FAQ on SICARs is a CSSF FAQ, published 2 September 2019.
\nRelevant for: SICARs.
\nKeywords: Accounting, NAV calculation, Outsourcing, UCI administration.
\nSICAR - FAQ
\nSICAR - FAQ Version 4
\nSICAR - FAQ TABLE DES MATIÈRES / TABLE OF CONTENTS 1. What steps are to be taken to submit an authorisation request for a new SICAR? 4 2. What criteria shall the directors of a SICAR fulfil? 5 3. What are the CSSF's requirements regarding the prospectus of SICARs? 6 4. What does the CSSF require for the central administration of SICARs? 7 5. What does the CSSF require for the depositary bank of SICARs? 7 6. What is the procedure in case of replacement of a director or service provider? 7 7. Which requirements regarding prudential reporting does the SICAR have to comply with? 7 8. What are the obligations for SICARs as regards information to be submitted to the investors and the dissemination method? 9 9. Which requirements are the SICARs subject to as regards the drawing-up, approval, statutory audit and publication of annual accounts? 10 10. To which particular requirements as regards the drawing-up, approval, audit and publication of the annual accounts are SICARs with multiple compartments subject? 10 11. Which general characteristics shall investment policies of SICARs present? 11 12. Under which conditions may SICARs carry out real estate investments? 13 13. Can SICARs invest in infrastructure projects? 13 14. Can a SICAR have an accessory investment policy which does not comply with the criteria of risk capital? 13 15. Can SICARs make indirect investments through intermediary investment vehicles or special purpose vehicles? 13 16. Can SICARs act as feeder fund in a master-feeder structure? 14 17. Under what conditions may a SICAR invest in securities listed on a stock exchange? 14 18. Under which conditions can a SICAR invest in derivative financial instruments? 14 19. In which manner can a SICAR invest its liquidity awaiting investment and reinvestment in risk capital as well as funds awaiting distribution? 15 20. Can SICARs make investments in commodities? 15 21. Can a SICAR invest in ABS and CDOs? 15 22. Under which conditions can a SICAR invest in Distressed Debt securities? 15 23. What are the SICARs' obligations with respect to risk management? 16 24. What requirements are SICARs subject to regarding due diligence in relation to their investments? 16
\nSICAR - FAQ Version 4
\nUpdate information 17/11/2023
\n09/06/2022 24/11/2020 02/09/2019
\nDeletion of question 4 Replacement of the term “Central Administration” and other linked functions by “UCI administrator” in line with CSSF Circular 22/811 (questions 1 and 6) – version 4 Modification of question 7 (in line with CSSF Circular 21/790) – version 3 Changing wording of question 26 – version 2 Publication of questions 1 to 27 – version 1
\nIn case of discrepancies between the French and the English text, the French text shall prevail SICAR - FAQ Version 4
\nSICAR - FAQ 1. What steps are to be taken to submit an authorisation request for a new SICAR? Updated on: 17 November 2023
\nA SICAR is a specialised investment company whose exclusive purpose is to invest in risk capital. Where there is doubt whether a SICAR project complies or not with the criteria of risk capital within the meaning of the law of 15 June 2004 relating to the Investment company in risk capital (SICAR), the initiator (i.e. the legal or natural person which started the project) should, prior to submitting an authorisation request, send a nihil obstat request relating to the acceptability of the contemplated investment policy to the CSSF.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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