant with
the law of 15 June 2004
SICAV Société d'Investissement à Capital Variable
(investment company with variable capital)
SIF Specialised investment fund, compliant with the law of
13 February 2007, as amended
UCITS Undertakings for Collective Investments in Transferable
Securities
Well-informed investor A well-informed investor must be one of the following:
An institutional investor:
Undertakings and organisations that manage
a significant number of funds and assets.
This concept covers inter alia credit institutions
and other financial sector professionals, insurance and
re-insurance undertakings, welfare institutions and
pension funds, industrial and financial groups and
structures put in place by these entities to manage
an important amount of funds and assets.
• A professional investor:
Any professional investor within the meaning of Annex
Il to Directive 2004/39/EC on markets in financial
instruments
• An investor who has adhered in writing to the status
of well-informed investor and complies with one of
the following conditions:
- invests at least €125,000 in the fund/company
- has expertise that has been confirmed by a banking
institution as defined in Directive 2006/48/EC, by an
investment firm as defined in Directive 2004/39/EC
or by a management company as defined in Directive
2009/65/EC
Luxembourg Investment Vehicles
KPMG
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