Investment Funds in Luxembourg

A technical guide - September 2015

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“The fund industry will have to deal with a number of significant headwinds in the near future. These include the much discussed expected increase in US interest rates, a cooling Chinese economy and volatile markets, a weak EU economy still dealing with Euro matters in addition to the potential fall-out from a range of potential political risks.” 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 Luxembourg services providers in relation with the fund industry.

The 2015 edition has been updated to cover recent legislation and regulation; it also outlines current and future developments.


Table of contents


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. Risk management and valuation

8. Administration

9. Depositary

10. Fund documentation and reporting


11. Expenses and taxation

12. Marketing

13. Stock exchange listing



Appendix I

Understanding UCIs

Appendix II

Key regulations and reference texts

Appendix III

Withholding Tax Rates Applicable to Luxembourg UCIs

Appendix IV


Appendix V

EY investment fund services