On 21 February 2008, the Luxembourg government has introduced a draft law aimed to make more attractive the SICAR vehicle to private equity and venture capital investors. Brief overview of the main changes proposed in the draft law: introduction of possibility to create multiple compartments (as is already the case for…
Investment Management
30 April 2008
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15 November 2007
130/30 funds in Luxembourg
Alfi (Luxembourg Association of Investment Funds) has announced that the fund industry has been facing a strong demand for so called 130/30 funds which allocate 100% of their NAV to long positions and short sell securities to the value of 30% of their NAV. The proceeds from the short sale are usually used to acquire [...]
10 October 2007
CSSF circular – financial information to be provided by specialized investment funds
The CSSF has issued circular 07/310 of 3 August 2007 which specifies the drawing-up and communication of financial information that specialized investment funds are requested to submit to the CSSF. This information which be drawn up on a monthly and yearly basis respectively, will be used by the CSSF for statistical purposes…
8 August 2007
CSSF Risk spreading guidelines for SIFs
On 3 August 2007, the CSSF (Luxembourg regulator) issued a circular letter 07/309 (the “Circular”) containing guidelines on the principle of risk spreading as laid out in article 1 of the Law of 13th February 2007 on specialized investment funds (the “SIF Law”). Article 1 of the SIF law provides that: “For the…
20 February 2007
Luxembourg parliament adopted a law replacing the 1991 law on UCIs
On 13th February 2007, the Luxembourg parliament adopted a law replacing the 1991 law on UCIs (undertakings of collective investment) dedicated to institutional investors. The law provides a more flexible framework for specialized investment funds. We set out hereunder the most important changes: no need to be set…
21 August 2006
CSSF – guidelines on the concept of risk capital for SICARs
On 5 April 2006, the CSSF issued a circular letter (06/41) (the “Circular”) containing guidelines and clarifications on the criteria applied by the CSSF when assessing whether a project is eligible under the SICAR law or not. We refer to the section client memorandums on our website for an outline of the SICAR law,…
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