The custody of the assets of a specialised investment fund (“SIF”) must be entrusted to a Luxembourg depositary, as stated by the legislator.
Under the scope of the amended law of 1993 on the financial sector, the depositary, in general, shall be either:
a credit institution; or
an investment firm.
It is important to note that the investment firm must fulfill the attributes of an eligible depositary pursuant to the law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”).
Under certain conditions, other institutions may also act as depositary of assets other than financial instruments.
References: Article 16(1), (3)§1 and §2 of the amended law on SIF of 13 February 2007; Management (SIF), October 5, 2020, Bertrand Mariaux.
Contributor: Cédric Buisine, Avocat
Editor: Hannah Seulgee Jung
*Podcast #289:
*YouTube Video 278|:
Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)
Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)