23Well-informed investor A well-informed investor must be either :• An institutional investor:Undertakings and organizations that manage an important amount of funds and assets.This concept covers inter alia credit institutions and other financial sector professionals,insurance and re-insurance undertakings, welfare institutions and pension funds, industrialand financial groups and structures put in place by these entities to manage an importantamount of funds and assets.• Or a professional investorAny professional investor within the meaning of Annex II to the Directive 2004/39 onmarkets in financial instruments.• Or an investor who has adhered in writing to the status of well-informed investor andcomplies with one of the following conditions:- he invests at least 125,000 in the fund /company,- his expertise is confirmed by a banking institution as defined in Directive 2006/48/EC,by an investment firm as defined in Directive 2004/39/EC or bya management company as defined in Directive 2001/107/EC.SASociété Anonyme (public limited company).SàrlSociété à Responsabilité Limitée (private limited company).SCASociété en Commandite par Actions (partnership limited by shares).SCoSASociété Coopérative organisée comme une Société Anonyme(cooperative company organized as a public limited company).SCSSociété en Commandite Simple (limited partnership).SICAFSociété d’Investissement à Capital Fixe (investment company with fixed capital).SICARSociété d’Investissement en Capital à Risque (investment company in risk capital).SICAVSociété d’Investissement à Capital Variable (investment company with variable capital).SIF Specialised investment fund, compliant with the law of 13 February 2007.UCITSUndertakings for Collective <strong>Investment</strong>s in Transferable Securities.
24The Association of the<strong>Luxembourg</strong> Fund Industry(ALFI), the representativebody for the <strong>Luxembourg</strong>investment fund community,was founded in 1988.Today it brings together the interests ofover a thousand <strong>Luxembourg</strong>-domiciledinvestment funds, asset managementcompanies, and more than 190 companiesactive in the <strong>Luxembourg</strong> fund industry.These represent a wide variety of serviceproviders, including depositary banks, fundadministrators, transfer agents, distributors,law firms, consultants, tax advisers, auditorsand accountants, specialist IT providersandcommunications agencies.<strong>Luxembourg</strong> is the largest fund domicilein Europe and its investment fund industryis a world leader in cross-border funddistribution. <strong>Luxembourg</strong>-domiciledinvestment structures are distributed inover 50 countries around the globe, witha particular focus on Europe, Asia, LatinAmerica and the Middle East.ALFI defines its mission asto “Lead industry effortsto make <strong>Luxembourg</strong>the most attractiveinternational centre”.Our main objectives are to:• Help members capitaliseon industry trendsALFI’s many technical committees andworking groups constantly review andanalyse developments worldwide, as well aslegal and regulatory changes in <strong>Luxembourg</strong>,the EU and beyond, to identify threats andopportunities for the <strong>Luxembourg</strong> fundindustry.• Shape regulationAn up-to-date, innovative legal and fiscalenvironment is critical to defend and improve<strong>Luxembourg</strong>’s competitive position as acentre for the domiciliation, administrationand distribution of investment funds. Strongrelationships with regulatory authorities,the government and enable ALFI to makean effective contribution to decision-makingthrough relevant input on changes to theregulatory framework, implementation ofEuropean directives and regulation of newproducts or services.• Foster dedication to professionalstandards, integrity and qualityInvestor trust is essential for success incollective investment services, and ALFI thusdoes all it can to promote high professionalstandards, quality products and services,and integrity. Action in this area includesorganizing training at all levels, definingcodes of conduct, promoting transparencyand good corporate governance, andsupporting initiatives to combat moneylaundering.• Promote the <strong>Luxembourg</strong>investment fund industryALFI actively promotes the <strong>Luxembourg</strong>investment fund industry, its products and itsservices. We represent the sector in economicand financial missions organised by the<strong>Luxembourg</strong> government around the worldand take an active part in meetings of theglobal fund industry.For more information, visit our website atwww.alfi .lu