Luxembourg Investment Vehicles
■Legal and regulatory requirements ■ Shareholding
■Reporting requirements ■ Approval and supervision
■ Taxation
Supervised Investment Vehicles
SCS (AIF)
SCSP (AIF)
RAIF only with authorised AIFM
Generally accepted accounting principles
Irrespective of the methodology used for
the calculation of the NAV, the reports may be prepared as
follows:
Annual report
In order to clarify this requirement for RAIFS, it is necessary to
distinguish three categories of RAIFs, namely:
(i) RAIF (other than those referred to in Article 48 (1) of the
RAIF Law) which has to present the balance sheet and profit
and loss accounts under Lux GAAP based on the format
prescribed in the Annex of the RAIF Law.
(ii) RAIF-Risk Capital» (referred to in Article 48 (1) of the RAIF
Law) which has the option to prepare the balance sheet
and profit and loss accounts under Lux GAAP based on the
format prescribed in that Annex of the RAIF Law or as per
the format in the commercial Law 2002 (Articles 34, 35, 46
and 47).
(iii) << RAIF - IFRS EU regime» (exercising the option provided
for in Article 72bis L20022) which will prepare it annual
accounts in accordance with IFRS as adopted by the EU.
It must be noted that with respect to RAIFS, a separate annual
report may be established for each compartment provided that
each annual report contains also the combined data of all the
compartments.
In addition, the AIFM law requires specific disclosure to be
included in the annual report.
Semi-annual report
Not required.
Consolidated accounts
IFRS is mandatory if the company is listed in accordance with EU
regulation 1606/2002.
Other reports
Irrespective of the methodology used for the calculation of the NAV, the
reports may be prepared as follows:
Annual report
SCS (AIF) are required to apply accounting principles recognized as per
article 20 of the AIFM Law. ie Lux GAAP, IFRS.
It should also be noted that the preparation of the financial statements
and the choice of the accounting standard is the responsibility of the
management of the fund and the AIFM.
Semi-annual report
Not required.
Irrespective of the methodology used for the calculation of the NAV, the
reports may be prepared as follows:
Annual report
SCSP (AIF) are required to apply accounting principles recognized as per
article 20 of the AIFM Law. ie Lux GAAP, IFRS.
It should also be noted that the preparation of the financial statements
and the choice of the accounting standard is the responsibility of the
management of the fund and the AIFM.
Semi-annual report
Not required.
None.
None.
None.
Luxembourg Investment Vehicles
KPMG
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