Luxembourg

Name of Regulatory Body Commission de Surveillance de Secteur Financier (CSSF)
Average set- up time per
structure

UCITS – 1 to 4 months to obtain CSSF approval for the application – 1 week to incorporate the fund (may be
performed in parallel to the approval process).
Part II UCIs – 2-3 months to obtain CSSF approval for the application – 1 week to incorporate the fund (may be performed in parallel to the approval process).
SIFs – 2-3 months to obtain CSSF approval for the application – 1 week to incorporate the fund (may be performed in parallel to the approval process).
SICARs – 2-3 months to obtain CSSF approval for the application – 1 week to incorporate the fund (may be
performed in parallel to the approval process).

             Regulatory Fees                                    

Listing Agents Fees

Legal Fees

Initially - varies from €3,500 to €10,000.
Annually - varies from €3,000 to €30,000 (depending on the number of sub-funds within the same umbrella).              

Min - €6,000 Max - €10,000 per annum.                                                                                                                                                              

Varies with fund complexity.

Available Fund/ Legal
structures
Investment Company (SICAV),
Common Fund (FCP).
Marketing Restrictions UCITS & AIFs:
Passporting in – Funds which propose to market their units in Luxembourg:
Must submit documents required by Financial Regulator.
Under UCITS IV, the notification process is simplified, and is a regulator-to-regulator process.
Under AIFMD, the notification process is simplified, and is a regulator-to-regulator process.