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Luxembourg Amended Collective Investment Law

 

 

Law of 20 December 2002 concerning the organizations of collective investment and modifying the Law of 12 February 1979 concerning the taxation on the added values

(Loi du 20 décembre 2002 concernant les organismes de placement collectif et modifiant la loi modifiée du 12 février 1979 concernant la taxe sur la valeur ajoutée)

[English Translation of the Content and Articles 1, 4, 16, 20, 23, 69, 95 and 109]

 

 

Introductory part        Definitions

 

Article 1

For the purpose of this law, the following terms shall be understood as follows:

[cc.]

              4) gthe CSSFh: the Financial Sector Supervising Commission [la Commission de Surveillance du Secteur Financier]

              21) gOPCh: organization of collective investment [organisme de placement collectif]

              22) gOPCVMh: organization of collective investment in movable securities [organisme de placement collectif en valeurs mobilieres] subject to the Directive 85/611/CEE.

[cc]

              24) gSICAVh: investment company with variable capital [societe dfinvestiessement a capital variable]

 

Part One                    OPCVM

              Chapter 1            General provisions and field of application

 

Article 4

An OPCVM shall be considered to be situated in Luxembourg if the statutory principal office of the fund management company or that of the investment company is located in Luxembourg.  The central administration must be situated in Luxembourg.

 

              Chapter 2            Mutual funds [fonds communs de placement] in movable securities

 

Article 16

Unless there is any stipulation contrary under the rule of management, the net assets of the mutual funds may be distributed within the limit of Article 23 of this law.

[cc]

Article 20

The management company and the custodian must, in the exercise of their respective functions, act in an independent manner and exclusively for the interests of the participants.

[cc]

Article 23

The net asset of the mutual funds may not be inferior to 1,250,000 euros.

This minimum must be attained within the period of 6 months from the approval of the mutual funds.

A regulation of Grand Duchy may determine this minimum a higher amount which shall not excel 2,500,000 euros.

 

              Chapter 3            SICAV in movable securities

              Chapter 4            Other investment companies in movable securities

              Chapter 5            Policy of investment of an OPCVM

              Chapter 6            OPCVM located in Luxembourg offering their shares in any other countries of European Union

              Chapter 7            OPCVM located in any other countries of European Union offering their shares in Luxembourg

 

Part Two                    Other OPC

 

              Chapter 8            Field of application

              Chapter 9            Mutual Funds

              Chapter 10          SICAV

 

Article 69

The SICAV in the meaning of this part shall be the companies which adopted a form of joint stock company under the law of Luxembourg,

-          whose only purpose is to invest their funds in securities for the purpose of dissevering the risks of investment and profit their investors from the results of their asset management, and

-          whose actions are oriented for investment in the public by public or private offers, and

-          whose charters stipulate that the amount of capital shall be always equal to the value of net asset of the company.

 

              Chapter 11          OPC which do not have legal forms of mutual funds or SICAV

 

Part Three                  Foreign OPC

 

              Chapter 12          General provisions and field of application

 

Part Four                   Approval of management companies

 

              Chapter 13          Management companies assuring the management of OPCVM relevant of the Directive 5/611/CEE

              Chapter 14          Other Luxembourg management companies of OPC

 

Part Five                   General provisions applicable to the OPCVM and other OPC

 

              Chapter 15          Approval

 

Article 95

The OPC which obtain their registration in the official register of OPC shall be exempt from implementation of the formalities intended for visa of the prospectus related to the public offers of movable securities.

 

Chapter 16          Supervising body

Chapter 17          Obligations concerning the information of the participants

 

Article 109

(1) The investment company and the management company shall, for each of the funds it manages, have to publish:

-          a simplified prospectus,

-          a complete prospectus,

-          an annual report per fiscal year, and

-          a semi-annual report covering the first six months of the fiscal year.

 

Chapter 18          Penalties

Chapter 19          Fiscal provisions

Chapter 20          Special provisions regarding the legal form

Chapter 21          Transitory provisions and repeals

 

Annex 1                            Scheme A

                                          Scheme B

                                          Scheme C

 

Annex 2

 

*This is just an unofficial translation of a part of the law.  For an original, complete text, visit the governmentfs site.

 

àList of Luxembourg Financial Laws in English

àList of Luxembourg Financial Laws in French

àSwiss Banking Laws

 

àPrivate Salon Conference for Hedge Funds

àTranslation of Fund Prospectus, Offering Memorandum, etc.

 

àBooks on Luxembourg [Business Law, Investment, etc.]

 

English Translations of Swiss Banking Laws

  Swiss National Bank Regulation  Swiss Banking Law  Swiss Money Laundering Ordinance

English Translations of Luxembourg Financial Laws

  Trust and Fiduciary Contracts Law  Amended Collective Investment Organization Law  Investment Services Law  Collective Investment Organization Law

 

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