Fund services in Luxembourg | TMF Group

For UCITS funds TMF provides ManCo services in cooperation with external fund administrators and custodian banks licensed to service funds investing in ... Aboutus Back Accountingus Back Aboutus Ourpeople Ourperformance Ourpurpose Ourtechnology Ourexpertise Corporateresponsibility Environmental,socialandgovernance OurESGactivityisgroundedintheUnitedNationsSustainableDevelopmentGoals. Findoutmore Executivecommittee TheexecutivecommitteeatTMFGroupismadeupoftenseniorleadersintheirfields. 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Applynow Makeanenquiry Home Locations Europe,theMiddleEastandAfrica Luxembourg FundservicesinLuxembourg Moreinthissection ThinkingofdoingbusinessinLuxembourg MeettheLuxembourgteam CorporatesecretarialandaccountingservicesinLuxembourg FundservicesinLuxembourg HRandpayrollservicesinLuxembourg IFRSandconsolidationservicesinLuxembourg RealestateandprivateequityservicesinLuxembourg StructuredfinanceservicesinLuxembourg TaxcomplianceservicesinLuxembourg FundservicesinLuxembourg Asanindependentthirdpartyfundadministrator,ourspecialistteaminLuxembourgisabletoprovideallservicesrequiredtoadministeryourfundstructure-fromsetuptoliquidation. WesupportyourfundformationandprovideAIFMandUCITS-Manco,CentralAdministrationandDepositaryservicesasafullyintegratedsolution.Withincreasingregulationweensurethatyourfundremainsfullycompliantatalltimes,inalljurisdictionsthefundisinvestinginormarketedto. WefocusonalternativeinvestmentfundssuchasPrivateEquity,RealEstate,Infrastructure,PrivateDebtandVentureCapital–whethertheyinvestdirectlyorindirectlyviafundoffundstructures.ForUCITSfundsTMFprovidesManCoservicesincooperationwithexternalfundadministratorsandcustodianbankslicensedtoservicefundsinvestingintransferableassets. Recognisedasaworldleaderinprovidingacompleteandindependentservicetofundmanagers,weworkwithmostoftheworld’sleadingindependentmoneymanagersandfamilyofficesaswellasfundsoffunds,banksandinstitutionalfunds.WeareregulatedbytheLuxembourgsupervisorybodyCSSFandmaintainanumberofauditedcontrolsreports. Ourservices TMFLuxembourgprovidesthefollowingservices: Onboarding Liaisingwiththepromotersandallotherpartiesandtheirprofessionaladvisors,collatingtheinformationnecessaryforinclusionintheofferingdocumentation(egPPM)andthevariousagreements,andreviewingthefundofferingdocument(PPM)andLimitedPartnershipAgreement(LPA). AIFM/ManCoservices TMFcanprovideservicestoAIFsandtoUCITSfundseitherthroughwhitelabelorclient-dedicatedfundstructures.Servicesofferedareportfolioandriskmanagement,funddistributionandmarketingsupport,AnnexIVreportingandvarioussupportservices.ForUCITSfundsTMFprovidesManCoservicesincooperationwithexternalfundadministratorsandcustodianbankslicensedtoservicefundsinvestingintransferableassets. Fundaccounting Processingofportfolio-relatedtransactions Bookkeeping Monitoringandprocessingcapitalsubscriptionsandredemptions Reconcilingbankaccounts CalculatingNAVs(includingINREVNAVs) Fullwiretransferresponsibilities Facilitationoftheannualaudit FinancialstatementpreparationunderInternationalFinancialReportingStandards(IFRS)orlocalGAAP. Registrarandtransferagencyservices Receivingandrecordingthesubscription,redemption,transfer,andswitchesoffundshares/units/partnershipinterests InitialinvestorAML-KYCforonboardingpurposes Calculationofcapitalcalls,preparationandfollowupofcallnotices Equalisationcalculations Waterfallcalculations Maintainingtheregisterofinvestors Liaisingwithinvestorsandprospectiveinvestors Arrangingforpaymentsofredemptions,dividendsandinterestpayments CollectingandupdatinginvestorAML-KYCandduediligencedocumentationonaregularbasis Regulatoryreporting AIFM-specificreportingquarterlyaccordingtoArt.3(3)(d)&Art.24(1)ofDirective2011/61/EUifrequired ProvisionofRC("ResponsabledeControle") PopulationofrelevantsectionsofAnnexIVofAIFMD(unlessprovidedbyanappointedAIFM) Countryorindustryspecificreportingupondiscussion(egINREV/Solvency2). Corporatesecretarialservices Assistancewiththeconveningofboardmeetingsincludingpreparationofnecessarydocumentation Preparationofadhocwrittenresolutionsandproxies Maintenanceoftheminutebookofthefund(inconjunctionwiththeregisteredoffice) Filingoftheannualreturnandauditedaccounts,ifapplicable,withtherelevantregulatoryauthorities(inconjunctionwiththeregisteredoffice). Domiciliation Provisionofregisteredoffice Provisionofdedicatedofficespace(ifrequired). FATCA,CRSandtax-relatedservices Accountholderclassification Accountholderanalysis Remediation Reportfiling UBOservices MDRservices TaxandVATreportingandcomplianceservices. Depositaryservices* *forclosed-endfundsandfundsclosedforredemptionsforaminimumoffiveyears,investinginassetsotherthanfinancialinstruments TMFFundServices(Luxembourg)S.A.isapprovedtoactasDepositaryforalternativeinvestmentfunds(AIFs)andisauthorisedtosupervisetheactivitiesoffundmanagersinordertoprotectinvestorsinthefund,underthelawof5April1993onthefinancialsector("LFS")Article26-1,applicabletoprofessionaldepositariesofassetsotherthanfinancialinstruments. Weareauthorisedtoactasdepositaryforthefollowingassets: realestate–directinvestmentsorviaSPVsorproperty privateequity–directparticipationorviaSPVs,debtorequity-financed privatedebtandlendingstructures infrastructure commoditiesandtradefinancing OTCfinancialinstruments–forhedgingpurposes(explicitlynotforspeculativepurposesandnotaspartoftheinvestmentstrategy) othertangibleorintangibleassets–licenses fundoffunds. Servicesinclude: cashflowmonitoring duediligenceofserviceproviderandcompliancemonitoring oversightfunctionfortransactionofassetsandsharecapital ongoingverificationofassetownership. FrequentlyusedLuxembourgFundStructures 1.Regulatedfunds TheSICARandtheSIFareregulatedfundentitiesthatneedtobeapprovedbytheCSSFbeforelaunch.AstheSICARandtheSIFlawswereinexistencebeforethearrivaloftheAIFMD,thesefundsarerequiredtoappointadepositary.IftheAssetsunderManagementarebelowthethresholdofEUR500million(withoutleverage)orEUR100million(ifleveraged)theGeneralPartnerortheBoardofDirectorscanactas“sub-threshold”or“deminimis”AIFM.SIFandSICARcanonlybesubscribedtoby“well-informed”investors,asdescribedintheSIFandSICARlaws. TheSICAR TheSICARisaninvestmentcompanyforriskcapitalinvestments,establishedon15June2004.Itisthe“classic”structureforinvestmentsinPrivateEquityandVentureCapitalbutcan,ifqualifiedasriskcapital,alsoinvestinopportunisticRealEstateprojects.TheSICARcanbeset-upasamulti-compartmentfundstructure.TheadvantageofaRiskCapitalcompanyisthefactthatthereisnoriskdiversificationrequirement,sothefundmayinvestinoneinvestmentonly.SICARstakingthelegalformofa(special)limitedpartnership(SCSpandSCS)aretaxtransparentandthereforenotsubjecttolocaltaxes;thosethataresetupaspartnershiplimitedbyshares(SCA)arefullytaxablecompanies;however,incomefromtransferablesecuritiesinvestedinriskcapitalistax-exempted. TheSIF TheSIFisafundbasedonthelawof13February2007andcanbeusedforinvestmentsinanyassetclass,includinganytypeofalternativeasset.SIFscanbeset-upasmulti-compartmentfundsbutmustrespectadiversificationrequirementofinvestingamaximumof30%inonesingleasset,leadingtoaminimumof4targetinvestmentsperfundorsubfund/compartmentonanon-goingbasis.TheSIFcanbesetupasacompany(mainlytheSAandSàrl),apartnership(SCS,SCSporSCA)orasamutualfund(FCP).SIFsarenotsubjecttoLuxembourgtaxesoncapitalgainsorincome;however,asubscriptiontaxof1basispoint,basedonthenetassetvalue,willbechargedonaquarterlybasis. 2.Indirectlyregulatedfunds TheRAIF InJuly2016,theRAIFlawenteredtheLuxembourglegalandregulatoryenvironment,withashorttime-to-marketandnorequirementforLuxembourgregulatoryapproval.TheLuxembourgfundsindustrycannowoffer,onshortnotice,aproductthatisnotsubjecttosupervisionbytheCommissiondeSurveillanceduSecteurFinancier(CSSF),withfullfundflexibility. Thisproductisunprecedentedinthemarket.RAIFlawcombinestheadvantageoftheexistingregulatedfundregimewithsegregationofriskandfastimplementation.Itmakesuseofwell-knowncriteriaregardingeligibleinvestors,passportingandataxframeworkfromtheexistingSIFandSICARregimes. TMFFundServices(Luxembourg)S.A.providesthefullrangeofservicesrequiredforanalternativeinvestmentassetmanagertooperateaRAIF,includingAIFM,centraladministrationanddepositaryservices.Ourseniorbusinessleadershaveatleast15years’experienceinthealternativeinvestmentindustry,providingstabilityandsoundmarketknowledge.WehavestrongexperiencewithSICARandSIF,makingustheidealpartnertodiscussyourneedsrelatingtoRAIFsaswellasfullynon-regulatedfundstructures. 3.UnregulatedFundstructures TheSCSp TheunregulatedSpecialLimitedPartnershipisoneoutof3partnershipstructuresavailableforstructuringalternativefundsinLuxembourg–andthemostfrequentlyusedonewitharound4,000entitiessetupsinceitsinceptionin2013.Whilethecommonlimitedpartnershipandthepartnershiplimitedbyshares–theSCSandtheSCA–bothhaveanownlegalpersonality,theSCSpdoesnot,andthereforeconstitutesanon-incorporatedentity.ItleavestheGeneralPartnerwithhighestflexibilitywithregardstothestructuringofthepartnership.Whileregulatedandindirectlyregulatedfundsareobligedtoappointeitherdepositaryand/orAIFM,thereisnosuchrequirementfortheSCSp.However,shouldtheSCSpbemarketedthroughouttheEU,anAIFMandadepositarywouldneedtobeappointedunlesstheNPPRcanbeapplied*.Thereisalsonoobligationtoappointanauditor,tocalculateanetassetvalueortoapplythefair-valueconceptwhenvaluingassets.TheSCSp,asapartnershipwithoutlegalpersonality,isafullytax-transparententity.TherearenoriskdiversificationrulestoberespectedbuttheSCSpdoesnotallowforcompartmentalizationi.e.theset-upasmulti-compartmentfundsisnotforeseenbythelaw. *likelytobeimpactedbytheCBD/Rapplyingasof2August2021. 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