8/8/2019 BCEE SIF EN JAN 2008 (1)
1/2
The Luxembourg Specialized Investment Fund (SIF)
What is a SIF?
With the February 13, 2007 law (SIF Law), Luxembourg established
the legal ramework or an investmentvehicle, which primarily ulls
the needs o institutional investors. Under certain conditions
however, thelaw also permits individuals to invest in a SIF.
What advantage does a SIF oer?
The SIF is a regulated investment vehicle under the control o
the Luxembourg authority or thesupervision o the nancial sector
(CSSF). Compared to a common retail und, the SIF especially diers
inthe ollowing areas:
n higher fexibility in the investment policy and underlying
assets;n extended choice o the legal orm;n aster set-up process and
authorisation in Luxembourg;n
lower costs and lower taxation in Luxembourg.
Banque et Caisse dEpargne de lEtat, Luxembourg (BCEE) is willing
to actively assist you in your decisionmaking process and in the
setting up o a tailor-made investment vehicle.
Which kind o investors may hold a SIF?
Investments in a SIF may only be made by well-inormed investors
in the sense o the SIF Law. Theseare:
a) institutional investors and proessional investors,
b) any other investor, who has conrmed in writing that he
adheres to the status o well-inormed investor,andi. he invests at
least EUR 125,000 in the SIF, orii. he has been the subject o an
assessment made by a credit institution, by an investment rm or
by
a management company certiying his expertise, his experience and
his knowledge in adequatelyappraising an investment in the SIF.
What about the setting up o a SIF?
The setting-up o a SIF involves the ollowing two steps:
n the set-up o the investment company (SICAV) or the set-up o
the common und (FCP);n the approval by the CSSF.
In order to be able to start its operations, a SIF needs to be
authorized by the CSSF. The application orauthorization o a SIF
must be led with the CSSF at the latest within the month ollowing
its constitutionor its ormation.
BCEE oers you both the setting-up o a SIF as a one-stop-shop and
the coordination services withdierent service providers.
How is a SIF taxed in Luxembourg?
Beside a low unique capital tax at the setting-up, a SIF
supports an annual subscription tax whose maximumrate does not
exceed 0.01 percent o the average net assets o the und.
8/8/2019 BCEE SIF EN JAN 2008 (1)
2/2
What kind o services does a SIF require?
A SIF must have its head oce in Luxembourg. This may include the
ollowing services:
ndomiciliation and governance services;n bookkeeping and net
asset value calculation, preparation o the annual reports and the
reporting to
the CSSF;n transer agent and registrar unctions
In addition, assets o a SIF must be held with a Luxembourg
custodian bank.
The portolio management o a SIF may be delegated to a oreign
company.
BCEE oers you the whole range o required services as a
one-stop-shop. You will be assigned adedicated client relationship
manager to assist you with the range o procedures as well as to
coordinateand monitor the provided services.
Which selection criteria are relevant when choosing a service
provider?
The custodian bank being responsible or the saekeeping o the
assets o the SIF, its reputation and nancialstrength are most
important in protecting the interests o the investors.
The central administration should have cost-reducing automated
processes in place in order to minimize anyrisks o errors, as well
as the fexibility to serve specic customer needs.
The rating agency Moodys has awarded BCEE as one o the ew
European banks with its highest rating(Aaa). BCEE is an independent
bank with its decision-making organs located directly in
Luxembourg. Adedicated investment unds team with multilingual and
experienced employees is ready to service you,your distributors and
your investors.
BCEE oers bookkeeping services or unds, net asset value
calculation, as well as register and transeragency services in
cooperation with its joint-venture European Fund Administration
S.A. (EFA). Withover 800 net asset value calculations a day as well
as over 2,200 sub-unds under administration, EFA isa market-leader
o investment und administration in Luxembourg.
BCEE and EFA use ully automated and parametrizable systems,
which, associated with highly qualifedand experienced sta, allow to
serve your specifc needs.
Do you have urther questions regarding the investment unds in
Luxembourg?
Would you like to be advised on your specifc investment und
project and would you like to
receive a cost estimate or the required services?
Please do not hesitate to contact us.
Julien SCHROEDER, Head o Business Development Dzemal TOMIC,
Business DevelopmentTel.: (+352) 4015 3260 Fax: (+352) 4015 3261
Tel.: (+352) 4015 3274 Fax: (+352) 4015 3261E-mail:
[email protected] E-mail: [email protected]
Banque et Caisse dEpargne de lEtat, Luxembourg, Etablissement
Public AutonomeSige Central: 1, Place de Metz L-2954 Luxembourg,
BIC: BCEELULL, R.C.S. Luxembourg B 30775, www.bcee.lu
01/08/500???
