Comparison Table of Luxembourg Investment Vehicles Chevalier Sciales 6 PDF

November 2018
Comparison table of Luxembourg

investment vehicles //
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chevalier & sciales // comparison table of luxembourg investment vehicles
Comparison table of Luxembourg investment vehicles //
This table shows at a glance the most important features of the Luxembourg investment funds and taxation.
vehicles. It includes UCITS, Part II funds, SIFs, SICARs, RAIFs, SPFs, securitisation Hereunder we provide you with an overview of the Luxembourg fund industry’s figures
vehicles, unregulated common and special limited partnerships (SCS/SCSp) as well as for regulated vehicles (source CSSF as at 30 September 2018).
ordinary Luxembourg companies (soparfis). It covers aspects such as eligible investors
and assets, AIFMD status, regulatory oversight, service provider requirements, sub-
Number of funds: Assets under management (billion EUR)

R
SICA
II
UCITS
rt
Pa
SIF
276
SI
29 By category
SIF (1618)
F
II
6
rt
1548
Pa
UCITS (Part I 2010 Law) (1895) R
SICA
3574
Part II (2010 Law) (346)
SICAR (280) 506 147 51
billion EUR
18
S
29
I T
U C
3
© 2018 chevalier & sciales
Regulated Lightly Regulated Unregulated

Unregulated
Ordinary Luxembourg
UCITS Part II UCI SIF SICAR RAIF SPF Securitisation vehicle SCS / SCSp
company
Applicable Law of 17 December Law of 17 December Law of 13 February Law of 15 June 2004 Law of 23 July 2016 Law of 11 May 2007 Law of 22 March 2004 Law of 10 August Law of 10 August
legislation 2010 - Part I 2010 - Part II 2007 (“SICAR Law”) (“RAIF Law”) (“SPF Law”) (“Securitisation Law”) 1915 1915
(“UCITS Law”) (“UCI Law”) (“SIF Law”) (“Company Law”) (“Company Law”)
Authorisation Yes. Yes. Yes. Yes. No. No. No (unless continuous No. No.
and issues of securities to
supervision the public).
by the CSSF
Qualification No. Always an AIF. Yes, unless exempt. Yes, unless exempt. Always an AIF. In principle, no No, in case Non-AIF, unless Non-AIF, unless
as an AIF It is exempt if it does It is exempt if it does (as it would not • such vehicle activities fall within the activities fall within the
not raise capital not raise capital be considered as meets the definition of scope of article 1 (39) scope of article 1 (39)
from a number of from a number of “raising” capital from “securitisation special of the AIFM Law. of the AIFM Law.
investors, with a investors, with a a number of investors purpose vehicle or
view to investing it view to investing it as the structure securitisation SPV”
in accordance with a in accordance with a generally serves for under the AIFM Law;
defined investment defined investment the investment of the
policy for the benefit policy for the benefit private wealth of a • it issues
of those investors. of those investors. “pre-existing group” collateralised debt
(as defined in the obligations;
Esma guidelines on • it only issues debt
key concepts of the instruments;
AIFMD)).
• such entity is not
managed according to
an investment policy
within the meaning of
the AIFM Law.
Exemption Not applicable. Possible. Possible. Possible. No. Not applicable. Possible. Possible. Possible.
from AIFMD
full regime
under lighter
regime
(AIFMD
registration
regime)
External Not applicable. Required in case the Required in case the Required in case the Always required. Not applicable. Required in case the Required in case the Required in case the
authorised entity is an AIF that entity is an AIF that entity is an AIF that entity is an AIF that entity is an AIF that entity is an AIF that
AIFM is not self-managed is not self-managed is not self-managed is not self-managed is not self-managed is not self-managed
requirement and above the AIFMD and above the AIFMD and above the AIFMD and above the AIFMD and above the AIFMD and above the AIFMD
threshold. threshold. threshold. threshold. threshold. threshold.
4

Unregulated
Ordinary Luxembourg
company
Eligible Unrestricted. Unrestricted. Well-informed Well-informed Well-informed Restricted to: Unrestricted. Unrestricted. Unrestricted.
investors investors. investors. investors.
• natural persons
acting in the context
of the management of
their personal wealth;
• management
entities acting solely
in the interest of
the private wealth
(e.g. trusts, private
foundations); and
• intermediaries
acting for the
account of the above
mentioned eligible
investors (e.g. bank
acting under a
fiduciary agreement).
Eligible Restricted to Unrestricted. Unrestricted. Restricted to Unrestricted, unless it Restricted to Unrestricted. Unrestricted. Unrestricted.
assets transferable securities The investment investments invests in a portfolio acquisition, detention, Securitisation of any
admitted or dealt on objective and strategy in securities of risk capital (such as management and kind of risks relating
a regulated market, of the fund is subject representing risk a Sicar). realisation of financial to claims, other
investment funds, to the prior approval capital. assets. assets, or obligations
financial derivative of the CSSF. The SPF is not assumed by third
instruments, cash According to the allowed to carry out parties or inherent
and money market CSSF Circular commercial activities to all or part of the
instruments that are 06/241, investment or to hold directly real activities of third
in compliance with in risk capital is to estate (except for its parties.
article 41 of the Ucits be understood as own use or through its
law and the relevant the direct or indirect participations).
EU directives and contribution of assets
regulations. to entities in view of
their launch, their
Please note that the development or their
eligibility of the asset listing on a stock
must be ascertained exchange.
on a case-by-case
basis in view of the
applicable laws and The SICAR is not
regulatory practice. allowed to invest
directly in real estate
(except for its own
use or through its
participations).
5

Unregulated
Ordinary Luxembourg
company
Risk Risk diversification Risk diversification Risk diversification No risk diversification Risk diversification No risk diversification No risk diversification No risk diversification No risk diversification
diversification requirements are requirements are requirements are requirements. requirements are requirements. requirements. requirements. requirements.
requirements provided by articles defined by IML defined by CSSF aligned with those
42 et seq. of the Circular 91/75 (as Circular n° 07/309. applicable to SIFs,
UCITS Law, e.g. (not amended by CSSF Such requirements unless the RAIF
exhaustive): Circular n° 05/177). are less stringent than chooses to invest
• a UCITS may Such requirements the ones applicable to in risk capital only
not invest more than are less stringent than UCITS and UCI. and such choice
10% of its assets in the ones applicable to In particular, a SIF is mentioned in
transferable securities UCITS. is not allowed to its constitutive
or money market In particular, a UCI invest more than 30% documents.
instruments issued by is not allowed to of its net assets in
the same body; invest more than 20% securities of the same
of its net assets in type issued by the
• a UCITS may securities issued by same issuer.
not invest more than any one issuer.
20% of its net assets Specific restrictions
in deposits made with concerning funds
the same body; adopting an
• the global alternative investment
exposure relating to strategy are contained
derivative instruments in CSSF Circular n°
does not exceed the 02/80.
total net value of the
UCITS portfolio.
Legal Form • FCP • FCP • FCP • SA • FCP • SA A securitisation • SCS • SA, Sàrl, SCA
vehicle may be set
• SICAV (SA) • SICAV (SA) • SICAV (SA, Sàrl, • Sàrl • SICAV (SA, Sàrl, • Sàrl up in the form of a • SCSp • SAS
SCA, SCoSA, SCS, SCA, SCoSA, SCS, company (SA, Sàrl,
• SICAF (SA,SCA) • SICAF (SA, Sàrl, SCSp) • SCA SCSp) • SCA • SCoSA
SCA, SCS, SCSp) SCA, SCoSA) or a
All of these entities • SICAF (SA, Sàrl, • SCS • SICAF (SA, Sàrl, • SCoSA fund consisting of • SCS
must be open-ended. The entities may SCA, SCoSA, SCS, SCA, SCoSA, SCS, one or several co-
be open-ended or • SCSp ownerships or one • SCSp
SCSp) SCSp)
closed-ended. or several fiduciary
• SCoSA
The entities may The entities may estates and managed
be open-ended or The entities may be open-ended or by a management
closed-ended. be open-ended or closed-ended. company.
closed-ended.
Umbrella Yes. Yes. Yes. Yes. Yes. No. Yes. No. No.
structure
6

Unregulated
Ordinary Luxembourg
company
Capital • FCP: • FCP: EUR 1,250,000 to be EUR 1,000,000 to be • FCP: Depends on the form: If the securitisation No minimum capital Depends on the form:
requirements EUR 1,250,000 to be EUR 1,250,000 to be reached no later than reached no later than EUR 1,250,000 to • SA / SCA: EUR vehicle is set up as a requirement • SA / SCA: EUR
reached no later than reached no later than 12 months following 12 months following be reached within 30,000 company, it depends 30,000
6 months following the 6 months following the the authorisation by the auhorisation by 12 months from the on the form:
authorisation by the authorisation by the the CSSF. the CSSF. entry into force of • Sàrl: EUR 12,000 • SA / SCA: EUR • Sàrl: EUR 12,000
CSSF. CSSF. the management • SCoSA: no 30,000 No minimum capital
regulations. minimum capital requirement for other
• Self managed • Self managed • Sàrl: EUR 12,000
SICAV / SICAF: SICAV / SICAF: • SICAV: legal forms.
EUR 300,000 at the EUR 300,000 at the EUR 1,250,000 to If the securitisation
date of authorisation date of authorisation be reached within vehicle is set up as
and EUR 1,250,000 and EUR 1,250,000 12 months from the a fund, there is no
within 6 months within 6 months incorporation of the minimum capital
following its following its SICAV. requirement.
authorisation. authorisation.
Required • Management • Management • Management • Depositary bank • Management Registered auditor in • Alternative For SCS: Registered auditor in
service company in case of company in case of company in case of or professional of company in case of principle not required Investment Fund • Alternative principle not required
providers an FCP. an FCP. an FCP. the financial sector an FCP. unless two of the Manager (if the Investment Fund unless the company
providing depositary following criteria are securitisation vehicle Manager (if the SCS is an AIF managed
• Depositary • Depositary • Depositary bank services, subject to • Depositary bank met: (i) net turnover qualifies as an AIF). qualifies as an AIF). by an AIFM with AUM
institution. institution. or professional of conditions. or professional of above EUR 8.8 above the threshold
the financial sector the financial sector million, (ii) balance • Management • No requirement or two of the following
• Administrative • Administrative providing depositary • Administrative providing depositary company (if the to appoint a
agent. agent. sheet above EUR criteria are met: (i)
services, subject to agent. services, subject to 4.4 million and (iii) securitisation vehicle depositary (except net turnover above
• Registrar and • Registrar and conditions. conditions. average number of is set up in the form of if the SCS qualifies EUR 8.8 million, (ii)
• Registrar and a fund). as an AIF and is
Transfer Agent. Transfer Agent. • Administrative Transfer Agent. • Administrative employees above 50. balance sheet above
However, depending managed by a duly EUR 4.4 million and
• Approved • Approved agent. agent. • Independent authorised AIFM).
• Approved on the legal form auditor. (iii) average number
statutory auditor. statutory auditor. • Registrar and statutory auditor. • Registrar and of the company, of employees above
Transfer Agent. Transfer Agent. there may be an • No depository For SCSp: 50.
obligation to appoint institution (unless for • Alternative However, depending
• Approved • Approved a commissaire aux regulated securisation on the legal form
statutory auditor. statutory auditor. Investment Fund
comptes. vehicles). Manager (if the SCSp of the company,
qualifies as an AIF). there may be an
• No administrative obligation to appoint
agent. • No requirement a commissaire aux
to appoint a comptes.
depositary (except if
the SCSp qualifies
as an AIF and is
managed by a duly
authorised AIFM).
Possibility of Yes. Yes. Yes. Yes, but difficult in Yes. No. No. In principle, no. The Yes.
listing practice. SCS/SCSp may
however issue debt
securities that are
7
eligible to be listed on
the stock exchange.


Unregulated
Ordinary Luxembourg
company
European Yes. No, unless it falls No, unless it falls No, unless it falls Yes. No. No, unless it falls No, unless it falls No, unless it falls
passport under the scope of under the scope of under the scope of under the scope of under the scope of under the scope of
the full AIFMD regime. the full AIFMD regime. the full AIFMD regime. the full AIFMD regime. the full AIFMD regime. the full AIFMD regime.
Net asset The UCITS must The UCIs must make At least once a Not required. At least once a Not required. Not required. Not required. Not required.
value (NAV) make public the issue, public the issue, sale year for reporting year for reporting
calculation sale and repurchase and repurchase price purposes. purposes.
and price of their units of their units each
redemption each time they issue, time they issue, sell
frequency sell and repurchase and repurchase their
their units, and at units, and at least
least twice a month. once a month.
Overall No income tax. No income tax. No income tax. • General No income tax, unless No income tax. • General No corporate income General aggregate
income tax aggregate rate: investing only in risk aggregate rate tax applicable. rate: 26.01%, but
(corporate 26.01%. capital, then SICAR for securisation 100% exemption for
income tax tax regime applicable companies: 26.01%. Municipal business dividends, liquidation
and municipal In certain cases, tax of 6.75% proceeds and capital
business tax) reduced corporate applicable in very gains from qualifying
income tax rates may Securitisation vehicles limited circumstances, participations.
apply. Income derived should be able to namely in case the
from transferable deduct from their SCS/SCSp (i) carries
securities (e.g. gross profits their out a commercial
dividends received operational costs activity or (ii) is
and capital gains and the dividends or deemed to carry out
realised on the sale of interests distributed a commercial activity.
shares) is exempt. to the shareholders / A SCS/ SCSp is
Income on cash held creditors. deemed to carry out a
for the purpose of a Therefore securitisation commercial activity if
future investment is companies should not its general partner is a
also exempt (for one generate significant Luxembourg public or
year). taxable profits and private limited liability
should therefore to company holding
a large extent be tax at least 5% of the
neutral. partnership interests.
With a proper
structuring of the
GPs partnership
interest it should be
possible to avoid the
deemed commercial
characterisation of the
SCS/SCSp.
8

Unregulated
Ordinary Luxembourg
company
Subscription • Rate: 0.05% of • Rate: 0.05% of • Rate: 0.01% of No subscription tax. • Rate: 0.01% of Annual subscription No subscription tax. No subscription tax. No subscription tax.
tax the NAV annually. the NAV annually. the NAV annually. the NAV annually. tax of 0.25% on the
(NAV: net amount of paid up
asset value) • Reduction: • Reduction: • Tax exemptions: • Exemptions capital and issue
0.01% of the NAV 0.01% of the NAV certain money market apply. premium (if any).
annually in certain annually in certain and pension funds
specific cases. specific cases. or SIFs investing in
other funds which
• Tax exemptions: • Tax exemptions: are already subject to
special institutional special institutional subscription tax.
money market cash money market cash
funds, special pension funds, special pension
funds (including funds (including
pension pooling pension pooling
vehicles) and funds vehicles) and funds
investing in other investing in other
funds which are funds which are
already subject to already subject to
subscription tax. subscription tax.
Wealth tax No wealth tax. No wealth tax. No wealth tax. No wealth tax. No wealth tax. No wealth tax. No wealth tax. No wealth tax. 0.5% on the NAV on 1
January.
Since 2017, this

minimum net wealth
tax for holding and
finance companies
(known as the
Soparfis)—the fixed
financial assets,
intercompany loans,
transferable securities
and cash at bank of
which exceed both
90% of their gross
assets and EUR
350,000—is fixed at
EUR 4,815 per year.
The minimum net
wealth tax for all other
corporations has not
changed; in other
words, it is EUR 535
for companies with a
total balance sheet up
to EUR 350,000.
9

Unregulated
Ordinary Luxembourg
company
Withholding Not subject to Not subject to Not subject to Not subject to Not subject to Not subject to Not subject to Not subject to Dividends distributed
tax on withholding tax. withholding tax. withholding tax. withholding tax. withholding tax. withholding tax. withholding tax. withholding tax. by a Luxembourg
dividends company are in
principle subject to
withholding tax at a
rate of 15%, unless
a domestic law
exemption or a lower
tax treaty rate applies.
Benefit • SICAV/SICAF: • SICAV/SICAF: • SICAV/SICAF: Yes in case the • RAIFs investing No. Yes for securitisation No. Yes.
from Double Limited to certain Limited to certain Limited to certain SICAR is set-up as in a portfolfio of risk companies.
Tax Treaty double tax treaties double tax treaties double tax treaties a corporate entity capital (such as a
network (see circular L.G. (see circular L.G. (see circular L.G. (except if set-up SICAR)
-A n°61 of the tax -A n°61 of the tax -A n°61 of the tax under the form of a
administration of 8 administration of 8 administration of 8 SCS/SCSp). Access if set-up as
December 2017). December 2017). December 2017). a corporate entity
(except if set-up
• FCP: see circular • FCP: see circular • FCP: see circular under the form of a
L.G.-A n°61 of the tax L.G.-A n°61 of the tax L.G.-A n°61 of the tax SCS/SCSp).
administration of 8 administration of 8 administration of 8
December 2017. December 2017. December 2017. • RAIFs not
investing in a
portfolio of risk
capital (such as a
SICAR), but set-up
as:
SICAV / SICAF:
Limited to certain
double tax treaties
(see circular L.G.
-A n°61 of the tax
administration of 8
December 2017).
FCP: see circular

L.G.-A n°61 of the tax
administration of 8
December 2017.
Benefit from No. No. No. In principle yes, but No, unless RAIF that No. Yes. No. Yes.
the EU Parent certain jurisdictions invests in a portfolio
Subsidiary where the target of risk capital (such as
Directive companies are a SICAR).
located may
challenge the
application of the
directive.
10

Unregulated
Ordinary Luxembourg
company
Thin Borrowings of up to Borrowings of No debt-to-equity No debt-to-equity No debt-to-equity Tax of 0.25% on the No debt-to-equity No debt-to-equity No provision in
capitalization 10% of net assets to up to 25% of net ratio. ratio. ratio. debt that exceeds ratio. ratio. Luxembourg law.
rules (debt-to- finance redemptions assets without any 8 times the paid-up However there is a
equity ratio) (it should be a short restrictions are capital increased by specifi administrative
term borrowing allowed. the issue premium. practice.
and cannot be for
investment purposes)
or to buy real estate
for its business.
The total borrowing
under the above may
not exceed 15% of
net assets.
Practical use Highly regulated Investment funds Hedge funds, private Private equity and Hedge funds, private Individuals wishing • True sale Private equity, venture Holding and financing
vehicle which can be which could be equity and venture venture capital equity and venture to optimise their and synthetic capital and real estate activity, commercial
sold through a EU used for investment capital funds, transactions. capital funds, personal tax securitisations. investments and activity, holding of
passport to all types strategies that do real estate funds, real estate funds, planning (private any other alternative IP, etc.
of investors (such not meet the criteria infrastructure funds, infrastructure funds, wealth management • Securitisation investments.
as retail investors, set by the UCITS distressed debt funds, distressed debt funds, purposes). of a portfolio of
professional directives. Islamic finance funds, Islamic finance funds, securities.
investors, institutional microfinance funds, microfinance funds, • Securitisation
investors). socially responsible socially responsible as structure for intra
investment funds, investment funds, group financing
tangible assets funds tangible assets funds activities.
and any other type of and any other type of
alternative funds. alternative funds. • Securitisation of
non-performing loans.
• Securitisation of
leasing receivables.
11
Glossary of terms:
AIF: Alternative Investment Fund as defined by article 1 (39) of the AIFM Law, namely collective investment RAIF: Reserved alternative investment fund (fonds d’investissement alternatif réservé).
undertakings, including investment compartments thereof, which (a) raise capital from a number of investors, S.A.: Public limited liability company (société anonyme).
with a view to investing it in accordance with a defined investment policy for the benefit of those investors; S.à r.l.: Private limited liability company (société à responsabilité limitée).
and (b) do not require authorization pursuant to article 5 of Directive 2009/65/EC (i.e. UCITS). SAS: Simplified stock company (société par actions simplifiée).
AIFMD: Directive 2011/61/EU on alternative investment fund managers. S.C.A.: Corporate partnership limited by shares (société en commandite par actions).
AIFMD registration regime: An AIFM that wishes to make use of the registration regime must have assets SCoSA: Cooperative company organised as a public limited company (société cooperative organisée com-
under management of less than EUR 100 million, or EUR 500 million if it manages only funds closed for at me une société anonyme).
least 5 years not using leverage. SCS: Common limited partnership (société en commandite simple).
AIFM: A legal person whose regular business is managing one or more AIFs. SCSp : Special limited partnership (société en commandite spéciale).
AIFM Law: Luxembourg law of 12 July 2013 on alternative investment fund managers (transposing the AIFM SICAF: Investment company with fixed capital (société d’investissement à capital fixe).
directive into Luxembourg law). SICAR: Investment company in risk capital (société d’investissement en capital à risqué).
AIFM Law threshold: the thresholds provided for in article 3 (2) of the AIFM Law. SICAV: Investment company with variable capital (société d’investissement à capital variable).
CSSF: The Luxembourg Supervisory Authority of the Financial Sector (Commission de Surveillance du Sec- SIF: Specialised investment fund (fonds d’investissement spécialisé).
teur Financier). SPF: Private wealth management company (société de gestion de patrimoine familial).
Company Law: The Luxembourg law of 10th August 1915 on commercial companies, as amended from UCITS : Undertakings for collective investments in transferable securities.
time to time. Well-informed investors: A well-informed investor is an institutional investor, a professional investor or any
FCP: Common fund (fonds commun de placement). other investor who has stated in writing that s/he adheres to the status of well-informed investor and invests
Part II UCI: Undertaking for collective investment established under Part II of the Luxembourg law of 17 a minimum of 125,000 Euro in the SIF/SICAR/RAIF, as applicable, or has been subject of an assessment
December 2010. made by a credit institution, by an investment firm or by a management company certifying his/her expertise,
his/her experience and his/her knowledge to adequately appraise an investment in the SIF/SICAR/RAIF, as
applicable.
12
how can we assist you?

Our team:
• supports clients in finding the suitable investment vehicle to meet their requirements and goals from a For further information please contact:
marketing, regulatory, legal and tax perspective;
• introduces the client to the suitable service providers to meet their requirements (i.e. custodian bank,
AIFM, administrative agent, registrar and transfer agent and auditor);
• provides assistance with the establishment of UCITS and alternative investments funds (such as SIFs,
RAIFs, SICARs, common and special limited partnerships) (e.g. drafting of the PPM, assistance with the
olivier sciales rémi chevalier
incorporation of the fund and the general partner, regulatory filing with the CSSF);
Investment Management Finance & Capital Markets
Partner Partner
• provides assistance with respect to the migration of offshore funds to Luxembourg; Tel: +352 26 25 90 30 Tel: +352 26 25 90 30
oliviersciales@cs-avocats.lu remichevalier@cs-avocats.lu
• provides corporate support services throughout the lifetime of your fund (i.e. amendment of fund
documents, restructuring, launching or closing sub-funds, share classes, etc.);
• provides assistance with the change of service providers including custodian bank, fund administrator,
registrar and transfer agent or auditor);
• provides assistance with the listing of the units of the fund on the Luxembourg Stock Exchange’s
regulated or EURO MTF markets;
• provides support in the registration of the fund in other jurisdictions (in co-operation with local service
providers);
• provides advice on AIFMD related issues;
• provides advice to fund promoters on local private placement rules for marketing their funds in
Luxembourg;
• keeps the client up to date on new legal and regulatory developments.
13
Chevalier & Sciales is a Luxembourg law firm established in 2005 and specialising in the investment management,
banking and financial services industry. Our services cover all types of Luxembourg investment vehicles and advice
and assistance for entrepreneurs, investors, financial sector professionals and fund managers.
The firm’s practice, though exclusively focused on Luxembourg law, is global and multidisciplinary. Chevalier
& Sciales offers a comprehensive service covering all the key legal tax aspects of the investment process
from devising creative and tax-efficient investment structures to their complete implementation. Our team
of highly skilled lawyers, who have cross-disciplinary expertise and in-depth understanding of financial
markets, is responsive to clients’ requests and delivers accurate and practical advice.
Chevalier & Sciales is a Luxembourg law firm which is recommended and listed in the area of in-
vestment funds and banking, finance and capital markets in the Legal 500 directory.
LUXEMBOURG
36-38 Grand-Rue Tel : +352 26 25 90 30

L-1660 Luxembourg Fax : +352 26 25 83 88
Disclaimer
Grand Duchy of Luxembourg The information contained herein is of general nature and is not intended to address the circumstances of any particular individual or entity. Although we have taken care
when compiling this document, there can be no guarantee that such information is accurate at the date it is received or that it will continue to be accurate in the future. No
www.cs-avocats.lu // one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Chevalier & Sciales does not accept
any responsibility whatsoever for any consequences arising from the information in this publication being used.

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November 2018

Comparison table of Luxembourg

LEGAL 500 LEADERS LEAGUE

Comparison table of Luxembourg investment vehicles //

ordinary Luxembourg companies (soparfis). It covers aspects such as eligible investors

Number of funds: Assets under management (billion EUR)

Regulated Lightly Regulated Unregulated

Regulated Lightly Regulated Unregulated

Regulated Lightly Regulated Unregulated

Regulated Lightly Regulated Unregulated

© 2018 chevalier & sciales

Regulated Lightly Regulated Unregulated

Regulated Lightly Regulated Unregulated

Since 2017, this

Regulated Lightly Regulated Unregulated

FCP: see circular

Regulated Lightly Regulated Unregulated

how can we assist you?

marketing, regulatory, legal and tax perspective;

• provides advice on AIFMD related issues;

• keeps the client up to date on new legal and regulatory developments.

36-38 Grand-Rue Tel : +352 26 25 90 30

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