Luxembourg investment fund regulations and terms

1993 Law

of April 5, 1993 on the financial sector, as amended

2002 Law

of December 20, 2002 on undertakings for collective investment, as amended

2007 Law

of February 13, 2007 on specialised investment funds, as amended

Ucits directive

Council directive 85/611/EEC of December 20, 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (Ucits), as amended

EU Savings directive

Council directive 2003/48/EC on taxation of savings in the form of interest payments

Mifid directive

Directive 2004/39/EC of the European parliament and of the council of April 21, 2004 on markets in financial instruments

Regulation on eligible assets

Grand Ducal Regulation of February 8, 2008 relating to certain definitions of the law of 20 December 2002,  as amended, concerning undertakings for collective investment and implementing directive 2007/16/EC of the European Commission implementing Council directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (Ucits) as regards the clarification of certain definitions

Circular 91/75

of January 21, 1991 on the revision and remodelling of the rules to which Luxembourg undertakings governed by the law of 30 March 1988 on undertakings for collective investment (UCIs) are subject. The title of this circular has not been amended to take into account the fact that the law of March 30,1988 has been replaced by the 2002 law

Circular 02/80

of December 5, 2002 concerning the specific rules applicable to Luxembourg undertakings for collective investment (UCIs) pursuing alternative investment strategies

Circular 02/81

of December 6, 2002 concerning the task of auditors of undertakings for collective investment

Circular 03/88

of January 22, 2003 concerning the classification of undertakings for collective investment subject to the provisions of the law of 20 December 2002 relating to undertakings for collective investment

Circular 05/186

of May 25, 2005 concerning Luxembourg management companies subject to the provisions of chapter 13 of the law of 20 December 2002 relating to undertakings for collective investment, as well as self-managed investment companies subject to the provisions of article 27 or article 40 of the law of 20 December 2002 relating to undertakings for collective investment

Circular 07/308

of August 2, 2007 concerning the rules of conduct to be adopted by undertakings for collective investment in transferable securities with respect to the use of a method for the management of financial risks, as well as the use of financial derivative instruments

Circular 07/309

of August 3, 2007 concerning risk diversification in relation to specialised investment funds

Circular 08/356

of June 4, 2008 concerning the rules applicable to undertakings for collective investment when they employ certain techniques and instruments relating to transferable securities and money market instruments

CSSF

Commission de Surveillance du Secteur Financier (the Luxembourg supervisory authority of the financial sector)

FCP

Fonds Commun de Placement (common fund)

Sicav

Société d’investissement à capital variable (investment company with variable capital)

Sicaf

Société d’investissement à capital fixe (investment company with fixed capital)

SIF

Specialised investment fund, subject to the 2007 Law

UCI

Undertaking for collective investment, subject to Part II of the 2002 Law

Source: Association of the Luxembourg Fund Industry (Alfi).