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“KMG Sicav SIF has launched a platform for asset managers and advisers to create their own Sicav SIF funds, taking advantage of the regulatory structure of a Specialised Investment Fund together with the open-ended investment company vehicle that is widely used for both long-only retail funds and alternative investments.”
Hedge Week, 23 July

The new Law on Specialised Investment Funds (SIFs) offers:

  • Greater flexibility. The SIF law permits a wide range of asset class such as real estate, hedge funds, private equity, unlisted securities, commodities and leveraging.  The principle of risk spreading must be adhered to, but beyond that there are very few limitations regarding the eligible assets or the style of investment.
  • Broader sphere of investors. By including institutional, professional, sophisticated and ‘well informed’ investors the SIF law allows corporates, private banks, pension funds as well as family offices and private individuals to invest in a specialised investment fund.

Key principles of the SIF Law:

  • A structure that is suitable for all investment styles including both traditional and alternative investment products, Hedge Funds, Real Estate Funds, Private Equity Funds, etc.
  • Few investment restrictions and leverage rules.
  • No restrictions on use of prime brokers in the case of hedge funds
  • No distribution restrictions apart from the ‘well informed’ investor stipulation
  • No taxes at fund level on capital gains, profits or income in Luxembourg.  Distributions including the redemption of shares are not subject to the EU Savings Directive, hence there will be no liability to withholding tax. 
  • Access to Luxembourg’s taxation treaties
  • A more favourable regulatory regime. 
  • The segregated or protected cell concept applies.

CUSTODIAN Role and Responsibilities

A SIF must appoint a Luxembourg Custodian, whose role is that of a supervisor.  The Custodian should know at all times where the assets are and how they are invested.  Thus the Custodian should ensure that there is appropriate reporting in place to enable it to monitor how and where all assets deposited are held. 

The Custodian’s responsibility in relation to the appointment of a prime broker would include performance of certain due diligence procedures to ensure high reputation, appropriate experience and sufficient financial resource. 

The Custodian’s liability is limited to any loss suffered by the investors / shareholders which arises as a result of its failure to perform its obligations.

Download SIF Law February 2007

 


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