Authorisation of a SIF

General considerations

A specialised investment fund (hereafter "SIF") shall, in order to carry out its activities in Luxembourg, be previously authorised by the CSSF pursuant to Article 42 of the law 13 February 2007 relating to specialised investment funds.

 

A SIF shall be authorised only if the CSSF has approved the instruments of incorporation and the choice of the depositary.

 

In addition, a SIF set up in contractual form (common fund) shall only be authorised by the CSSF if the CSSF has approved the application of the management company to manage that common fund. A SIF set up in corporate form (investment company, sicav, sicaf, other) appointing a management company shall be authorised only if the CSSF has approved the application of the management company appointed to manage that investment company.

 

The directors of a SIF and of the depositary must be of sufficiently good repute and be sufficiently experienced, also in consideration of the type of SIF concerned. To that end, directors means those persons who under the law or the instruments of incorporation represent the SIF or the depositary or who effectively determine the conduct of the activity of the SIF.

 

The replacement of the management company, manager, depositary, and, where applicable, the AIFM, as well as any amendment to the management regulations or the instruments of incorporation of the investment company are subject to approval by the CSSF.

 

The granting of the authorisation pursuant to Article 42(1) implies that the members of the administrative, management and supervisory bodies of the management company, of the manager or, where applicable, of the investment company, must notify the CSSF spontaneously in writing and in a complete, coherent and comprehensible manner of any change regarding the substantial information on which the CSSF based its examination of the application for authorisation as well as of any change in respect of the directors.

 

The competent authority which is to carry out the duties provided for in the law on specialised investment funds is the CSSF.

 

The CSSF keeps an official list of the SIFs authorised and subject to its supervision. Such entry is tantamount to authorisation and is notified by the CSSF to the SIF concerned.

 

The entering and the maintaining on the official list is subject to observance of all legislative, regulatory or contractual provisions relating to the organisation and operation of the SIF, and to the distribution, placing or sale of their securities.

 

The fact that a SIF is entered on the official list referred to in Article 43(1) shall not, under any circumstances, be described in any way whatsoever as a positive assessment made by the CSSF of the quality of the securities offered for sale.

 

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Specific considerations for the application for approval

Before carrying out any activity, a SIF must submit an application for approval and for entry on the official list with the CSSF.

 

The specific approval processes as presented in the boxes on the right provide practical guidance for interested parties wishing to launch a new SIF, or one or several additional sub-funds in the context of an existing SIF, and detail the authorisation request procedures of the CSSF.

 

The CSSF considers the information to be provided as minimum requirements and reserves the right to request additional information as may be deemed necessary in the context of the authorisation process.

 

The approval process of a new SIF or additional sub-funds is subject to the payment of a one-off fee. Further details on the fee schedule are available in the Grand-ducal regulation of 28 October 2013 relating to the fees to be levied by the CSSF.

 

Please feel free to provide the duly completed information required in the questionnaire in the relevant procedure by e-file or by e-mail to the attention of setup.uci@cssf.lu.

 

For any general questions in relation to the application processes, please feel free to contact us by email at the address opc@cssf.lu or by phone on (+352) 26 251- 2251 (helpdesk).

 

For any specific questions in relation to a case under examination, please proceed as explained further under "Contact the department Supervision of AIFMs, AIFs, SIFs and SICARs".

Procedure for initial authorisation

Authorisation of a new SIF not yet registered on the official list

Authorisation of additional sub-funds for SIFs which are already authorised (umbrella funds)

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Procedure for authorisation of amendments

Authorisation of amendments in an existing SIF

Authorisation of amendments in one or more sub-funds of a SIF

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