setting up an investment fund in luxembourg ... - Casa4Funds

FCP SICAV SICAF
Preferred
company
forms
N/A
2002 Law (Part I and Part II):
- Public limited company
(Société anonyme, S.A.).
2002 Law (Part I):
- Public limited company
(Société anonyme, S.A.);
- Corporate partnership limited
by shares (Société en
commandite par actions, S.C.A.).
2007 Law:
2002 Law (Part I and Part II):
- Public limited company
- Public limited company
(Société anonyme, S.A.);
(Société anonyme, S.A.);
- Private limited company (Société à
- Corporate partnership limited by
responsabilité limitée, S.à r.l.);
shares (Société en commandite
- Corporate partnership limited by
par actions, S.C.A.);
shares (Société en commandite
- Private limited company (Société
par actions, S.C.A.).
à responsabilité limitée, S.à r.l.);
- Limited partnership (Société en
commandite simple, S.C.S.).
2. Umbrella funds /
share classes
The 2002 Law and the 2007 Law permit the
creation of funds as stand-alone funds or as
umbrella funds with different sub-funds,
where each sub-fund corresponds to a distinct
portfolio of assets and liabilities of the fund.
Applicable
provisions
Objectives
One single
entity
Ring fencing
Conversion
Crossinvestment
- Permitted under Article 133 of the 2002 Law (constitutional documents must provide for
the possibility);
- Permitted under Article 71 of the 2007 Law (constitutional documents must provide for the
possibility).
For funds subject to the 2002 Law, Chapter J of Circular 91/75 sets out the conditions
applicable to FCPs and investment companies in the form of umbrella funds. For SIFs,
article 71 of the 2007 Law sets out the conditions applicable to umbrella funds.
May accommodate various needs, such as for example:
- Different investment policies; - Different reference currencies;
- Different categories of investors; - Different distribution channels.
A UCITS may not comprise simultaneously sub-funds governed by Part I and Part II of the
2002 Law (in such case, the entire umbrella fund is subject to Part II).
Each sub-fund is only responsible for its own debts, commitments and other obligations,
unless the constitutional documents of the fund provide otherwise.
In principle, possibility to convert shares/units from one sub-fund to another.
At present, no cross-investments between sub-funds of the same fund are allowed.
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