LUXEMBOURG Law and Practice Contributed by: Evelyn Maher, Gaston Aguirre Draghi and Djelloul Mansour, BSP
• various AML documents; • confirmation letters regarding main service provider agreements; • information on the directors of the fund in question; and • a business plan. Once the application is complete, the authorisa - tion process for a retail fund will range between three and six months. The actual length and cost depend mainly on the complexity of the invest - ment strategy, the completeness of the applica - tion file and whether or not it is a first-time fund. The largest set-up costs are generally legal fees, though service providers also sometimes charge a set-up or onboarding fee. In addition, there are fees payable to the CSSF for regulated funds. The CSSF charges an examination fee and an annual fee for its supervisory activity of retail funds. The fee amount differs depending on whether the retail fund is a standalone or an umbrella fund, and on whether it is self-managed or not. For example, the examination fee for a standalone retail fund is EUR4,650, whereas for an umbrella fund it is EUR9,250. 3.1.3 Limited Liability Regardless of the legal form or structure, inves - tors in retail funds are only liable up to the
In addition, a three-page PRIIPs KID (or a two- page KIID under UCITS Directive 2009/65 for UCITS funds exclusively distributed to profes - sional investors) summarising the key elements of the prospectus must be issued and kept up to date. The following reports must be produced: • annual report; • semi-annual report covering the first six months of the financial year; • semi-annual risk report (only intended for the CSSF); • monthly financial report (only intended for the CSSF); and • annual long-form report (only intended for the CSSF). Part II UCIs As with UCITS, Part II UCIs must also publish a prospectus that includes the information neces - sary for investors to be able to make an informed investment decision and containing at least the information listed in Schedule A of Annex I of the UCI Law. The prospectus must be kept up to date. In addition, a three-page PRIIPs KID summa - rising the key elements of the prospectus must be issued if the Part II UCI is marketed to retail investors. The following reports must be produced: • annual report; • semi-annual report covering the first six months of the financial year; • semi-annual risk report (only intended for the CSSF); • monthly financial report (only intended for the CSSF); and
amount of their contributions. 3.1.4 Disclosure Requirements UCITS Funds
UCITS funds must publish a prospectus that includes the information necessary for inves - tors to be able to make an informed investment decision and containing at least the information listed in Schedule A of Annex I of the UCI Law, as well as information about the remuneration policy. The prospectus must be kept up to date.
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