Banner Investment Funds in Luxembourg 2014

Investment Funds in Luxembourg

A technical guide - September 2014

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“Managing the regulatory agenda continues to be an absolute focus, with huge attention and investment of time and resources by senior management. Their challenge is to ensure that regulation does not become an end in itself, eliminate entrepreneurship, create artificial barriers, reduce innovation or create the unrealistic expectation that we are going to create a “zero” risk environment for the future” Michael Ferguson

 

About this technical guide

The purpose of this technical guide is to provide, in a clear and concise format, an introduction to Luxembourg as a center for investment funds, the types of funds available and a summary of the regulations applicable to the formation and operation of Luxembourg investment funds. It also covers the regulations applicable to management companies and AIFM based in Luxembourg, and provisions applicable to other Luxembourg service providers.

The 2014 edition has been updated to cover recent legislation and regulation; it also outlines current and future developments in Luxembourg, the EU, the US and internationally.

 

Table of contents

Foreword

1. Luxembourg investment funds

2. UCI structures and specificities

3. Authorization, supervision, restructuring and liquidation

4. Investment rules

5. Governance and liability

6. Management of UCIs: management companies and AIFM

7. Portfolio management and advice

8. Risk management and valuation

9. Administration

10. Depositary

11. Fund documentation and reporting

 

12. Expenses and taxation

13. Marketing

14. Stock exchange listing

 

Appendices:

Appendix I

Understanding UCIs

Appendix II

Key regulations and reference texts

Appendix III

Withholding tax rates applicable to Luxembourg UCIs

Appendix IV

Glossary

Appendix V

EY wealth and asset management related publications

Appendix VI

EY investment funds services