{"id":"circulars/faq-faq-concerning-sifs-and-sicars-that-do-not-qualify-as-aifs","title":"FAQ concerning SIFs and SICARs that do not qualify as AIFs","type":"circular","date":"2019-09-02","kind":"faq","html":"<p>FAQ concerning SIFs and SICARs that do not qualify as AIFs is a CSSF FAQ, published 2 September 2019.</p>\n<p>Legal basis: <a href=\"/lhoft?page=laws%2F2004-11-12-n1\" class=\"wikiLink\" data-target=\"laws/2004-11-12-n1\">Law of 12 November 2004 on anti-money laundering</a>.</p>\n<p>Relevant for: Consumer protection, SICARs, SIFs.</p>\n<p>Keywords: Accounting, NAV calculation, Outsourcing, UCI administration.</p>\n<h2>Text</h2>\n<p>CSSF FAQ - SIF and SICAR that do not qualify as alternative investment funds (AIFs)</p>\n<p>CSSF FAQ - SIF AND SICAR THAT DO NOT QUALIFY AS ALTERNATIVE INVESTMENT FUNDS (AIFS) Version 6</p>\n<p>CSSF FAQ - SIF and SICAR that do not qualify as alternative investment funds (AIFs) TABLE OF CONTENTS CONTEXT Update information Definitions 1. Impact of the PRIIPs Regulation: A. Do manufacturers of Luxembourg SIFs and SICARs that do not qualify as AIFs the units of which are being advised on, offered or sold to retail investors need to draw up a PRIIPs KID? B. Do the same questions and answers as mentioned under 23.b) to 23.q) of the Frequently Asked Questions concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers apply to the drawing up of a PRIIPs KID by Luxembourg SIFs and SICARs that do not qualify as AIFs? 2. What are the conditions to comply with in case of data transfer by a UCI administrator or a depositary to another service provider?</p>\n<p>3 3 3 5</p>\n<p>5 5</p>\n<p>CSSF FAQ - SIF AND SICAR THAT DO NOT QUALIFY AS ALTERNATIVE INVESTMENT FUNDS (AIFS) Version 6</p>\n<p>CSSF FAQ - SIF and SICAR that do not qualify as alternative investment funds (AIFs) CONTEXT The present document refers to a list of questions and answers (FAQ) related to SIF and SICAR that do not qualify as alternative investment funds (AIFs) with the objective of bringing further clarity. This document will be updated when necessary and the CSSF reserves the right to adapt its approach to any matter covered by the Q&#x26;A at any time. You should regularly check the website of the CSSF in relation to any matter of importance to you to see if questions have been added and/or positions have been adapted.</p>\n<p>Update information 17/11/2023</p>\n<p>Replacement of the terms “central administration” by “UCI administrator” in line with CSSF Circular 22/811 (question 2) – version 6 Modification of question 1. A – version 5 Modification of question 2 – version 4 Modification of question 2 – version 3 Modification of question 1.a) – version 2 Publication of question 1 and 2 – version 1</p>\n<p>16/12/2022 24/11/2020 02/09/2019 14/08/2018 06/07/2017</p>\n<p>Definitions IFM:</p>\n<p>Investment Fund Manager as defined within Circular CSSF 18/698, as applicable</p>\n<p>Law of 2004: Law of 2007:</p>\n<p>Law of 15 June 2004 relating to the investment company in risk capital Law of 13 February 2007 relating to specialised investment funds</p>\n<p>PRIIPs KID:</p>\n<p>Key investor document for packaged retail and insurancebased investment products</p>\n<p>PRIIPs</p>\n<p>Regulation (EU) No 1286/2014 of the European Parliament</p>\n<p>Regulation:</p>\n<p>and of the Council of 26 November 2014 on key information</p>\n<p>CSSF FAQ - SIF AND SICAR THAT DO NOT QUALIFY AS ALTERNATIVE INVESTMENT FUNDS (AIFS) Version 6</p>\n<p>documents</p>\n<p>for</p>\n<p>packaged</p>\n<p>retail</p>\n<p>and</p>\n<p>insurance-based</p>\n<p>investment products Professional</p>\n<p>An investor, which is considered to be a professional client or</p>\n<p>investor:</p>\n<p>may, on request, be treated as a professional client within the meaning of Annex II to Directive 2014/65/EU</p>\n<p>Retail investor:</p>\n<p>An investor who is not a professional investor</p>\n<p>SICAR:</p>\n<p>Investment company in risk capital governed by the Law of 2004</p>\n<p>SIF:</p>\n<p>Specialised investment fund governed by the Law of 2007</p>\n<p>UCITS KIID:</p>\n<p>Key investor information document within the meaning of article 159 of the Law of 2010</p>\n<p>CSSF FAQ - SIF AND SICAR THAT DO NOT QUALIFY AS ALTERNATIVE INVESTMENT FUNDS (AIFS) Version 6</p>\n<p>CSSF FAQ - SIF and SICAR that do not qualify as alternative investment funds (AIFs) 1. Impact of the PRIIPs Regulation: Updated on: 16/12/2022</p>\n<p>Do manufacturers of Luxembourg SIFs and SICARs that do not qualify as AIFs the units of which are being advised on, offered or sold to retail investors need to draw up a PRIIPs KID? Yes, manufacturers of Luxembourg SIFs and SICARs that do not qualify as AIFs the units of which are being advised on, offered or sold to retail investors need to have in place a PRIIPs KID.</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/faq-concerning-sifs-and-sicars-that-do-not-qualify-as-aifs/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/Frequently-Asked-Questions-SIF-and-SICAR.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}