law of 20 December 2002 - Alfi

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Chapter E. Rules concerning the depositary of a Luxembourg UCI… ………………… 105I. Conditions of admission to the activity of the depositary… …………… 105II. General mission of the depositary………………………………………… 105III. Specific duties of the depositary………………………………………… 106IV. Liability of the depositary…………………………………………………… 108Chapter F.Chapter G.Rules applicable to UCITS governed by Part I of the law of30 March 1988… ……………………………………………………………… 110I. Intervals at which the issue and redemption prices must be determined… 110II. Redemption by UCITS of their units or shares… ……………………… 110III. Requirements in respect of the constitution of assets… ……………… 110IV. Borrowings…………………………………………………………………… 112v. Method of calculation of the investment limits provided for by Chapter5 of the law of 30 March 1988… ………………………………………… 112Rules applicable to UCITS subject to Part II of the law of30 March 1988… ……………………………………………………………… 113I. Intervals at which the issue and redemption prices must be determined… 113II. Investment limits… ………………………………………………………… 113III. Borrowings…………………………………………………………………… 114IV. Provisions applicable to UCITS which are subject to Chapter 11 of thelaw of 30 March 1988… …………………………………………………… 114Chapter H. Rules applicable to all UCITS… ……………………………………………… 115I. Techniques and instruments relating to transferable securities… …… 115II. Techniques and instruments intended to hedge currency risks to whichUCITS are exposed in the management of their assets andliabilities……………………………………………………………………… 119Chapter I. Rules applicable to UCIs other than UCITS… ……………………………… 120I. Rules of the particular regime applicable to UCIs the principal objectof which is the investment in venture capital… ………………………… 120II. Rules of the particular regime applicable to UCIs the principal objectof which is the investment in futures contracts (commodity futures and/or financial futures) and/or in options… ………………………………… 122III. Rules of the particular regime applicable to UCIs the principal objectof which is the investment in real estate assets… ……………………… 123Chapter J. Rules applicable to multiple compartment UCIs… ………………………… 127I. General principle… ………………………………………………………… 127II. Common funds……………………………………………………………… 127III. Investment companies… ………………………………………………… 128IV. Common rules to all multiple compartment UCIs… …………………… 129Chapter K.Contents of the file in support of the application for authorisation ofUCIs… …………………………………………………………………………… 1305
Chapter L. Information and advertisement documents intended for investors………… 131I. Prospectus………………………………………………………………… 131II. Advertising documents… ………………………………………………… 132III. Financial reports… ………………………………………………………… 132IV. Use of the prospectus and periodical reports…………………………… 133Chapter M. Financial information intended for the CSSF and the Statec… ………… 135I. Content of the monthly and annual financial information… …………… 135II. Collection of data provided for by tables O 1.1., O 4.1. and O 4.2.……… 135III. Reference date……………………………………………………………… 136IV. Delay for transmission…………………………………………………… 136v. Currency used in the statement………………………………………… 136vI. Undertakings for collective investment with multiple compartments… 136vII. Identification number… …………………………………………………… 137vIII. Reference period…………………………………………………………… 137IX. Name of staff member…………………………………………………… 137X. Date of the first drawing-up of monthly and annual financial information… 137Chapter N. Rules applicable to management companies of common funds………… 138I. Information obligation of management companies vis-à-vis the CSSF… 138II. Authorisation of the shareholders of a management company……… 138Chapter O. Marketing rules applicable in Luxembourg…………………………………… 139Chapter P.Appendix:Obligation of UCIs to inform the CSSF on the audit made by theauditor… ………………………………………………………………………… 140Monthly financial information concerning undertakings forcollective investment… ………………………………………………………… 141CSSF CIRCULAR 02/77 OF 27 NOVEMBER 2002 CONCERNING THEPROTECTION OF INVESTORS IN CASE OF NAV CALCULATION ERROR ANDCORRECTION OF THE CONSEQUENCES RESULTING FROM NON-COMPLIANCEWITH THE INVESTMENT RULES APPLICABLE TO UNDERTAKINGS FORCOLLECTIVE INVESTMENT… ……………………………………………………………… 142CSSF CIRCULAR 02/80 OF 5 DECEMBER 2002 CONCERNING THESPECIFIC RULES APPLICABLE TO LUXEMBOURG UNDERTAKINGS FORCOLLECTIVE INVESTMENT (“UCIS”) PURSUING ALTERNATIVE INVESTMENTSTRATEGIES… ………………………………………………………………………………… 152CSSF CIRCULAR 02/81 OF 6 DECEMBER 2002 RELATING TO THE GUIDELINESCONCERNING THE TASK OF AUDITORS OF UNDERTAKINGS FOR COLLECTIVEINVESTMENT… ………………………………………………………………………………… 159CSSF CIRCULAR 03/87 OF 21 JANUARY 2003 CONCERNING THE COMING INTOFORCE OF THE LAW OF 20 DECEMBER 2002 RELATING TO UNDERTAKINGSFOR COLLECTIVE INVESTMENT… ………………………………………………………… 1756
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 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 50 and 51: ) a programme of operations stating
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
Page 146 and 147:
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
Page 174 and 175:
- 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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