Luxembourg Investment Vehicles
Legal and regulatory requirements
UCITS ("Part I Fund")
Management company requirement
Regulated Investment Vehicles
Part II Fund with authorised AIFM
SIF with authorised AIFM
SICAR with authorised AIFM
FCP
Yes.
Management company established in Luxembourg
under Chapter 15 of the Fund law or a UCITS
Management company established in another EU
Member State.
SICAV/SICAF
May appoint a Luxembourg (Chapter 15 of the Fund
law) or EU management company or be set up as a
UCITS self-managed SICAV.
Registration requirements in Luxembourg
A fund is deemed to be established in Luxembourg if it
is authorised by the CSSF.
No nationality or residency requirements for directors
of funds which have appointed a management
company.
At least two conducting officers/persons of
the Luxembourg management company or
self-managed SICAV must be located
in Luxembourg (unless specific derogation is obtained
from the CSSF). For non-Luxembourg management
companies, local rules apply.
FCP
Yes.
Management company established in Luxembourg
under Chapter 15 of the Fund law, management
FCP
Yes.
Management company established in Luxembourg
under Chapter 15 of the Fund law, management
company established in Luxembourg under Chapter 16, company established in Luxembourg under
article 125-2 of the Fund law,
or management company established in Luxembourg
under Chapter 16, article 125-1
of the Fund law (which must designate an AIFM
for the FCP managed).
SICAV/SICAF
No however, the authorised AIFM could be
a management company.
Registered office of SICAV/ SICAF or of
the management company of the FCP
must be in Luxembourg.
No nationality or residency requirements for directors
of funds or Chapter 16 management company.
Minimum requirements for the two conducting officers
of the AIFM to be located in Luxembourg (unless
specific derogation is obtained from
the CSSF).
Chapter 16, article 125-2 of the Fund law or
a management company established in Luxembourg
under Chapter 16, article 125-1 of the Fund
law (which must designate an AIFM for
the FCP managed).
SICAV/SICAF
No
however, the authorised AIFM could be
a management company.
Registered office of SICAV/SICAF or of
the management company of the FCP
must be in Luxembourg.
No nationality or residency requirements for
directors of funds or Chapter 16 management
company.
Minimum requirement for the two conducting officers
of the AIFM to be located in Luxembourg (unless
specific derogation is obtained from
the CSSF).
No management company is required but a General
Partner is required if set-up as a SCA, SCS/SCSp. It
must also have an AIFM if it falls under the AIFMD
regulation.
Registered office of the SICAR must be
in Luxembourg.
No nationality or residency requirements
for directors.
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KPMG
Luxembourg Investment VehiclesView entire presentation