Luxembourg has introduced a new law for investment funds to be distributed to ‘informed investors’. The new law on Specialized Investment Funds (“SIF Law”) significantly simplifies the rules for setting up fund structures such as hedge funds, real estate funds, and private equity funds, greatly enhancing Luxembourg as a "domicile of choice" for such products. It replaces the 1991 institutional investor fund law (the "1991 law").The key principles of the SIF Law may be summarized as follows:
. A lightly regulated on-shore structure;
. Emphasis being placed on self-regulation as regards promoter and manager;
. A structure that is suitable for all investment styles including both traditional and alternative investment products;
. No detailed investment restrictions or leverage rules;
. No restrictions on use of prime brokers in the case of hedge funds;
. No distribution restrictions (apart from investor qualification as informed investor);
. No limitations on promoter or manager;
. Limited local custodian responsibilities;
. Issuing document and annual report only reporting required;
. No taxes on capital gains, profits or income;
. Access to Luxembourg double taxation treaties; and
. Continuity with the 1991 Law.
Télécharger l'étude de Ernst &Young en français :
http://www.ey.com/Global/assets.nsf/Luxembourg_E/SIF_Law_French_version_07/$file/SIFLaw_FR_dec07-light.pdf
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