The custody of the assets of an investment company in risk capital (société d’investissement en capital à risque - “SICAR”) must be entrusted to a Luxembourg depositary.
Under the scope of the amended law of 1993 on the financial sector, the depositary shall be:
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, the depositary may also be a depositary of assets other than financial instruments.
References: Articles 8(1), (2), (3) of the SICAR law; Management (SICAR), September 21, 2020, Bertrand Mariaux.
*Podcast #276:
*YouTube Video 265|:
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)