We discussed safekeeping and the depositary when it comes to a specialised investment fund (“SIF”). Let’s now continue to the other important administrative and professional services aspects that must be kept in mind when setting up a SIF. The law states that the directors of the SIF must be of sufficiently good repute and have sufficient experience for performing their functions (the so-called: “Fit and Proper Test” as conducted by the CSSF). The law also says that SIFs 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, SIFs shall be deemed to be situated in Luxembourg if:
the registered office of the management company of the common fund is situated in Luxembourg; or if,
the registered office of the investment company is situated in Luxembourg (and the registered office of the general partner of the investment company if applicable).
References: 55(1), 42(3)§1 and 3 of the amended law on SIF of 13 February 2007; Safekeeping (SIF) October 6, 2020, Bertrand Mariaux.
Contributor: Cédric Buisine, Avocat
Editor: Hannah Seulgee Jung
*Podcast #290:
*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)