Luxembourg Regulated Investment Vehicles - Alfi

Legal and regulatory requirements6Substance requirementsin LuxembourgRequired serviceproviders in LuxembourgPart I Fund (UCITS)Head office of SICAV/ SICAF or of themanagement company of the FCP must be inLuxembourg.No nationality or residency requirements forDirectors of funds which have appointed amanagement company.General requirement for one of the twoconducting officers of the managementcompany or self-managed SICAV to belocated in Luxembourg.DepositaryCentral administrationRéviseur d’entreprisesPart II Fund (UCI)Head office of SICAV/ SICAF or of themanagement company of the FCP must bein Luxembourg.No nationality or residency requirementsfor Directors of funds or managementcompany.DepositaryCentral administrationRéviseur d’entreprisesMinimum capitalrequirement for fund/company€ 1,250,000 to be reached within 6 monthsof authorization.Self-managed SICAV/SICAF:€ 300,000 at the date of authorization and€ 1,250,000 to be reached within 6 monthsof authorization.€ 1,250,000 to be reached within 6 monthsof authorization.Management companyrequirementFCPYes (Chapter 13 of the Fund law)FCPYes (Chapter 14 of the Fund law)Minimum capitalrequirement formanagement companyRisk managementSICAV/SICAFMay appoint a management company or beset-up as a self-managed SICAV (chapter 13of the Fund law).Initial capital : € 125,000Additional capital: 0.02% of the value ofthe portfolios managed by the managementcompany in excess of € 250,000,000.Initial capital and additional capital arecapped to € 10,000,000.Possibility to reduce capital need by 50% ifa guarantee is received from a bank or aninsurance company.The risk management function is regulatedbased on CSSF Circular 07/308.SICAV/SICAFNo€ 125,000The risk management function is notregulated.