Publication of alternative investment funds

Purline 3, paragraph 3. No, no, no. 598 of 12. June 2013 on alternative investment fund managers, etc., shall be determined as follows :

Definitions

§ 1. For the purposes of this notice :

1) Aggregate ROI : A yield derived from the overall risk that occurs by acquiring, sitting or selling investment assets, including activities that have optimized or increased the value of the investment assets.

2) Daily power or control : a direct and permanent decision-making competence over operational matters relating to the day-to-day operation of the unit ' s assets, which is significantly more comprehensive than the usual exercise of control or powers ; through the vote by the unit general assemblies concerning the concentration, choice of board members, directors, accountants, or approval of annual accounts.

3) One or more shares : Any ownership of the assets in a unit.

4) A number of investors : one or more investors, unless the law, the statute of law or an agreement prevents the entity from raising capital from more than one investor. If a unit only raises capital from one investor under the law, the Staff Regulations, or by agreement on this subject, then, after that notice, a number of investors shall be subject to the capital of which the capital has been raised through structures or agreements ; includes several legal entities or persons.

5) To raise capital : a commercial activity performed by the entity, a company or a person who is connected to the entity, with the direct or indirect purpose of creating an obligation or transfer of capital from one or more investors ; the unit to invest capital in accordance with a defined investment policy.

Alternative investment funds

§ 2. A unit that is not covered by Section 3 is an alternative investment fund in accordance with section 3 (3). 1, no. 1, in the case of alternative investment fund managers, etc., if :

1) the unit or unit of the unit raises capital from a number of investors in order to invest capital in accordance with a defined investment policy, with the aim of creating an aggregated return for those investors, where :

2) owners of one or more units in the unit or in a unit in the unit to which a collective group does not have any daily powers or control.

Paragraph 2. A unit is considered to have a defined investment policy if the unit has a written policy on how the unit's aggregated capital is to be managed with a view to creating an aggregated return for the unit ' s investors, and where, for example,

1) the investment policy has been defined and determined at the latest when investors undertake to draw one or more units in the unit,

2) the investment policy is laid down in a document which is part of the entity or founding documents of the unit, or referred to in the unit ' s statutes or in the founding documents ;

3) the unit or unit manager is required to follow the investment policy, as well as changes to investment policy, or

4) the investment policy provides guidelines on :

a) investment in particular categories of assets or abstention from the investment in certain assets ;

b) pursuit of specific investment strategies,

c) investment in certain geographical areas ;

d) compliance with limitations in leverage ;

(e) compliance with certain minimum holding periods ; or

(f) compliance with other restrictions with the aim of creating risk-spreading.

Corporate Companies

§ 3. A unit, including joint ventures, does not comply with the conditions laid down in section 3 (3). 1, no. Paragraph 1 (a) of the law on alternative investment funds and so on and is not an alternative investment fund, where the purpose of the unit is to follow a commercial strategy that is essentially characterised by :

1) a commercial activity involving the acquisition, sale or exchange of goods or the exchange of goods or the supply of non-financial services ; or

2) an industrial activity involving the production of goods or buildings.

Entry into force

§ 4. The announcement will enter into force on the 22nd. July, 2013.