Part I UCITS Part II UCI SIF SICAR

1 - Legal framework(details page 27)

Part I of the law of 17 December 2010 on UCIs (the “2010 Law”).

Part II of the 2010 Law. Law of 13 February 2007 on SIFs (the “SIF Law”).

Law of 15 June 2004 on investment company in risk capital (the “SICAR Law”).

2- Legal forms (details page 28)

Corporate form or contractual form.

Corporate form or contractual form.

Corporate form or contractual form.

Corporate form only.

3 – Investors (details page 30)

All types of investors. All types of investors. Well-informed investors. Well-informed investors.

4 - Type of securities that may be issued to investors(details page 30)

• Shares/Units. • Shares/Units. • Shares/Units.• Beneficiary units.• Debt.

• Shares/Units.• Beneficiary units.• Debt.

5 - Ongoing subscription and redemption of shares/units(details page 32)

Yes, principle of “variable capital”.

Yes, principle of “variable capital”.

Yes, principle of “variable capital”.

Yes, principle of “variable capital”.

6 - Structuring of capital calls(details page 31)

Not relevant. Capital calls may be organised by way of capital commitments or through the issue of partly paid shares or units (for FCPs and SICAFs only).

Capital calls may be organised either by way of capital commitments or through the issue of partly paid shares or units.

Capital calls may be organised either by way of capital commitments or through the issue of partly paid shares.

7 – Minimum capital requirement, compartments and classes(details page 32)

• Minimum capital of EUR 1.25 Mio to be reached within 6 months following approval.

• Multiple compartments authorised.

• Classes of shares authorised.

• Minimum capital of EUR 1.25 Mio to be reached within 6 months following approval.

• Multiple compartments authorised.

• Classes of shares authorised.

• Minimum capital of EUR 1.25 Mio to be reached within 12 months following approval.

• Multiple compartments authorised.

• Classes of shares authorised.

• Minimum capital of EUR 1 Mio to be reached within 12 months following approval.

• Multiple compartments authorised.

• Classes of shares authorised.

8 – Management Company and compulsory service providers in Luxembourg(details page 33)

• Depositary bank.• Central administration. • Chapter 15

Management company (if not self-managed).

• External auditor.

• Depositary bank.• Central administration. • Chapter 15 or Chapter

16 Management company (if not self-managed).

• External auditor.

• Depositary bank.• Central administration. • Chapter 15 or Chapter

16 Management company (if not self-managed).

• External auditor.

• Depositary bank.• Central administration. • Chapter 15 or Chapter

16 Management company (if not self-managed).

• External auditor.

9- Eligible investments and investment restrictions(details page 39)

Transferable securities and/or any other liquid financial assets authorised by the UCITS IV Directive.Maximum 10% of the fund/sub-fund’s gross assets in one issuer as defined by the UCITS Directive.

Any type of assets.Maximum 10% of the fund/sub-fund’s gross assets in one issuer.It is however possible to set up and entirely hold a special purpose vehicle.

Any type of assets.Maximum 30% of the fund/sub-fund’s gross assets in one issuer.It is however possible to set up and entirely hold a special purpose vehicle.

Assets representing risk capital. Investment in risk capital means the direct or indirect contribution of assets to entities in view of their launch, development or listing on a stock exchange.No risk spreading requirements.

Comparative table

Part I UCITS Part II UCI SIF SICAR

10 - Frequency of NAV calculation and valuation principles(details page 39)

At least twice a month.Probable realisation value, estimated with care and in good faith.

At least once a month (the CSSF may however grant derogations upon a duly justified application).Probable realisation value, estimated with care and in good faith.

At least once a year.Fair value determined in accordance with the rules set forth in the fund’s constitutive documents.

At least once a year.Fair value determined in accordance with the rules set forth in the articles of incorporation of the SICAR.

11 - Distribution channels(details page 40)

Public distribution is possible in EU countries via the UCITS passport. Otherwise distribution will have to be limited to private placement.

Public distribution may be possible in certain countries subject to compliance with local rules. Otherwise distribution will have to be limited to private placement.

Distribution limited to well-informed investors. Compliance with marketing rules in distribution countries shall be ensured.

Distribution limited to well-informed investors. Compliance with marketing rules in distribution countries shall be ensured.

12- Fund Taxation(details page 57)

Annual Subscription tax of 5 bps computed on the net assets.Can be reduced to 1bp or to nil.

Annual Subscription tax of 5 bps computed on the net assets.Can be reduced to 1bp or to nil.

Annual Subscription tax of 1 bp computed on the net assets.Can be reduced to nil.

Normal Corporate tax rate but revenues on securities and liquidities held for less than 12 months are exempt.

13- Tax treaties access(details page 57)

Several tax treaties apply in case the fund has a corporate form.Look through may apply to contractual funds.

Several tax treaties apply in case the fund has a corporate form.Look through may apply to contractual funds.

Several tax treaties apply in case the fund has a corporate form.Look through may apply to contractual funds.

Yes.

14 - VAT on services provided(details page 59)

No VAT on management (including risk management), distribution or custody services except for supervisory duties which are subject to 12% VAT.

No VAT on management (including risk management), distribution or custody services except for supervisory duties which are subject to 12% VAT.

No VAT on management (including risk management), distribution or custody services except for supervisory duties which are subject to 12% VAT.

No VAT on management, distribution or custody services except for supervisory duties which are subject to 12% VAT.

15 - Applicability of the EU Savings Directive(details page 58)

Yes (depending on the results of the asset test).

No if SICAV/FYes if an FCP (depending on the results of the asset test).

No if a SICAV/F and not financed via debt.

No.

16 - Possibility to use intermediary vehicles for co-investment, tax or other purposes(details page 57)

Yes. Yes. Yes. Yes.

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