What is a SIF Luxembourg?
A specialised investment fund (“SIF”) is an investment vehicle designed for sophisticated investors that is regulated by the Luxembourg Commission de Surveillance du Secteur Financier “CSSF”). SIFs benefit from having a relatively prompt set-up process, low costs and minimal taxation in Luxembourg.
What is SIF limit?
A SIF cannot invest more than 30% of its assets or commitments in the same types of securities issued by the same organisation. However, this restriction is not applicable to investments in securities issued or guaranteed by OECD Member States, their local authorities or supranational bodies or organisations.
Do AIFs need to be audited?
AIFMD will require audited annual reports to be made available by an AIFM for each AIF that it manages or markets within the EU within six months of each AIFs financial year end.
Is a SIF regulated?
The Specialised Investment Fund (SIF) is a regulated, operationally flexible and fiscally efficient multipurpose investment fund regime for an international, institutional and qualified investor base.
Does a SIF need an AIFM?
SIFs that qualify as AIFs are required to appoint an AIFM unless they benefit from the limited exemptions provided by the AIFM Law. In the latter case, the SIF will itself be considered as the AIFM and will have to comply with all the legal obligations of the AIFM Law.
Are AIFS regulated?
In fact, the AIF are less regulated than UCITS, in particular regarding the use of leverage, their investment policy, the short-selling practice etc., which are key elements in the determination of the risk level. Therefore, investors may need additional information related thereto.
Can the EU AIFs be marketed in Italy?
the EU AIFs may be marketed to retail investors in Italy only under the existing authorisation procedure governed by the Bank of Italy Regulation, and the relevant authorisation may only be granted by the Bank of Italy if the Article 32 Notification has also been effected;
What is an AIFM alternative investment fund manager?
AIFM Alternative Investment Fund Manager: legal persons whose regular business is managing one or more AIFs AIFMDDirective 2011/61/EU of the European Parliament and the council of 8 of June 2011 on alternative investment fund managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
What if a Sif does not qualify as an AIF?
For a SIF that does not qualify as an AIF: The portfolio management function is subject to local regulation. Supervisory arrangements between regulatory authorities may be required. The portfolio management function is regulated under AIFMD and under the Commission Delegated Regulation (EU) No 231/2013.
What is AIFMD directive 2011/61/EU?
AIFMDDirective 2011/61/EU of the European Parliament and the council of 8 of June 2011 on alternative investment fund managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 AIFM LawLaw of 12 July 2013 on Alternative Investment Fund Managers, transposing Directive 2011/61/EU