The central administration of a reserved alternative investment fund (“RAIF”) must be located in Luxembourg. A central administration agent may be appointed to act as a domiciliary agent, registrar and transfer agent. This agent may then keep the accounts and calculate the net asset value. A RAIF is then not required to have employees in its own premises. Other typical service providers include lawyers, portfolio managers, investment advisers, distributors, paying agents.
Safekeeping
The assets of a RAIF must be entrusted to a depositary for safe-keeping of assets. The depositary must either have its registered office in Luxembourg or have a branch there if its registered office is in another Member State of the European Union. The depositary must be a credit institution or an investment firm. the depositary may also be an entity governed by Luxembourg law which has the status of a professional depositary of assets other than financial instruments.
Auditing
RAIFs must have the accounting information given in their annual report audited by a licenced independent auditor (réviseur d’entreprises agréé).
References: Articles 1(1)§1, 5(1), 5(2), 5(3)§1, §2 and 43(1) §1 of the amended law of 23 July 2016 on RAIFs; Financial Reporting & Disclosure Obligations (RAIF), September 4, 2020, Bertrand Mariaux.
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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)