law of 20 December 2002 - Alfi

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) a programme of operations stating the envisaged activities and servicesreferred to in Article 77, paragraphs (2) and (3).(2) The CSSF shall, within one month of receiving the information referred toin paragraph (1) forward it to the competent authorities of the host MemberState.It shall also communicate details of any applicable compensation schemeintended to protect investors.(3) The management company may then start business in the host Member Statenotwithstanding the provisions of Article 55 of the law.When appropriate, the competent authorities of the host Member Stateshall, on receipt of the information referred to in paragraph (1) indicate tothe management company the conditions, including the rules of conduct tobe respected in the case of provision of the portfolio management servicementioned in Article 77, paragraph (3) and of the investment advisory servicesand custody services, with which, in the interest of the general good, themanagement company must comply in the host Member State.(4) Should the content of the information communicated in accordance withparagraph (1) b) be amended, the management company shall give notice ofthe amendment in writing to the CSSF and the competent authorities of thehost Member State before implementing the change, so that the CSSF may, ifnecessary, inform the management company of any change or addition to bemade to the information communicated under paragraph (3).(5) A management company shall also be subject to the notification procedure laiddown in this Article in cases where it entrusts a third party with the marketing ofthe units in a host Member State.Art. 90 (1) For statistical purposes, all management companies authorised in a MemberState of the European Union under Directive 85/611/EEC with a branch asdefined in that Directive within Luxembourg shall report periodically on theiractivities in Luxembourg to the CSSF.(2) Branches of such management companies must provide the CSSF with thesame information as required from management companies authorised underthis chapter.(3) Where a management company that has a branch or provides services withinLuxembourg is in breach of the provisions of this law, the CSSF shall requirethe management company concerned to put an end to its irregular situation.(4) If the management company concerned fails to take the necessary steps,the CSSF shall inform the competent authorities of the home Member Stateaccordingly.(5) If the management company persists in breaching the legal or regulatory provisionsreferred to in paragraph (2) in force in Luxembourg, the Luxembourgauthorities may, after informing the competent authorities of the home MemberState, take appropriate measures to prevent or sanction further irregularitiesand, insofar as necessary, to prevent that management company from initiatingany further transactions within Luxembourg. The legal documents necessaryfor those measures shall be served on the management company.47
(6) The foregoing provisions shall not affect the powers of Luxembourg to takeappropriate measures to prevent or to sanction irregularities committed withinits territory which are contrary to legal or regulatory provisions adopted in theinterest of the general good. This shall include the possibility of preventing anoffending management company from initiating any further transactions withinLuxembourg.(7) Any measure adopted pursuant to paragraphs (4), (5) or (6) involving sanctionsor restrictions on the activities of a management company must be properlyjustified and communicated to the management company concerned. Everysuch measure shall be subject to the right to apply to the courts in Luxembourg.(8) Before following the procedure laid down in paragraphs (3), (4) or (5) theCSSF may, in emergencies, take any precautionary measures necessary toprotect the interests of investors and others to whom services are provided.The European Commission and the competent authorities of the other MemberStates concerned will be informed of such measures at the earliest opportunity.(9) In the event of the withdrawal of authorisation, the CSSF shall be informedthereof and shall take appropriate measures to prevent the managementcompany concerned from initiating any further transactions within Luxembourg,and to safeguard investors’ interests.Chapter 14. – Other management companies of Luxembourg UCIsArt. 91 (1) Access to the business of a management company within the meaning of thischapter is subject to prior authorisation by the CSSF.The management company shall be incorporated as a public limited company 66 ,a private limited company 67 , a cooperative company 68 , a cooperative companyset up as a public limited company 69 or a corporate limited partnership 70 . Thecapital of such company must be represented by registered shares.It may not engage in activities other than the management of UCIs, the administrationof its own assets being only an ancillary activity provided that it mustmanage at least one UCI subject to Luxembourg law.Both its head office 71 and its registered office must be situated in Luxembourg.66 société anonyme67 société à responsabilité limitée68 société coopérative69 société coopérative organisée comme une société anonyme70 société en commandite par actions71 See footnote 13.48
Page 1 and 2: Undertakingsfor collective investme
Page 3 and 4: Published by the SOCIETE DE LA BOUR
Page 6 and 7: TABLE OF CONTENTSLAW DATED 20 DECEM
Page 8 and 9: Chapter E. Rules concerning the dep
Page 10 and 11: CSSF CIRCULAR 03/88 OF 22 JANUARY 2
Page 12 and 13: law dated 20 December 2002 relating
Page 14 and 15: annual accounts of certain types of
Page 16 and 17: 25) a “UCITS home Member State”
Page 18 and 19: Art. 5Art. 6Art. 7Art. 8Art. 9Chapt
Page 20 and 21: commercial companies, as amended. T
Page 22 and 23: d) where the CSSF withdraws its aut
Page 24 and 25: The applicant shall be informed, wi
Page 26 and 27: Art. 30 (1) If the capital of the S
Page 28 and 29: Art. 40 Articles 26, 27, 28 with th
Page 30 and 31: (2) However:a) a UCITS may invest n
Page 32 and 33: Companies which are included in the
Page 34 and 35: Art. 48 (1) An investment company o
Page 36 and 37: Art. 54Art. 55Art. 56Art. 57In the
Page 38 and 39: contributed by them and whose right
Page 40 and 41: (4) Where the maximum percentages f
Page 42 and 43: y a supervisory authority set up by
Page 44 and 45: - For the purpose of this paragraph
Page 46 and 47: (2) Any change of external auditors
Page 48 and 49: Art. 86g) the mandate shall not pre
Page 52 and 53: Art. 92(2) The CSSF will grant auth
Page 54 and 55: of professional secrecy provided fo
Page 56 and 57: The communication of information by
Page 58 and 59: The Court shall decide as to the ex
Page 60 and 61: (6) The Court’s decisions pronoun
Page 62 and 63: (2) The full prospectus shall conta
Page 64 and 65: The CSSF may request an auditor to
Page 66 and 67: (2) any person who has issued or re
Page 68 and 69: Art. 130Art. 131(3) Are exempt from
Page 70 and 71: Chapter 21. - Transitional and repe
Page 72 and 73: ANNEXE ISchedule A1. Information co
Page 74 and 75: 1. Information concerning thecommon
Page 76 and 77: 5. Other investment information:5.1
Page 78 and 79: - distributions and income reinvest
Page 80 and 81: - when and how dividends on units o
Page 82 and 83: GRAND-DUCAL REGULATION OF 14 APRIL
Page 84 and 85: Grand-Ducal Regulation of 08 Februa
Page 86 and 87: (c) financial instruments which ful
Page 88 and 89: (b) updates of the information refe
Page 90 and 91: Article 9Financial indices1. The re
Page 92 and 93: 2. The reference in the first inden
Page 94 and 95: CHAPTER APURPOSE AND SCOPE OF THE L
Page 96 and 97: If the review of the application fi
Page 98 and 99: The following types of UCITS are co
Page 100 and 101:
CHAPTER DRULES CONCERNING THE CENTR
Page 102 and 103:
- the central administration must b
Page 104 and 105:
For the purposes of the processing
Page 106 and 107:
Considering the above, a derogatory
Page 108 and 109:
CHAPTER ERULES CONCERNING THE DEPOS
Page 110 and 111:
conformity of a decision taken by t
Page 112 and 113:
- liability of the depositary for t
Page 114 and 115:
It follows that the authorised inve
Page 116 and 117:
CHAPTER GRULES APPLICABLE TO UCITS
Page 118 and 119:
CHAPTER HRULES APPLICABLE TO ALL UC
Page 120 and 121:
Subject to the conditions specified
Page 122 and 123:
4. Repurchase agreements.UCITS may
Page 124 and 125:
2. Investment restrictions.The inve
Page 126 and 127:
3. Borrowings.The UCI may only borr
Page 128 and 129:
4. Special regulations.Apart from t
Page 130 and 131:
CHAPTER JRULES APPLICABLE TO MULTIP
Page 132 and 133:
However, this difference of value o
Page 134 and 135:
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
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APPENDIXTo be forwarded to theCommi
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Unless provided differently in thei
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(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
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- 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 186 and 187:
Also covered by this category are U
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
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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
Page 236 and 237:
When the reasons put forth by the U
Page 238 and 239:
• is valued at market price, at a
Page 240 and 241:
• hold in its portfolio the under
Page 242 and 243:
UCITS Risk Market Limit (*) Referen
Page 244 and 245:
AppendicesAppendix 1: Determination
Page 246 and 247:
Appendix 2: Criteria governing the
Page 248 and 249:
Before using the model for the firs
Page 250 and 251:
CSSF CIRCULAR 08/339 OF 19 February
Page 252 and 253:
CSSF CIRCULAR 08/356 OF 4 June 2008
Page 254 and 255:
In case of a standardised securitie
Page 256 and 257:
3. Periodical information of the pu
Page 258 and 259:
The risk exposure to a single count
Page 260 and 261:
The reinvestment of cash received a
Page 262 and 263:
191, 192, 193, 194, 201, 204, 205,
Page 264 and 265:
Option…………………… 67,
Page 266 and 267:
Third country…………………
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law of 20 December 2002 - Alfi

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