Luxembourg Regulated Investment Vehicles - Alfi

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15SIF SICAR Securitization vehicle – regulatedAssets are to be valued at fair valueto be determined in compliance withthe rules detailed in the Articles orManagement Regulations.Audited annual report is requiredwithin 6 months of the year-end.No semi-annual report is required.If a closed-ended SIF is listed on anEU regulated market the deadlinesmay be shorter.Annual reportLux GAAP only, i.e. provisions of thelaw of 19 December 2002 except for :• The content and layout of theannual report.• The valuation of assets which isruled by articles 9, 28§4, 40§1 ofthe SIF law.Semi-annual reportNot requiredAssets are to be valued at fair value tobe determined in compliance with therules detailed in the Articles.Audited annual report is requiredwithin 6 months of the year-end.No semi-annual report is required.If the entity has securities listed onan EU regulated market the deadlinesmay be shorter.Annual reportLux GAAP only, i.e. provisions of thelaw of 19 December 2002 except forthe valuation of assets which is ruledby article 5§3 of the SICAR law.Semi-annual reportNot requiredSecuritization fundValuation of assets is made on thebasis of the realizable value estimatedin good faith unless providedfor differently in the Articles orManagement Regulations.Securitization companyValuation of assets is made at thelower of acquisition cost or marketvalue or at acquisition cost less anypermanent impairment considered bythe Board of Directors.Securitization fundSame requirements as for the FCP.Securitization companyAudited annual report is required atyear-end. It must be available 15 daysbefore the Annual General meetingof shareholders and filed with theRegistrar within 7 months of the yearend.No semi-annual report is required.If the entity has securities listed onan EU regulated market the deadlinesmay be shorter.Annual reportSecuritization fundLux GAAP only, i.e. provisions of thelaw of 19 December 2002 except for :• The content and layout of theannual report.• The valuation of assets which isruled by articles 9§3, 28§4, 40, 71,75§5 of the Fund law.Securitization companyLux GAAP only, i.e. provisions of thelaw of 19 December 2002.
Reporting requirements16Other reportsConsolidationIFRSPart I Fund (UCITS)Long-form report to be issued by theauditor with the annual report inaccordance with CSSF Circular 02/81.No exemption granted – normallynot required due to diversificationrequirements.Annual accounts• SICAV / SICAFIFRS allowed upon request to the“Commission des Normes Comptables”.• FCPIFRS allowed if provided for in theprospectus approved by the CSSF.Part II Fund (UCI)Long-form report to be issued by theauditor with the annual report inaccordance with CSSF Circular 02/81.No exemption granted.Annual accounts• SICAV / SICAFIFRS allowed upon request to the“Commission des Normes Comptables”.• FCPIFRS allowed if provided for in theprospectus approved by the CSSF.Consolidated accountsIFRS is mandatory if the company is listedin accordance with the EU regulation1606/2002.Consolidated accountsIFRS is mandatory if the company is listedin accordance with the EU regulation1606/2002.
Page 1 and 2: Luxembourg RegulatedInvestment Vehi
Page 3 and 4: Executive summary2ALFI is pleased t
Page 5 and 6: Legal and regulatory requirements4P
Page 7 and 8: Legal and regulatory requirements6S
Page 9 and 10: Shareholding8Part I Fund (UCITS)Par
Page 11 and 12: Shareholding10Issue of shares / uni
Page 13 and 14: Reporting requirements12Prospectus
Page 15: Reporting requirements14Valuation p
Page 19 and 20: Approval and supervision18Part I Fu
Page 21 and 22: Taxation20Part I Fund (UCITS)Part I
Page 23 and 24: Glossary of terms22ArticlesArticles
Page 25 and 26: 24The Association of theLuxembourg
Page 27: alfi | association of the B.P. 206

Luxembourg Regulated Investment Vehicles - Alfi

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