law of 20 December 2002 - Alfi

Art. 40 Articles 26, 27, 28 with the exception of paragraphs (8) and (9), 30, 31, 34, 35,36, 37 and 38 of this law are applicable to investment companies subject to thischapter.Chapter 5. – Investment policy of a UCITSArt. 41 (1) The investments of a UCITS must consist solely of:a) transferable securities and money market instruments admitted to or dealtin on a regulated market;b) transferable securities and money market instruments dealt in on anothermarket in a Member State of the European Union which is regulated,operates regularly and is recognised and open to the public;c) transferable securities and money market instruments admitted to officiallisting on a stock exchange in a non-Member State of the European Unionor dealt in on another market in a non-Member State of the European Unionwhich is regulated, operates regularly and is recognised and open to thepublic provided that the choice of the stock exchange or market has beenprovided for in the constitutional documents of the UCITS 35 ;d) recently issued transferable securities and money market instruments,provided that:– the terms of issue include an undertaking that application will be madefor admission to official listing on a stock exchange or on anotherregulated market which operates regularly and is recognised and opento the public, provided that the choice of the stock exchange or themarket has been provided for in the constitutional documents of theUCITS;– such admission is secured within one year of issue;e) units of UCITS authorised according to Directive 85/611/EEC and/orother UCIs within the meaning of the first and second indent of Article 1,paragraph (2) of Directive 85/611/EEC, whether situated in a Member Stateof the European Union or not, provided that:– such other UCIs are authorised under laws which provide that they aresubject to supervision considered by the CSSF to be equivalent to thatlaid down in Community law, and that cooperation between authoritiesis sufficiently ensured;– the level of protection for unitholders in such other UCIs is equivalentto that provided for unitholders in a UCITS, and in particular that therules on assets segregation, borrowing, lending, and uncovered salesof transferable securities and money market instruments are equivalentto the requirements of Directive 85/611/EEC;– the business of such other UCIs is reported in half-yearly and annualreports to enable an assessment of the assets and liabilities, incomeand operations over the reporting period;– no more than 10% of the assets of the UCITS or of the other UCIs,whose acquisition is contemplated, can, according to their constitutionaldocuments, in aggregate be invested in units of other UCITS or otherUCIs;35 This refers to the management regulations of a common fund or the Articles of incorporation of an investmentcompany with variable or fixed capital.25