law of 20 December 2002 - Alfi

The applicant shall be informed, within six months of the submission of acomplete application, whether or not authorisation has been granted. Reasonsshall be given whenever an authorisation is refused.A SICAV may start business as soon as authorisation has been granted.The CSSF may withdraw the authorisation issued to a SICAV subject to thisPart of the law only where that company:a) does not make use of the authorisation within twelve months, expresslyrenounces the authorisation or has ceased the activity covered by this lawfor more than six months;b) has obtained the authorisation by making false statements or by any otherirregular means;c) no longer fulfils the conditions under which authorisation was granted;d) has seriously and/or systematically infringed the provisions of this law or ofregulations adopted pursuant thereto; ore) falls within any of the cases where this law provides for withdrawal.(2) Articles 85 and 86 of chapter 13 shall apply to SICAVs that have notdesignated a management company authorised pursuant to Directive85/611/EEC, provided that the words “management company” shall beconstrued as “SICAV”.SICAVs may only manage assets of their own portfolio and may not, underany circumstances, receive any mandate to manage assets on behalf of a thirdparty.(3) SICAVs that have not designated a management company authorised pursuantto Directive 85/611/EEC shall at all times observe applicable prudential rules.In particular, the CSSF, having regard also to the nature of the SICAV, shallrequire that the company has sound administrative and accounting procedures,control and safeguard arrangements for electronic data processingand adequate internal control mechanisms including, in particular, rules forpersonal transactions by its employees or for the holding or management ofinvestments in financial instruments in order to invest its initial capital andensuring, inter alia, that each transaction involving the company may be reconstructedaccording to its origin, the parties concerned, its nature, and the timewhen and the place at which it was effected and that the assets of the SICAVare invested according to the constitutional documents and the legal provisionsin force.Art. 28 (1) a) Subject to any contrary provisions of its Articles of incorporation, a SICAVmay issue its shares at any time;b) A SICAV must redeem its shares at the request of the shareholder withoutprejudice to paragraphs (5) and (6) of this Article.(2) a) The shares shall be issued at a price arrived at by dividing the net assetvalue of the SICAV by the number of shares outstanding; such price maybe increased by expenses and commissions, the maximum amounts andprocedures for collection of which may be determined by a grand-ducalregulation for which an opinion from the CSSF shall be sought 26 ;26 No such regulation exists at this time.21