law of 20 December 2002 - Alfi

(4) Where the maximum percentages fixed by reference to subparagraphs c), d),e), f) and g) of paragraph (1) above are exceeded as a result of the exercise ofrights attached to securities in the portfolio or otherwise than by the purchaseof securities, the SICAV must adopt as its priority objective for its sales transactions,the remedying of the situation, taking due account of the interests ofthe shareholders.Art. 73Chapter 11. – UCIs which have not been constituted as common fundsor SICAVsThis chapter is applicable to all companies and all undertakings other thancommon funds or SICAVs 51– whose exclusive object is the collective investment of their funds in assetsin order to spread the investment risks and to ensure for the investors thebenefit of the results of the management of their assets, and– which solicit the public for the subscription of their units by means of apublic or private offer.Art. 74 (1) The net assets of the UCIs falling within this chapter may not be less than onemillion two hundred and fifty thousand euro (1,250,000 euro).This minimum must be reached within a period of six months following theirauthorisation. A grand-ducal regulation may raise that minimum figure up to amaximum of two million five hundred thousand euro (2,500,000 euro) 52 .(2) If the net assets have fallen below two thirds of the legal minimum, the directorsor the management organ, as the case may be, or managers must submit thequestion of the dissolution of the undertaking to a general meeting for whichno quorum shall be prescribed and which shall decide by simple majority of theunits represented at the meeting.(3) If the net assets have fallen below one fourth of the legal minimum, the directorsor the management organ, as the case may be, or managers must submit thequestion of the dissolution to a general meeting for which no quorum shall beprescribed. The dissolution may be resolved by investors holding one fourth ofthe units represented at the meeting.(4) The meeting must be convened so that it is held within a period of forty days asfrom the ascertainment that the net assets have fallen below two thirds or onefourth of the legal minimum, as the case may be.(5) If the constitutional documents of the undertaking do not provide for generalmeetings, the directors or the management organ, as the case may be, ormanagers must, if the net assets of the UCI have fallen below two thirds ofthe legal minimum, inform the CSSF without delay. In such case, the CSSFmay, having regard to the circumstances, require the directors or managers toliquidate the undertaking.Art. 75 (1) A grand-ducal regulation for which an opinion from the CSSF shall be soughtmay, inter alia, determine 53 :51 Investment companies that are not established in the form of a SICAV are generally investment companies withfixed capital (“SICAF”).52 No such regulation exists at this time.53 No such regulation exists at this time.37