![](/typo3temp/assets/_processed_/8/6/csm_Insights-header_9bc54cb8ce.webp)
LU - Modernising Luxembourg's legislative framework for investment funds
A draft law presented in March 2023 by the Luxembourg Ministry of Finance was approved by the Chamber of Deputies on July 11, 2023.
This project amends 5 Luxembourg laws: Part II of the UCI law on investment funds, the law on SIFs (Special Investment Funds) and SICARs (venture capital investment companies), the law on alternative investment fund managers and the law on RAIFs (Reserved Alternative Investment Funds).
There are 4 major changes:
The possibility of adopting legal forms other than the société anonyme, for SICAVs governed by Part II of the law of December 17, 2010.
The minimum capital required to invest in the FIS, SICAR and FIAR laws has been reduced from €125,000 to €100,000 for a "well-informed" investor.
The authorized capital of these investment structures must be reached within 24 months of their creation date (previously 12 months).
The Luxembourg subscription tax is waived for European Long-Term Investment Funds (ELTIFs) and Pan-European Individual Retirement Savings Plans (PEPPs).