We briefly discussed safekeeping for a fund set up under Part II of the amended law of 17 December 2010 relating to undertakings for collective investment (a “UCI Part II Fund”). Let’s now continue to the other important administrative and professional services aspects that must be kept in mind when setting up a UCI Part II Fund.
First, the conducting officers (dirigeants) of the depositary and of the UCI Part II Fund must be of sufficiently good repute and have sufficient experience. Likewise, the directors (or the directors of the general partner) of the UCI Part II Fund must be of sufficiently good repute and have sufficient experience for performing their functions. The so-called: “Fit and Proper Test” (by the CSSF) takes place.
UCI Part II Fund must have the accounting information provided in their annual report audited by an approved statutory auditor (réviseur d’entreprises agréé). Service providers also include lawyers, domiciliation agents, management companies (portfolio and risk management...), investment advisers, distributors and paying agents.
Finally, the law states that a UCI Part II Fund shall be deemed to be established in Luxembourg if the registered office of the management company of the common fund or the registered office of the investment company is established in Luxembourg.
References: 129(5), 145(1)(re liquidators), 155(1) - PART V: GENERAL PROVISIONS APPLICABLE TO UCITS AND OTHER UCIS, 88 of the amended law of 17 December 2010 relating to undertakings for collective investment; How to set up a UCI Part II Fund, Luxembourg for Finance, January 2019; Safekeeping (UCI Part II Fund) October 18, 2020, Bertrand Mariaux.
Contributor: Cédric Buisine, Avocat
*Podcast #302:
*YouTube Video 291|:
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)