Luxembourg Investment Vehicles

UCITS The UCITS framework was introduced over 30 years ago and is still today a success-story for Luxembourg. The last major amendment to it was in 2016 when UCITS V was transposed into Luxembourg law. One of the main objectives of that reform package was to further enhance investor protection by aligning the role, responsibilities, and regulation of the depositary with the AIFMD rules. The responsibilities of the depositary were broadened to include the monitoring cash flows in the fund and oversight of fund operations, in addition to the custody of the portfolios of investments. The liability of the depositary is stricter under UCITS, with the depositary fully liable for the loss of financial instruments held through the custody and sub-custody network. The CSSF also provides guidance on the UCITS framework in a UCITS Frequently Asked Questions document that is updated regularly. CSSF's FAQ UCITS AUM market share in Europe (in Bn) as at 30 June 2019 Evolution of UCITS between 2009 and June 2019 3000 2500 2000 1500 1000 500 500 1000 4000 1500 2000 2500 3200 3000 3500 4000 + 2400 1600 Luxembourg France Sweden Ireland Switzerland Italy 800 United Kingdom Germany Others 0 0 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 Number of UCITS 8 KPMG Assets Under Management (AUM) in Million Luxembourg Investment Vehicles

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