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      Legal environment

      Luxembourg investment funds that do not comply with EU Directive 2009/65/CE on undertakings for collective investment in transferable securities are regulated by Part II of the law of 17 December 2010 on collective investment schemes.

      For certain types of investment fund, the legislative authorities have created a specific legal framework. These are:

      • the law of 15 June 2004, as modified, which created the investment company in risk capital (Société d'investissement en capital à risque - SICAR);
      • the law of 13 February 2007, as modified, which created the specialised investment fund (SIF).

      The financial sector supervisory authority, CSSF, has published a set of rules specifically applicable to investment funds adopting alternative investment strategies.