Investment Funds in Luxembourg

A technical guide - September 2018

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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 service providers in relation with the fund industry.


The 2018 version of Investment Funds in Luxembourg – a Technical Guide, has been updated to cover, among others, the following areas:

Click here for an overview of the updates: Investment Funds in Luxembourg - Updates 2018


Table of contents


1. Choosing an appropriate fund vehicle and operating model

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: structuring and reporting

12. Marketing

13. Stock exchange listing



Appendix I

Understanding UCIs

Appendix II

Key regulations and reference texts

Appendix III


Appendix IV

EY investment fund services