Luxembourg Regulated Investment Vehicles - Alfi

5SIF SICAR Securitization vehicle – regulatedLaw of 13 February 2007(“SIF law”).Law of 15 June 2004(“SICAR law”).Law of 22 March 2004(“Law on Securitization”).Unrestricted.Risk diversification requirements aredetailed in CSSF Circular 07/309and are less stringent than the onesin application for part I and Part IIfunds.Restricted to direct and/or indirectinvestment in securities that representrisk capital.CSSF Circular 06/241 defines thenotion of risk capital and the waythe CSSF will decide if the investmentobjective of the SICAR complieswith the requirement to invest in riskcapital.Risk capital consists mainly of highrisk investments made in view of theirlaunch, development or listing onstock exchange. Such investments maytake varied forms and are normallydone with a medium-term view.The SICAR may also marginally enterinto financial derivative instrumentson an exceptional basis.Temporary investment in other assetsis allowed pending investment in riskcapital.No risk diversification requirements.Securitization of risks linked to allkinds of assets, whether movable orimmovable, tangible or intangible aswell as risks relating to obligations orliabilities assumed by third parties orrelating to all or part of the activitiesof a third party. Such risks can betaken on by the securitization vehiclethrough the acquisition of assets, thesecuring or guaranteeing of liabilities,or the entering into any kind ofobligation.No risk diversification requirements.SICAV / SICAF (SA,SCA,Sàrl, SCoSA)FCPStructures may be open or closedended.Corporate entity with fixed or variableshare capital (SA,SCA,Sàrl, SCoSA,SCS)Yes Yes YesSecuritization company(SA, SCA, Sàrl, SCoSA)Public offering may only be conductedunder the structure of a SA or SCA.Securitization fund(FCP, Fiduciary trust)