Luxembourg Undertakings for Collective Investments in Transferable Securities (UCITS) Guideline
Luxembourg Undertakings for Collective Investments in Transferable Securities (UCITS) License
Undertakings for Collective Investments in Transferable Securities (UCITS) are governed by the Luxembourg law of 17 December 2010 (2010 Law) as modified by the law of 10 May 2016 implementing EU Directive 2014/91/EU (“UCITS V”). In particular Chapter 5 of the 2010 Law outlines the investment policy of a UCITS including risk diversification requirements.
About the UCITS
UCITS is an investment fund that invests in liquid assets and can be distributed publicly to retail investors across the EU. The fund meets the criteria laid down by EU Directives to be eligible for sale in EU Member States. The UCITS may be set up as a single fund or as an umbrella fund with multiple compartments. The constitutional documents must expressly provide for that possibility and the prospectus must describe the investment policy of each compartment.
A UCITS must be authorised by the Commission de Surveillance du Secteur Financier (CSSF) before commencing its activity. Afterwards, it is supervised by the same on an ongoing basis e.g. by means of regular reporting requirements. The CSSF charges an annual fee for its supervisory activity.
A UCITS may be constituted as:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Shareholder requirements||The minimum number of shareholder for the UCITS in one.|
|Prospectus or Offering Document||
|Minimum Capital Requirements||
|Other Service Providers||
SIFs are subject to few regulatory requirements, which include:
- Submission of issuing document and any amendments to CSSF for approval.
- Issuance of an audited annual and semi-annual report for each financial year within six (6) months of the end of the financial year.
- A UCITS must prepare a fund prospectus, a Key Investor Information Document (KIID).
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