{"id":"circulars/faq-faq-concerning-the-law-of-28-july-2014-regarding-immobilisation-of-bearer-shares","title":"FAQ concerning the Law of 28 July 2014 regarding immobilisation of bearer shares and units","type":"circular","date":"2015-05-05","kind":"faq","html":"<p>FAQ concerning the Law of 28 July 2014 regarding immobilisation of bearer shares and units is a CSSF FAQ, published 5 May 2015.</p>\n<p>Relevant for: Part II UCIs, SICARs, SIFs, UCITS.</p>\n<p>Keywords: UCI administration.</p>\n<h2>Text</h2>\n<p>Law of 28 July 2014 regarding immobilisation of bearer shares and units - FAQ in relation to investment funds established in Luxembourg</p>\n<p>LAW OF 28 JULY 2014 REGARDING IMMOBILISATION OF BEARER SHARES AND UNITS - FAQ IN RELATION TO INVESTMENT FUNDS ESTABLISHED IN LUXEMBOURG Version 3</p>\n<p>Law of 28 July 2014 regarding immobilisation of bearer shares and units - FAQ in relation to investment funds established in Luxembourg TABLE OF CONTENTS Definitions 1. When has the 2014 Law entered into force? 2. Which investment funds are impacted by the 2014 Law? 3. What obligation does the 2014 Law establish? 4. Who has to appoint the Depositary? 5. Who may be appointed as Depositary? 6. May the appointed Depositary enter in the register that it will keep an entity acting as a nominee? 7. How are bearer shares and units, issued after the entry into force of the 2014 Law, affected by such law? 8. How are bearer shares and units, issued before the entry into force of the 2014 Law, affected by such law? 9. Do the Shareholders have to be informed with regard to the new legislation? 10. What are the possible means to transmit the information to the Shareholders?</p>\n<p>3 5 5 5 5 6 6 6 7 7 8</p>\n<p>LAW OF 28 JULY 2014 REGARDING IMMOBILISATION OF BEARER SHARES AND UNITS - FAQ IN RELATION TO INVESTMENT FUNDS ESTABLISHED IN LUXEMBOURG Version 3</p>\n<p>Definitions The 2014 Law:</p>\n<p>The Law of 28 July 2014 regarding immobilisation of bearer shares and units</p>\n<p>The 1915 Law: AIFM:</p>\n<p>The Law of 10 August 1915 on commercial companies as modified by the 2014 Law Alternative investment fund manager within the meaning of the law of 12 July 2013 on AIFMs</p>\n<p>Depositary:</p>\n<p>Depositary within the meaning of Article 42(2) of the 1915 Law, which is not necessarily the depositary of the investment fund in the sense of the law under which the investment fund has been established</p>\n<p>FCP:</p>\n<p>Undertaking</p>\n<p>for</p>\n<p>collective</p>\n<p>investment</p>\n<p>the</p>\n<p>contractual type (“fonds commun de placement” or “common fund”) S.A.:</p>\n<p>Public limited company (société anonyme)</p>\n<p>S.C.A.:</p>\n<p>Partnership</p>\n<p>limited</p>\n<p>shares</p>\n<p>(société</p>\n<p>commandite par actions) Shareholder(s):</p>\n<p>Holders of bearer shares or units of a SICAR, SIF, UCI or UCITS incorporated under the form of a FCP, S.A. or S.C.A.</p>\n<p>SICAR:</p>\n<p>Investment companies in risk capital (SICARs) within the meaning of the law of 15 June 2004 regarding SICARs</p>\n<p>SIF:</p>\n<p>Specialized investment funds within the meaning of the law of 13 February 2007 on specialized investment funds</p>\n<p>UCI:</p>\n<p>Undertakings for collective investment within the meaning of part II of the law of 17 December 2010 on undertakings for collective investment (the “2010 Law”)</p>\n<p>UCITS:</p>\n<p>Undertakings</p>\n<p>for</p>\n<p>collective</p>\n<p>investment</p>\n<p>transferable securities within the meaning of part I of the 2010 Law</p>\n<p>LAW OF 28 JULY 2014 REGARDING IMMOBILISATION OF BEARER SHARES AND UNITS - FAQ IN RELATION TO INVESTMENT FUNDS ESTABLISHED IN LUXEMBOURG Version 3</p>\n<p>Update information 09/11/2023</p>\n<p>05/05/2015 30/12/2014</p>\n<p>Replacement of the terms “registrar and transfer agent” by “UCI administrator” in line with CSSF Circular 22/811 (question 5) – version 3 Modification of questions 8 and 9 – version 2 First date of publication – version 1</p>\n<p>LAW OF 28 JULY 2014 REGARDING IMMOBILISATION OF BEARER SHARES AND UNITS - FAQ IN RELATION TO INVESTMENT FUNDS ESTABLISHED IN LUXEMBOURG Version 3</p>\n<p>Law of 28 July 2014 regarding immobilisation of bearer shares and units - FAQ in relation to investment funds established in Luxembourg 1. When has the 2014 Law entered into force? The 2014 Law has entered into force on 18 August 2014.</p>\n<ol start=\"2\">\n<li>Which investment funds are impacted by the 2014 Law? The 2014 Law applies to UCITS, UCIs, SIFs and SICARs which have been incorporated under the form of an S.A., S.C.A. or FCP and which have issued bearer shares or units which are still in issue.</li>\n</ol>\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-the-law-of-28-july-2014-regarding-immobilisation-of-bearer-shares-and-units/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/FAQ_Law_28_July_2014.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>"}