law of 20 December 2002 - Alfi

Art. 107(2) Where a liquidator does not accept office or is not approved, the District Courtdealing with commercial matters shall, at the request of any interested party orof the CSSF, appoint the liquidator(s). The judgment appointing the liquidator(s)shall be provisionally enforceable, on the production of the original thereof andbefore registration, notwithstanding any appeal or objection.In the event of a voluntary or compulsory liquidation of a UCI within the meaningof this law, the sums and assets payable in respect of units whose holdersfailed to present themselves at the time of the closure of the liquidation, shallbe paid to the public trust office 90 to be held for the benefit of the personsentitled thereto.Art. 108 (1) The directors or members of the management organ 91 , as the case may be,managers and officers of UCIs subject to supervision by the CSSF as well asthe liquidators in the case of voluntary liquidation of a UCI may have a fine offifteen to five hundred euro imposed upon them by the said authority in theevent of their refusing to provide the financial reports and the requested informationor where such documents prove to be incomplete, inaccurate or false,and in the event of any infringement of Article 109 of this law or in the event ofany other serious irregularity being recorded.(2) The same fine may be imposed upon any person who infringes the provisionsof Article 96.Chapter 17. – Obligations concerning information to be suppliedto unitholdersA. – Publication of a prospectus and periodical reportsArt. 109 (1) The investment company and, for each of the common funds it manages, themanagement company must publish:– a simplified prospectus,– a full prospectus,– an annual report for each financial year, and– a semi-annual report covering the first six months of the financial year.(2) The annual and semi-annual reports must be published within the followingtime limits, with effect from the end of the periods to which they relate:– four months in the case of the annual report,– two months in the case of the semi-annual report.(3) The obligation to publish a simplified prospectus set out in paragraph (1) is notapplicable to UCIs subject to Part II and Part III of this law.(4) The obligation to publish a full prospectus within the meaning of this law shallnot apply to undertakings for collective investment of the closed-end type.Art. 110 (1) Both the simplified and the full prospectus must include the informationnecessary for investors to be able to make an informed judgment of theinvestment proposed to them, and, in particular, of the risks attached thereto.The full prospectus shall include a clear easily understandable description ofthe fund’s risk profile, irrespective of the instruments in which it invests.90 Caisse de Consignation91 le directoire58