The law of 10 August 2016 has reformed the Luxembourg company law and modernised the existing rules applicable to the commercial companies. Amongst other innovations, it has introduced a new corporate form into Luxembourg law, the simplified limited company().

WHY HAS THE SAS BEEN INTRODUCED INTO LUXEMBOURG LAW?

The Luxembourg legislator has been inspired to a certain degree by the success of the French legislation in respect of the simplified limited company. Moreover, it was necessary to introduce into Luxembourg law a form of company for which there exists a very large freedom as regards corporate governance rules.

IS THE SAS SIMILAR TO A SOCIÉTÉ ANONYME?

The legal regime applicable to the SAS has been generally modelled on the Luxembourg public limited company (). In this regard SAS is, as for an SA, required to have a minimum share capital of EUR 30,000. Its share capital is divided into shares (actions) and many other rules resemble that of an SA.

But, contrary to the rules applicable to an SA, an SAS may not undertake a public offering of shares and have its shares listed on a stock exchange. However, bonds may be issued to the public.

WHAT ARE THE MAIN FEATURES OF AN SAS?

The shareholders are free to decide and fix the conditions in the constitutive document of an SAS (i) on how the company will be managed and (ii) and also how powers will be distributed among different bodies of such company. The only requirement is that a chairman (“président”) (a legal or a natural person) should be appointed to represent an SAS vis-à-vis third parties and in any legal proceedings. The chairman himself or the shareholders may appoint freely one or more directors (“directeurs”) that may exercise the powers conferred to the chairman.

The articles may provide that the chairman may in principle not be revoked by the shareholders, which gives the management of an SAS a greater stability than in other Luxembourg companies.

Certain key decisions however, such as distribution of profits, mergers, divisions or dissolutions, decisions relating to increase or decrease the share capital of an SAS, etc. should be taken by the shareholders. Here again, the modalities of such decisions (i.e. quorum, majorities, etc.) may be freely determined in the articles of incorporation of an SAS.

HOW CAN THE SAS BE USED?

The SAS may essentially be used for joint venture structures, succession organisations (due especially to the possibility to provide for a stable management), and group holdings for non-listed companies. Moreover a Luxembourg SAS could also appeal to French investors that are generally already familiar with the SAS regime and generally investors that seek flexible and tailor made corporate governance rules and a stable management.

For the last ten years, social networks have become essential professional tools, especially for law firms. Among the most popular and considered, there is Facebook (about 1.59 billion users), Twitter (about 327 million users) and LinkedIn (about 100 million users) that we will focus on in this article.

SEDLO LAW FIRM shows the strategies to be adopted by business law firms for each of these social networks, by distinguishing, for each of them, things that are to be done and things that are to be avoided:

LinkedIn:

With 100 million users, mostly professionals, LinkedIn appears as the most relevant professional media for a business law firm to achieve its marketing and business development strategies.

To be communicated / shared on LinkedIn by a business law firm:

Specialised legal articles, newsletters issued by the firm, press releasesProfessional news about the firm: appointments, hirings, moves, job offers, participation in professional or charitable events, transactions advised on by the firm (by respecting bar and professional secrecy rules, if applicable)

Not to be communicated / shared on LinkedIn by a business law firm:

Articles / posts that would appear to be too trivial and not related to the professional activity of the firm (such as funny or voyeuristic posts, quizzes, puzzles, etc.).

Facebook:

This network reaches the largest number of users of all ages. As Facebook is rather seen as a recreational tool and the legal practice is considered as a highly serious activity, the question of whether or not Facebook should be used by a business law firm is frequently asked. This tool has therefore to be handled with caution.

To be communicated / shared on Facebook by a business law firm:

More entertaining and ludic articles (life at work, photos)Newsletters written by the firm, press releasesProfessional news about the firm: appointments, hirings, moves, job offers, participation in professional or charitable events

Not to be communicated / shared on Facebook by a business law firm:

Specialised, too technical legal articles (other than those referred to in the newsletters issued by the firm)

Twitter:

Although this social network focuses more on information and digital media, Twitter remains essential to increase the local and international exposure of a business law firm. Twitter is a social media which is positioned between LinkedIn and Facebook from a marketing and business development point of view. It can be used for both professional and recreational aspects. It is therefore important for a business law firm to be active on this network to establish its reputation 2.0.

To be communicated / shared on Twitter by a business law firm:

Newsflash on a relevant professional legal information, press releasesProfessional news about the firm: appointments, hirings, moves, job offers, participation in professional or charitable events, transactions advised on by the firm (by respecting bar and professional secrecy rules, if applicable)

Not to be communicated / shared on Twitter by a business law firm:

Articles / posts that would appear to be too trivial and not related to the professional activity of the firm (such as funny or voyeuristic posts, quizzes, puzzles, etc.).Specialised, too technical legal articles

Au cours de dix dernières années, les réseaux sociaux sont devenus des outils incontournables dans le domaine professionnel, en particulier celui des cabinets d’avocats d’affaires. On distingue parmi les plus prisés et considérés, Facebook (environ 1,59 milliards d’utilisateurs), Twitter (environ 327 millions d’utilisateurs) et LinkedIn (environ 100 millions d’utilisateurs).

En se focalisant sur les principaux réseaux à l’heure actuelle que sont LinkedIn, Twitter et Facebook, SEDLO LAW FIRM présente les stratégies à adopter pour chacun de ces réseaux, en distinguant, pour chacun d’eux, ce qu’il faut faire de ce qu’il faut éviter:

LinkedIn:

Avec ses 100 millions d’utilisateurs, essentiellement professionnels, LinkedIn se profile comme le média professionnel le plus pertinent pour un cabinet d’avocats d’affaires pour réaliser ses stratégies marketing et business development.

A y communiquer/partager :

articles juridiques spécialisés, newsletters émises par le cabinet, communiqués de pressenews professionnelles sur le cabinet : nominations, embauches, changement de locaux, offres d’emplois, participations à des événements professionnels ou charitables, dossiers traités par le cabinet (dans le cadre des règles déontologiques bien sûr)

A ne pas y communiquer/partager :

articles/posts trop triviaux n’ayant aucun lien avec l’activité professionnelle du cabinet (du type posts humoristiques, voyeuristes, énigmes, etc.).

Facebook:

Ce réseau touche le plus grand nombre d’utilisateurs de toutes tranches d’âge. Facebook étant un outil de détente et le droit étant une activité considérée comme hautement sérieuse, la question de l’utilité-même de communiquer via Facebook se pose constamment pour un cabinet d’avocats d’affaires. Cet outil est à manier avec prudence.

A y communiquer/partager :

articles plus ludiques et professionnels (business development, vie du cabinet, photos) newsletters émises par le cabinet, communiqués de pressenews professionnelles sur le cabinet : nominations, embauches, changement de locaux, offres d’emplois, participations à des événements professionnels ou charitables

A ne pas y communiquer/partager :

articles juridiques spécialisés trop techniques (autres que ceux mis en avant dans la newsletter)

Twitter:

Réseau social plus axé sur la notion d’information et sur la relation avec les médias digitaux, il n’en reste pas moins incontournable pour accroître l’intensité de son exposition locale et internationale. Twitter est un média social qui se situe entre LinkedIn et Facebook d’un point de vue positionnement, car il peut être utilisé à des fins tant professionnelles que ludiques. Il est donc important pour un cabinet d’avocats d’affaires d’être présent sur ce réseau, afin d’asseoir sa notoriété 2.0.

A y communiquer/partager :

newsflash sur une information professionnelle juridique pertinente communiquée à l’instant T, communiqués de pressenews professionnelles sur le cabinet : nominations, embauches, changement de locaux, participations à des événements professionnels ou charitables, dossiers à envergure traités par le cabinet (dans le cadre des règles déontologiques bien sûr)

A ne pas y communiquer/partager :

articles/posts trop triviaux n’ayant aucun lien avec l’activité professionnelle du cabinet (du type posts humoristiques, voyeuristes, énigmes, etc.) articles juridiques spécialisés trop techniques

Das Gesetz über RAIFs wurde nun im Luxemburger Gesetzblatt (Mémorial) veröffentlicht. Dieser neue alternative Investmentfonds („AIF“) wird alle time-to-market Problematiken in Luxemburg lösen, da der RAIF selbst nicht reguliert ist und somit langwierige Zulassungsprozeduren entfallen.

Der RAIF kombiniert die rechtlichen und steuerlichen Vorteile der spezialisierten Investmentfonds („SIF“) und der Risikokapital-Anlagegesellschaften („SICAR“) ohne jedoch einer direkten Aufsicht durch die Luxemburger Finanzaufsichtsbehörde (CSSF) zu unterstehen.

Ein RAIF hat folgende Hauptmerkmale:

Ein RAIF untersteht selbst keinen vorherigen Zulassungserfordernissen durch die CSSF oder irgendeiner direkten Überwachung. Es findet lediglich eine „indirekte“ Überwachung (mittels der Beaufsichtigung des AIFM) statt.

Lediglich sachkundige Investoren dürfen in RAIFs investieren. Dies umfasst hauptsächlich institutionelle oder professionnelle Investoren sowie Investoren, die mindestens EUR 125.000 investieren.

RAIFs müssen einen zugelassenen AIFM benennen.

Es ist möglich, RAIFs als Umbrella-Fonds mit verschiedenen Teilfonds zu gestalten.

RAIFs können ein festes oder ein variables Gesellschaftskapital haben.

Die Anforderungen in Bezug auf Risikostreuung sind die gleichen wie für einen SIF. Sollte der RAIF jedoch lediglich in Risikokapital investieren, fallen Risikostreuungserfordernisse weg.

Alle gängigen und bekannten Rechtsformen können für einen RAIF verwendet werden:

- Die Aktiengesellschaft - Société Anonyme (SA)

- Die Spezialkommanditgesellschaft - Société en Commandite Spéciale (SCSp)

- Die Kommanditgesellschaft auf Aktien – Société en Commandite par Actions (SCA)

- Das Sondervermögen – Fonds Commun de Placement (FCP)

- Die einfache Kommanditgesellschaft - Société en Commandite Simple (SCS)

- Die Gesellschaft mit beschränkter Haftung - Société à Responsabilité Limitée (SARL)

RAIFs unterstehen einer jährlichen Taxe d’abonnement von 0,01 %, mit verschiedenen Befreiungen. Sollte der RAIF jedoch lediglich in Risikokapital investieren, wird dem RAIF die steuerliche Behandlung einer SICAR appliziert. Management-Dienstleistungen sind von der Mehrwertsteuer in Luxemburg befreit.

Eine neue Erfolgsgeschichte der Luxemburger Fonds-Industrie hat zweifellos begonnen!

The law on RAIFs has now been published in the Luxembourg Official Gazette (Mémorial). This new type of alternative investment fund (“AIF”) will solve all time-to-market issues due to the fact that it is not regulated itself and that cumbersome licensing procedures with the regulator are thus avoided.

It combines the legal and tax advantages of the fund regimes of the specialised investment funds (“SIF”) and the risk-capital investment companies (“SICAR”), without, however, being subject to direct regulatory supervision by the Luxembourg regulator (“CSSF”).

The key features of the RAIFs are as follows:

RAIFs are not subject to the prior authorisation of the CSSF or to its on-going regulatory supervision. “Indirect” supervision takes place through the supervision of the AIFM appointed.

RAIFs are available to well-informed investors only. This includes mainly institutional investors, professional investors and investors investing certain minimum amounts (at least EUR 125,000).

RAIFs have to appoint an authorised AIFM

It is possible to organise RAIFs as umbrella structures with multiple sub-funds.

RAIFs may opt to have either a fixed or a variable capital structure.

Risk-diversification requirements are identical to those applicable to SIFs. Should the RAIFs invest in risk capital investments only, then no risk-spreading requirements would apply.

All well-known Luxembourg legal forms are available for RAIFs:

- public limited company (société anonyme - SA)

- special limited partnership (société en commandite spéciale – SCSp)

- partnership limited by shares (société en commandite par actions, SCA)

- common fund (fonds commun de placement - FCP) (without legal personality)

- common limited partnership (société en commandite simple - SCS)

- private limited liability company (société à responsabilité limitée - S.à r.l.)

RAIFs are subject to an annual subscription tax (taxe d’abonnement) at a rate of 0.01%, with several exemptions. Should a RAIF invest into risk capital investments, it is subject to the tax regime applicable to SICARs (it would be fully subject to tax except for risk capital income and gains). The VAT exemption on AIF management services also applies.

No doubt that a new success story in the Luxembourg fund industry has just begun!

The business law firms, which especially in continental Europe had to face a professional “desacralisation” (a law firm being often perceived as a mere legal service provider and nothing more), are now confronted to an increasing competitiveness in the market.

Many law firms have understood that in order to acquire clients and, moreover, to retain them, the key word is “closeness”. And a closeness at every level, be it "commercial" closeness (by trying to better understand the client’s needs) but also a "physical" closeness, as we will explain more in detail below!

A business lawyer being closely connected to his client and understanding thoroughly the business of its clients quickly appears as essential and both parties find their profit: for the client, decisions-making is constantly optimised thanks to continuous legal oversight, and for the law firm, a continuous workflow is ensured.

SEDLO LAW FIRMshows three simple ways for business law firms to be closer to their clients:

-

Client and business lawyers use to communicate mainly by e-mails and phone. However, would it not be possible to enhance such communication for example by using, as a rule, the video conference (such as Skype) or perhaps communicating also by SMS/WhatsApp?

In our view, these direct means of communication perfectly fit the needs of the business lawyers’ clients: a quick answer and a continuous availability. In case of more complex questions, this way to communicate could of course be completed by detailed and written legal advice.

We believe many professionals tend to underestimate the power of such a direct communication, but we bet it will sooner or later appear as obvious for lawyers to communicate directly in such way with a client in order to ensure the client’s satisfaction and to bind him.

- Secondments of lawyers with clients

The client needs to feel that he is understood by his lawyer. In order to ensure this, it seems to be essential to be immersed in the client’s business world. Besides “traditional” communication means (such as business lunches and client meetings, we believe that periodical secondments of lawyers with significant clients is the ideal way for a lawyer to learn about the client’s business activity. This is a common practice in Anglo-Saxon countries but in our view too rarely used in Continental Europe (often because of regulatory obstacles). Still so much to do in this respect!

- A policy of tailor-made fees

In our view, the strict application of an hourly rate is the typical expression of opposed interest interests between the client and its business lawyer: the business lawyer sets a price and the client will try to negotiate it.

Why not getting closer in this field also? Instead of strictly applying an unique hourly rate, why not adapt the rate to the client’s needs and to the type and importance of the deal?

A lower rate for a transaction of minor strategical importance to the client and a higher rate for an important transaction. To achieve that, clients and lawyers must trust each other, and this is the main issue.

Especially since the financial crisis, clients tend to ask systematically for substantial discounts, whatever the nature and the importance of the deal is. As a result, law firms tend to stuck to their fixed hourly rates not taking into account the nature and importance of the transaction. A lot to do to rebuild mutual trust on that aspect!

Le cabinet d’avocats d'affaires, ayant eu à faire face à une désacralisation du métier, se voit désormais confronté à la compétitivité incessante du marché. Le maître-mot pour aboutir à une fidélisation du client est le rapprochement à celui-ci à tous les niveaux: rapprochement "commercial" pour mieux comprendre ses besoins, et même rapprochement physique! Un avocat d'affaires proche de son client et intégré autant que possible dans son fonctionnement est très rapidement indispensable et toutes les parties concernées y trouvent leur bénéfice: pour le client, les prises de décisions sont continuellement optimisées car sécurisées juridiquement et pour le cabinet d'avocats, un flux de travail constant est assuré.

SEDLO LAW FIRM présente trois moyens simples pour les cabinets d'avocats pour se rapprocher de leurs clients:

- L’ubérisation poussée au maximum

La communication entre client et avocat d’affaires s’effectue par e-mails et par téléphone. Ne serait-il cependant pas possible de rendre la communication encore plus directe en utilisant par exemple de manière plus systématique la visio-conférence (de type Skype) ou une communication par SMS/WhatsApp? A notre avis, ces moyens directs de communication cadrent parfaitement avec les besoins des clients des avocats d'affaires: und réponse rapide et une disponibilité de tous les instants. Cette communication pourra être complétée pour les questions pointues par des avis juridiques circonstanciés et plus complets.

La doxa tend à notre avis encore à sous-estimer le pouvoir d'une telle communication directe, or nous faisons le pari qu'elle s'imposera comme normale dans la quête de la satisfaction et de la fidélisation du client.

- Le détachement d'avocats auprès des clients

Le client doit se sentir compris de son avocat. Il apparaît comme essentiel, en tant que conseiller privilégié, de s’immerger dans son monde afin de mieux pouvoir le servir. A côté des moyens "traditionnels" de rencontre et de communication tel que les déjeuners d'affaires ou les "meetings" ponctuels, nous pensons qu'un détachement temporaire d'avocats auprès de clients importants est le moyen idéal pour intégrer l'avocat dans l'activité de son client. Couramment pratiqué dans les pays anglo-saxons dans le cadre de "secondments", ce moyen n'est que trop rarement utilisé en Europe continentale (souvent à cause d'obstacles réglementaires). Il y a ici encore matière à faire!

- Une politique de prix sur-mesure

L'application d'un taux horaire strict est à notre avis l'expression typique du fait que les avocats d'affaires (qui fixent le prix) et le client (qui va le négocier) ont, quand il s'agit d'argent, des intérêts divergents. Pourquoi ne pas se rapprocher aussi dans ce domaine? Plutôt que d’appliquer strictement un taux horaire unique, pourquoi ne pas l’adapter aux besoins du client et à l’envergure de l’affaire? Un prix ou un tarif plus bas pour des affaires de moindre importance stratégique pour le client, un tarif plus élevé pour les affaires importantes. Le problème principal est la confiance qui doit régner entre le client et l'avocat sur ce point. En particulier depuis la crise financière, la tendance pour les clients est en effet à la réduction à tout va des coûts, en particulier des frais juridiques, et ce quelle que soit la nature de l'affaire. Cela pousse les cabinets d'avocats à camper sur les taux fixes, également sans égard à la nature de l'affaire. Il faut réinstaurer la confiance ici.

On 9 June 2016, the CSSF has updated its AIFM Law FAQ by inserting guidance in respect of Luxembourg-based authorised AIFMs managing AIFs which are active in loan origination, loan participation and loan acquisition activities in or from Luxembourg.

TO WHOM DOES THIS APPLY?

The scope of application is not perfectly clear and could give rise to certain discussions in certain cases.

These new rules should in our view be relevant in the following cases:

A Luxembourg based AIFM managing a Luxembourg or foreign AIFForeign authorised or registered AIFMs managing a regulated Luxembourg AIFRegistered Luxembourg AIFMs managing a regulated Luxembourg AIF

In these cases, the CSSF is the competent authority in respect of the 1) approval of the AIFM or the AIF or 2) ongoing supervisory duties.

These new rules should in principle not apply to:

Luxembourg securitisation vehicles or other Luxembourg vehicles that do not qualify as AIFs or for which the AIFMD or the Luxembourg law on AIFMs provide exemptions from application.Luxembourg unregulated AIFs managed by foreign authorised or registered AIFMsLuxembourg unregulated AIFs managed by registered Luxembourg AIFMs

In these cases, the CSSF should in our view not be the competent authority to authorise or monitor the lending activity.

LENDING ACTIVITY POSSIBLE AS A MATTER OF PRINCIPLE

The Luxembourg regulator confirms that primary and secondary lending activities by AIFs are possible as a matter of principle, which is a welcomed confirmation, not only for regulated Luxembourg AIFs.

REQUIREMENTS FOR CARRYING OUT LENDING ACTIVITIES

The CSSF has clarified its position relating to certain requirements applicable to AIFMs and, where applicable, AIFs engaging in loan origination, participation and/or acquisition:

a) The AIFM (or, where applicable, the AIF) should ensure that all aspects and risks of the loan origination/participation/acquisition activity are addressed.

b) The AIFM (or, where applicable, the AIF) should ensure the proper organisation and governance (processes and procedures) of its structures.

c) The AIFM (or, where applicable, the AIF) should ensure necessary expertise/experience in origination activity combined with appropriate technical and human resources, with a focus on credit and liquidity risk management (within an overall adequate risk management process), concentration and risk limitation, clear policies regarding assets and investors (e.g. loan and investor categories, avoidance of conflicts of interest), proper disclosure and transparency, amongst other.

RESPONSIBLE ENTITIES, MONITORING BY THE CSSF

The CSSF indicates in this respect that it is the responsibility of the AIFM or, where applicable, of the AIF itself, to ensure the implementation of a robust and appropriate approach for the lending activity.

The CSSF will evaluate in the context of its approval and on-going supervisory process, if applicable, on a case-by-case basis the approaches implemented by the AIFMs or, where applicable, by the AIFs.

In a business world where competition and competitiveness is inevitable, smaller independent law firms often struggle to acquire and retain big corporate and institutional clients and to advise an high-value. Although, at first sight, one would believe that big clients would naturally tend to go to bigger international law firms, practice has shown that many small independent firms manage to acquire and to retain big institutional and corporate clients. How do they manage to do this?

SEDLO LAW FIRM, lists 5 major skills independent law firms must have to acquire and retain big clients:

1) Specialisation

Smaller independent law firms must specialise in given practice areas and be renowned for such specialisation. This is not always easy as big international firms generally also have highly skilled lawyers in their departments. Smaller firms have therefore to go the extra-mile in specialisation.

2) Partners’ involvement

In a smaller law firm, partners must actively be involved in all aspects of a deal. Active and high-end involvement of the partners will actually be the major way to compensate efficiently in the eyes of a big client a lower “substance” in terms of number of lawyers. It gives big clients a feeling of safety: they are in the good hands of experienced lawyers!

3) Respond and react very quickly

Too often, law firms show a lack of responsiveness and in these fast and digitalised times, clients tend to accept less and less delayed responses. In general, small independent firms can implement and monitor more easily a “fast-response-policy” given that generally there are less persons in the firm to be managed for this. Take advantage of this fact!

4) Flexibility on fees

Lower and controlled overhead costs, general flexibility on discussions about fees: these are key aspects that can be for smaller firms the decisive argument to be chosen by big clients. Unrealistic or unworkable price dumping should however be avoided. Care about your credibility and reputation!

5) Ensure sufficient insurance coverage

Especially for high-value transactions, a big client must not fear that he is taking a higher risk (due to a supposed lack of financial substance) with a smaller independent firm than with a big international law firm. Therefore, invest in insurance coverage to give big corporate or institutional clients comfort on this aspect!

SEDLO LAW FIRM

Quattrex-Sports AG is a major German sport-management company that has been active for years in providing advice and financing to German professional football clubs.

Commenting on the deal, Tobias Schlauch, Board member of Quattrex-Sports AG, said: “For the setting-up of this fund, we have managed to get on board first class investors and first class Luxembourg service providers. It is a perfect fit and everything worked out very well. Now, all practical conditions are there for this fund to be a huge success. ”

Adrian Sedlo, Partner at Sedlo Law Firm said: “For me, this deal was a very special one. It is the first transaction that allowed me to combine my activity as funds lawyer with my former experience in the world of football. All participants are top-notch in their area of practice, so that acting as Luxembourg legal counsel on this deal was a real pleasure.”

Luxemburg bietet eine große Auswahl an Investmentvehikeln oder Fonds. Für jede Art von Investor oder Investition gibt es geeignete Luxemburger Vehikel.

Um die Auswahl zu erleichtern, zeigt SEDLO LAW FIRM die Vehikel auf, die in Frage kommen könnten, und zwar unter Berücksichtigung, 1) der Art der Anleger, 2) der Regulierung (oder nicht) des Vehikels, 3) der Notwendigkeit (oder nicht) eines AIFM, 4) der Möglichkeit der Schaffung eines getrennten Teilfonds/Teilvermögens (Compartment), 5) der Vermögenswerte, die das Vehikel erwerben bzw. halten kann, 6) der Anforderungen in Bezug auf Risikostreuung und 7) des Zugangs (oder nicht) zu den Abkommen zur Vermeidung der Doppelbesteuerung („DBA“)* .

Diese Übersicht berücksichtigt das baldige Inkrafttreten des Gesetzes über RAIFs und den jetzigen Stand des bezüglichen Gesetzentwurfs.

Begriffe, die hier zur Benennung der Vehikel verwendet werden, sind unten definiert.

OGAW : Organismen für gemeinsame Anlagen in Wertpapieren

Teil II-Fonds : Fonds, die Teil II des Gesetzes vom 17. Dezember 2010 über Organismen für gemeinsame Anlagen unterstehen

SIFs : spezialisierte Investmentfonds

RAIFs : reservierte alternative Investmentfonds

SICAR : Risikokapitalanlagegesellschaften

SICAV : Anlagegesellschaft mit variablem Kapital

SICAF : Anlagegesellschaft mit festem Kapital

ELTIFs : europäische langfristige Investmentfonds

SCS : einfache Kommanditgesellschaft

SCSp : Spezialkommanditgesellschaft

FCP : Sondervermögen-Investmentfonds (fonds commun de placement)

* Diese kurze schematische Anleitung konzentriert sich auf Fragen, die erfahrungsgemäss am häufigsten gestellt werden, wenn Mandanten die Gründung eines Luxemburger Investmentvehikels in Betracht ziehen. Selbstverständlich ist diese Anleitung nicht als schlüssige und vollständige Rechtsberatung anzusehen, da andere Aspekte von Fall zu Fall erwogen werden müssen um das geeignetste Luxemburger Vehikel zu bestimmen.

Luxembourg offers a large choice of investment vehicles or funds. For any type of investor or investment, there exist suitable Luxembourg vehicles.

In order to facilitate the choice, SEDLO LAW FIRM shows you which vehicles could come into play by taking into account 1) the nature of the investors, 2) the regulation (or not) of the vehicle, 3) the necessity of an AIFM, 4) the possibility to create segregated sub-funds/compartments, 5) the assets that are eligible for each vehicle, 6) risk-diversification requirements and 7) access to treaties against double taxation (“DTT”)*.

This guide takes into account the coming into force of the law on RAIFs which should be enacted soon.

Terms used in this guide to describe the vehicles are defined below.

UCITS : Undertakings for Collective Investment in Transferable Securities

Part II Funds : Funds governed by Part II of the Law of 2010 relating to undertaking for collective investments

SIFs : Specialised Investment Funds

RAIFs : Reserved Alternative Investment Funds

SICARs : Risk-Capital Investment Companies

SPVs : Special Purpose Vehicles

ELTIFs : European Long-Term Investment Funds

* This brief guide focuses on these seven questions that are most frequently asked when clients contemplate to set-up a Luxembourg vehicle. Of course, it may not be considered as legal advice and it does not purport to be detailed, conclusive and complete given that many other aspects must be taken into account on a case-by-case basis when determining the right Luxembourg vehicle.

Luxembourg has always been an uncontested leading place for the creation of regulated or unregulated funds. What are the reasons for the huge success of this small country located at the very heart of the European Union?

SEDLO LAW FIRM lists 10 MAIN REASONS why Luxembourg is an ideal place to create a fund:

For any type of investment or investor, there is an ideal Luxembourg fund

Luxembourg funds are “onshore” and UCITS and AIFs take advantage of EU-passporting mechanisms

Luxembourg laws applicable to funds ensure the most possible flexibility

Luxembourg legislation ensures tax efficiency and tax transparency

Luxembourg is used to deal with almost any type of fund existing in the financial markets and all service providers needed for the creation of a fund have extensive expertise

Luxembourg is business friendly, solution driven and all actors in the Luxembourg fund industry strive to attract business

Luxembourg laws are stable and do not change constantly

Luxembourg is fast in implementing favorable fund legislation

Luxembourg is a multilingual country with more than 170 nationalities living in Luxembourg

Luxembourg funds are well-known and have been tested internationally

Luxemburg hat schon immer eine unbestrittene, führende Rolle für die Gründung von regulierten oder unregulierten Investmentfonds eingenommen. Was sind die Gründe für den großen Erfolg dieses kleinen Landes im Herzen der Europäischen Union?

Die Luxemburger Kanzlei SEDLO LAW FIRM

1. GROSSE AUSWAHL: Für jede Art von Investitionen oder Investoren gibt es einen passenden Luxemburger Fonds

2. ONSHORE: Luxemburg-Fonds sind «Onshore» und OGAWs und AIFs geniessen alle Vorteile des EU-Passportes

3. FLEXIBILITÄT: Luxemburgs Fonds- Gesetzgebung bietet die größtmögliche Flexibilität

4. STEUER: Luxemburgs Gesetzgebung sorgt für Steuereffizienz und Steuertransparenz

5. ERFAHRUNG: Luxemburg hat mit jeglicher Art von Fonds Erfahrung und alle Dienstleister, die zur Gründung eines Fonds nötig sind, verfügen durchgehend über umfangreiches Know-how

6. UNTERNEHMENSFREUNDLICH: Luxemburg ist unternehmensfreundlich, lösungsorientiert und alle Akteure der Luxemburger Fonds-Branche streben danach, Business nach Luxemburg anzuziehen

7. STABILITÄT: Luxemburgs Gesetzgebung ist beständig und ändert sich nicht laufend

8. SCHNELLIGKEIT: Luxemburg ist schnell bei der Umsetzung einer vorteilhaften Fonds- Gesetzgebung

9. VIELFALT: Luxemburg ist ein mehrsprachiges Land, in dem mehr als 170 Nationalitäten leben

10. REPUTATION: Luxemburger Fonds sind wohl bekannt, international getestet und werden ständig genutzt