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Luxembourg investment funds are regulated by the Law of 20 December 2002 relating to undertakings for collective investment and amending the law of 12 February 1979 concerning value added tax as amended (“the 2002 Law”). This transposed into Luxembourg law European Directives 2001/107/CE and 2001/108/CE relating to undertakings for collective investment.

Certain types of investment fund do not fall within the scope of the European Directives and hence within the scope of the Luxembourg Law transposing the Directives. These funds, which benefit from a specific legal framework, include:

• the Law of 15 June 2004, as amended, concerning risk capital investment companies (“SICAR”);
• the Law of 13 February 2007 concerning specialised investment funds (SIF);
• the Law of 13 July 2005, as amended, concerning pension savings vehicles in the form of a Pension Savings Company with Variable Capital (SEPCAV) or a Pension Savings Association (ASSEP), for pension funds.

The financial supervisory authority, the CSSF, has established a body of rules specifically applicable to Luxembourg investment schemes adopting alternative investment strategies.