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The Resource Investment funds in Luxembourg : a technical guide

Investment funds in Luxembourg : a technical guide

Creator
Summary
This guide provides an introduction to Luxembourg as a location for funds, the types of funds available and a summary of the regulations applicable to the formation and operation of funds. It also covers the regulations applicable to management companies based in Luxembourg. Chapter 1 provides an overview of the legislation applicable to investment funds, outlines the choices of structure, and the key characteristics of funds under each of two fund laws - the 2002 Law (the principal law) and the SIF Law (relating to informed investor funds). It also provides a list of the current primary regulations. Chapter 2 outlines the investment and borrowing rules for UCITS funds and the general rules for other funds under the 2002 Law. For UCITS funds, clarifications are also provided on risk management. Chapter 3 outlines the investment rules for SIF Law funds and specific rules for the following types of specialized non-UCITS funds under the 2002 Law: hedge funds, venture capital funds, funds investing in futures and options, real estate funds. Chapter 4 describes the procedures to be followed when setting up an investment fund in Luxembourg and the roles of the various investment fund service providers. It provides details of the content to be included in the prospectus (for all 2002 Law funds) and simplified prospectus (for UCITS funds). Ongoing supervisory requirements for funds and the conditions for listing them on the Luxembourg stock exchange are also outlined. Chapter 5 describes the roles and responsibilities of the Luxembourg central administration. Chapter 6 outlines the requirements regarding the issue and purchase of shares or units, and the payments of dividends. Chapter 7 describes the roles and responsibilities of the Luxembourg custodian. Chapter 8 details the annual and semi-annual reporting requirements, monthly and annual financial information to be sent to the central agency responsible for the collection of such information, and audit requirements. Chapter 9 covers the treatment of NAV computation errors and compensation of losses arising from non-compliance with investment restrictions. Chapter 10 outlines taxes applied to Luxembourg funds, including capital duty, subscription tax, taxation of directors' fees, withholding taxes on dividends and revenues, taxation on dissolution and the application of the EU Savings Directive. Chapter 11 describes the VAT regime for services provided to Luxembourg investment funds. Chapter 12 lists the formation and annual running expenses of Luxembourg investment funds. Chapter 13 outlines the requirements and procedure for marketing the shares of a Luxembourg UCITS in other EU Member States, requirements for marketing the shares of a UCITS from another EU Member State in Luxembourg and Luxembourg marketing regulations. Chapter 14 outlines the rules applicable to management companies of Luxembourg investment funds. These are divided into management companies which manage UCITS funds and other funds, and other management companies. Chapter 15 outlines regulatory developments over the last year relevant to Luxembourg investment funds, expected future regulatory developments in Luxembourg, EU clarifications regarding eligible assets for UCITS and the proposals for updating of the UCITS regime at EU level
Language
eng
Work
Instance
Label
Investment funds in Luxembourg : a technical guide
Title
Investment funds in Luxembourg : a technical guide
Creator
Subject
Language
eng
Summary
This guide provides an introduction to Luxembourg as a location for funds, the types of funds available and a summary of the regulations applicable to the formation and operation of funds. It also covers the regulations applicable to management companies based in Luxembourg. Chapter 1 provides an overview of the legislation applicable to investment funds, outlines the choices of structure, and the key characteristics of funds under each of two fund laws - the 2002 Law (the principal law) and the SIF Law (relating to informed investor funds). It also provides a list of the current primary regulations. Chapter 2 outlines the investment and borrowing rules for UCITS funds and the general rules for other funds under the 2002 Law. For UCITS funds, clarifications are also provided on risk management. Chapter 3 outlines the investment rules for SIF Law funds and specific rules for the following types of specialized non-UCITS funds under the 2002 Law: hedge funds, venture capital funds, funds investing in futures and options, real estate funds. Chapter 4 describes the procedures to be followed when setting up an investment fund in Luxembourg and the roles of the various investment fund service providers. It provides details of the content to be included in the prospectus (for all 2002 Law funds) and simplified prospectus (for UCITS funds). Ongoing supervisory requirements for funds and the conditions for listing them on the Luxembourg stock exchange are also outlined. Chapter 5 describes the roles and responsibilities of the Luxembourg central administration. Chapter 6 outlines the requirements regarding the issue and purchase of shares or units, and the payments of dividends. Chapter 7 describes the roles and responsibilities of the Luxembourg custodian. Chapter 8 details the annual and semi-annual reporting requirements, monthly and annual financial information to be sent to the central agency responsible for the collection of such information, and audit requirements. Chapter 9 covers the treatment of NAV computation errors and compensation of losses arising from non-compliance with investment restrictions. Chapter 10 outlines taxes applied to Luxembourg funds, including capital duty, subscription tax, taxation of directors' fees, withholding taxes on dividends and revenues, taxation on dissolution and the application of the EU Savings Directive. Chapter 11 describes the VAT regime for services provided to Luxembourg investment funds. Chapter 12 lists the formation and annual running expenses of Luxembourg investment funds. Chapter 13 outlines the requirements and procedure for marketing the shares of a Luxembourg UCITS in other EU Member States, requirements for marketing the shares of a UCITS from another EU Member State in Luxembourg and Luxembourg marketing regulations. Chapter 14 outlines the rules applicable to management companies of Luxembourg investment funds. These are divided into management companies which manage UCITS funds and other funds, and other management companies. Chapter 15 outlines regulatory developments over the last year relevant to Luxembourg investment funds, expected future regulatory developments in Luxembourg, EU clarifications regarding eligible assets for UCITS and the proposals for updating of the UCITS regime at EU level
Geographic coverage
  • European Union
  • Europe
Index
no index present
Language note
English
Literary form
non fiction
http://bibfra.me/vocab/lite/organizationName
Ernst & Young
http://library.link/vocab/subjectName
  • investment fund
  • hedge fund
  • venture capital
  • immovable property
  • UCITS
  • management company
  • VAT
  • withholding tax
Label
Investment funds in Luxembourg : a technical guide
Instantiates
Publication
Extent
182 p.
Label
Investment funds in Luxembourg : a technical guide
Publication
Extent
182 p.

Subject

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.3736660 4.9336932

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