law of 20 December 2002 - Alfi

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Also covered by this category are UCITS, the units or shares of which are listed on theLuxembourg Stock Exchange and which market those units or shares solely outsidethe European Union and the European Economic Area.4. Categories of UCITS determined by the CSSF for which the rules laid down in chapter5 of the law of 20 December 2002 are inappropriate in view of their investment andborrowing policies.UCITS covered by this exclusion belong to one of the following categories:4.1. UCITS the investment policy of which permits the investment of 20% or moreof their net assets in securities other than in transferable securities and/or otherliquid financial assets referred to in Article 41 (1) of the law of 20 December2002.4.2. UCITS the investment policy of which permits the investment of 20% or moreof their net assets in venture capital. Investment in venture capital shall betaken to mean investment in securities of companies which have been recentlyformed or which are still in the course of development.4.3. UCITS the investment policy of which permits the borrowing, on a permanentbasis and for investment purposes, of amounts representing at least 25% oftheir net assets.4.4. Multiple compartment UCITS, one compartment of which is not subject toPart I of the law of 20 December 2002 by reason of its investment or borrowingpolicy.183
CSSF Circular 03/97 of 28 february 2003 concerning the publication byundertakings for collective investment in the reference database(“référentiel de la place”) of the simplified prospectuses and thefull prospectuses as well as the annual and semi-annual reportsLuxembourg, 28 February 2003To all Luxembourg undertakings for collective investment and to those who act in relation tothe operation and supervision of such undertakings.CSSF CIRCULAR 03/97Concerns:Publication by undertakings for collective investment in the referencedatabase (“référentiel de la place”) of the simplified prospectuses andthe full prospectuses as well as the annual and semi-annual reports.Ladies and Gentlemen,The purpose of this circular is to clarify the method of publication of simplified prospectusesand full prospectuses as well as the annual and semi-annual reports which undertakings forcollective investment (UCIs) must publish for the benefit of their investors pursuant to chapter17 of the law of 20 December 2002 relating to undertakings for collective investment (the lawof 20 December 2002).That law provides in its Article 114 that:(1) UCIs must send their simplified and full prospectuses and any amendments thereto, aswell as the annual and semi-annual reports, to the CSSF.(2) The CSSF may publish or cause the publication of the aforesaid documents by suchmeans as it shall consider adequate.To take into account the evolution of information technology, a reference database has beenput in place by the Centrale de Communication Luxembourg S.A. (CCLux*) in order to createan infrastructure which permits investors and professionals of the industry to have access,by electronic means, to all prospectuses and annual and semi-annual reports of LuxembourgUCIs.This platform is in line with the new European trends aiming at facilitating the distribution andthe inspection of prospectuses and annual and semi-annual reports by means of electronicsupport such as the Internet.The CSSF considers that this reference database strengthens the transparency of the informationrelating to UCIs subject to Luxembourg law and facilitates the access to such informationfor investors.On the basis of Article 114 (2) of the law of 20 December 2002, the simplified prospectusand the full prospectus, as well as the annual and semi-annual reports of the UCIs subject tothe aforesaid law must be published in the reference database. This compulsory publicationis not applicable to UCIs subject to the law of 19 July 1991 relating to UCIs the securities ofwhich are not intended to be placed with the public.* Centrale de Communications Luxembourg S.A. (CCLux) changed its name to Finesti S.A. on 28 January 2009.184
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Undertakingsfor collective investme
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Published by the SOCIETE DE LA BOUR
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TABLE OF CONTENTSLAW DATED 20 DECEM
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Chapter E. Rules concerning the dep
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CSSF CIRCULAR 03/88 OF 22 JANUARY 2
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law dated 20 December 2002 relating
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annual accounts of certain types of
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25) a “UCITS home Member State”
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Art. 5Art. 6Art. 7Art. 8Art. 9Chapt
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commercial companies, as amended. T
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d) where the CSSF withdraws its aut
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The applicant shall be informed, wi
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Art. 30 (1) If the capital of the S
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Art. 40 Articles 26, 27, 28 with th
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(2) However:a) a UCITS may invest n
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Companies which are included in the
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Art. 48 (1) An investment company o
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Art. 54Art. 55Art. 56Art. 57In the
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contributed by them and whose right
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(4) Where the maximum percentages f
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y a supervisory authority set up by
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- For the purpose of this paragraph
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(2) Any change of external auditors
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Art. 86g) the mandate shall not pre
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) a programme of operations stating
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Art. 92(2) The CSSF will grant auth
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of professional secrecy provided fo
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The communication of information by
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The Court shall decide as to the ex
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(6) The Court’s decisions pronoun
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(2) The full prospectus shall conta
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The CSSF may request an auditor to
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(2) any person who has issued or re
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Art. 130Art. 131(3) Are exempt from
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Chapter 21. - Transitional and repe
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ANNEXE ISchedule A1. Information co
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1. Information concerning thecommon
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5. Other investment information:5.1
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- distributions and income reinvest
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- when and how dividends on units o
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GRAND-DUCAL REGULATION OF 14 APRIL
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Grand-Ducal Regulation of 08 Februa
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(c) financial instruments which ful
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(b) updates of the information refe
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Article 9Financial indices1. The re
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2. The reference in the first inden
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CHAPTER APURPOSE AND SCOPE OF THE L
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If the review of the application fi
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The following types of UCITS are co
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CHAPTER DRULES CONCERNING THE CENTR
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- the central administration must b
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For the purposes of the processing
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Considering the above, a derogatory
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CHAPTER ERULES CONCERNING THE DEPOS
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conformity of a decision taken by t
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- liability of the depositary for t
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It follows that the authorised inve
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CHAPTER GRULES APPLICABLE TO UCITS
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CHAPTER HRULES APPLICABLE TO ALL UC
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Subject to the conditions specified
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4. Repurchase agreements.UCITS may
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2. Investment restrictions.The inve
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3. Borrowings.The UCI may only borr
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4. Special regulations.Apart from t
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CHAPTER JRULES APPLICABLE TO MULTIP
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However, this difference of value o
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CHAPTER LINFORMATION AND ADVERTISEM
Page 136 and 137: The auditor’s report provided for
Page 138 and 139: CHAPTER MFINANCIAL INFORMATION 129
Page 140 and 141: VII. Identification numberThe CSSF
Page 142 and 143: CHAPTER OMARKETING RULES APPLICABLE
Page 144 and 145: APPENDIXTo be forwarded to theCommi
Page 146 and 147: Unless provided differently in thei
Page 148 and 149: (a) The information to be furnished
Page 150 and 151: In those circumstances, it is in pr
Page 152 and 153: The conclusions of the external aud
Page 154 and 155: The tolerance levels which are prov
Page 156 and 157: Such UCIs have to comply with the p
Page 158 and 159: D. Additional Investment Restrictio
Page 160 and 161: The UCI can either act as buyer or
Page 162 and 163: CSSF Circular 02/81 of 6 december 2
Page 164 and 165: I. MandateThe auditor is appointed
Page 166 and 167: In the long form report, the audito
Page 168 and 169: For common funds the management of
Page 170 and 171: In addition, the auditor must outli
Page 172 and 173: 1.4. Relationship with other interm
Page 174 and 175: - market risk- settlement risk- for
Page 176 and 177: 4. Complaints from investorsThe aud
Page 178 and 179: CSSF Circular 03/87 of 21 january 2
Page 180 and 181: B. Provisions concerning management
Page 182 and 183: UCIs established prior to 1 January
Page 184 and 185: UCITS subject to Part I of the law
Page 188 and 189: It is strongly recommended that UCI
Page 190 and 191: Finally, the transitional provision
Page 192 and 193: The management company’s and the
Page 194 and 195: in the delegation agreement by mean
Page 196 and 197: Especially, the activity programme
Page 198 and 199: Annex 1Table SG 1ACompany:Person in
Page 200 and 201: Annex 3Table SG 1CCompany:Person in
Page 202 and 203: Annex 5Table SIAG 1ACompany:Status:
Page 204 and 205: CSSF CIRCULAR 03/122 of 19 December
Page 206 and 207: If the UCITS is established as a UC
Page 208 and 209: CSSF Circular 04/146 of 17 June 200
Page 210 and 211: If intermediaries in charge of the
Page 212 and 213: CSSF CIRCULAR 05/177 of 6 April 200
Page 214 and 215: analysed on a case by case basis, c
Page 216 and 217: The following extracts, which are o
Page 218 and 219: This circular does not apply to com
Page 220 and 221: The same principles apply to the ap
Page 222 and 223: CSSF Circular 07/277 OF 9 January 2
Page 224 and 225: The attestation letter discloses al
Page 226 and 227: Annex 1.List of documents that a UC
Page 228 and 229: Annex 3.Specific information on the
Page 230 and 231: used pursuant to Article 41 (1) g)
Page 232 and 233: At the very least, the Commission e
Page 234 and 235: If UCITS are authorised to avail th
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When the reasons put forth by the U
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• is valued at market price, at a
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• hold in its portfolio the under
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UCITS Risk Market Limit (*) Referen
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AppendicesAppendix 1: Determination
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Appendix 2: Criteria governing the
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Before using the model for the firs
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CSSF CIRCULAR 08/339 OF 19 February
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CSSF CIRCULAR 08/356 OF 4 June 2008
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In case of a standardised securitie
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3. Periodical information of the pu
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The risk exposure to a single count
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The reinvestment of cash received a
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191, 192, 193, 194, 201, 204, 205,
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Option…………………… 67,
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Third country…………………
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law of 20 December 2002 - Alfi

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