Specialised investment funds (“SIFs”) must be authorised by the financial regulator (the Commission de Surveillance du Secteur Financier - the “CSSF”). A SIF shall be authorised only if the CSSF has approved its constitutive documents and the choice of the depositary. SIFs must submit their offering document and any amendments thereto, as well as their annual report, to the CSSF.
The CSSF supervises a SIF on an ongoing basis, which is subject to regular reporting requirements.
The CSSF levies a fee for the authorisation and supervision and keeps an official list of authorised SIFs. Lawyers or bankers are generally involved in the submission of the application to the CSSF.
References: Articles 42(1), (2) and 43(1) of the amended law on SIF of 13 February 2007; Grand-ducal Regulation of 21 December 2017 relating to the fees to be levied by the Commission de Surveillance du Secteur Financier; Which Legal Forms May take the SIF? September 28, 2020, Bertrand Mariaux.
Contributor: Cédric Buisine, Avocat
Editor: Hannah Seulgee Jung
*Podcast #283:
*YouTube Video 272|:
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)