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Allegro Specialised Investment Funds
Allegro Specialised Investment Funds -
The Luxembourg law of 13 February 2007 has introduced the Specialised Investment Fund (“SIF”) as a new, regulated investment vehicle, operating under the supervision of the “Commission de Surveillance du Secteur Financier” (“CSSF”), Luxembourg’s supervisory authority of the financial sector. This specialised regulatory framework has allowed Luxembourg to further extend its role as a leading international centre for investment funds.
The reasons why SIFs have seen such tremendous development in the recent years resides in the fact that SIFs are offering a very performing investment platform for fund promoters, well-informed investors, management companies, fund administratorsand custodians.
The main features of SIFs are: High flexibility with regard to the investment policy Large choice of structural and organisational set-up aspects Less stringent formal and administrative requirements Possibility to list SIFs on the Luxembourg Stock Exchange Simplified and accelerated fund launchprocedure with the CSSF Efficient tax regime
Allegro S.à r.l. is offering comprehensive, one-stop-shopping solutions for SIFs and their Management Companies.
Accelerated fund launch [ top ]
Possibility to launch SIF activities without prior approval from the CSSF, the application having to be filed within a month after the initial offering.
CSSF [ top ]
Acronym for « Commission de Surveillance du Secteur Financier ». The CSSF is responsible in Luxembourg for the prudential supervision of credit institutions, other professionals of the financial sector, undertakings for collective investments, pension funds, SICARs, securitisation vehicles issuing securities to the public on a continuous basis, stock exchanges, payment and securities settlement systems, operators of payment or securities settlement systems.
Custodian [ top ]
A Luxembourg based depositary is required for SIFs.
FCP [ top ]
Acronym for “Fonds Commun de Placement”, Luxembourg investment funds similar to mutual funds and unit trusts. An undivided co-ownership of assets of unitholders and managed on their behalf by a Management Company. The FCP is considered being tax transparent.
Fund administration [ top ]
The activities and tasks required to run a SIF, including the calculation of net asset value (“NAV”) per share/unit, the calculation of fees and fund performance fees, the preparation of financial statements and the maintenance of the share register etc..
Investment policy [ top ]
The principle of risk spreading has to be respected, but there are no quantitative investment restrictions foreseen in the law. The SIF can invest in any vast range of assets and risks including equities, derivatives, private equity, real estate funds, claims etc..
Less stringent formal and administrative requirements [ top ] No requirement for a promoter No requirement for publication of a net asset value (NAV) No semi-annual report or long form report required - only an annual audited report covering the relevant financial year.
Luxembourg Stock Exchange [ top ]
The Luxembourg Stock Exchange was created in 1927. It is a major centre for listing and trading of international bonds, equities and invest¬ment funds.
SICAV [ top ]
Acronym for “Société d'lnvestissement à Capital Variable”, a variable capital investment company. SICAVs are considered non-transparent tax vehicles.
Structural and organisational aspects [ top ] SIFs can amongst others be structured as FCP, SICAV, SICAF, SA and S.à r.l. SICAVs and SICAFS can be set up under various legal forms SIFs can be launched as umbrella funds with multiple sub-funds and share-classes Choice of type and nature of securities or debt instruments to be issued by SIFs Choice of fair value method and frequency of valuation
Tax regime [ top ] Taxation: reduced “Taxe d’Abonnement” of 0,01% pa Possibility to launch tax transparent or non-tax transparent SIF No corporate income tax on revenue or capital gains from securities and no wealth tax No capital gains tax for non resident investors No withholding tax on distributions VAT exemption for management fees SIF may benefit for double tax treaties under certain circumstances
Transfer Agent [ top ]
Agent that is entrusted to issue, register, and redeem SIF shares/units and update the share/unit register of the fund.
Well-informed investors [ top ]
The SIF can issue shares/units to well-informed investors only. This latter category includes private individuals who are deemed able to understand the risks associated to investing in the SIF, invest a minimum of 125,000 EUR in the SIF, and adhere to the status of well-informed investor. The minimum investment amount may be waived if the well-informed investors receive a positive assessment from a credit institution, an investment firm or a management company confirming the ability to adequately appraise an investment in the SIF.
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SFS The Only Way To Success
SFS is a website in which our specialists offer you interfaces design tools and methods to the user interface community at large. It is also intended to serve as a forum for active and open discussion on user- and business-related topics.
Specialisedfinancesolutions.com ~
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RnT Specialised Caravan Repairers
RnT Specialised Caravan Repairers will get you safely back on the road and on route to your next destination. RnT are Specialised Golf repairers with full hoist facilities. Our accessories shop boasts everything and anything you may need to keep your travels safe, convenient, and on the road - Gold Coast/South Tweed Heads NSW - 1300 654 304
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