Question ID: 2069
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Topic: Reporting Templates
Article: 35
Status: Final
Date of submission: 01 Nov 2019
Question
The Definiton of CIC 4 is very precise: UCITS or AIF.
I am wondering how to classify a SIF, which doesn´t qualify as a AIF.
A strict interpretation of the definition of CIC 4 in Annex VI would not allow a SIF to be classified as CIC 4 that does not qualify as AIF/UCITS.
Background to SIF:
SIFs are subject to the Luxembourg Law of 13 February 2007 (SIF Law). The SIF regime was amended by the Law of 12 July 2013 on Alternative Investment Fund Managers (AIFM Law). As a result, the SIF Law is now divided into two parts: (i) general provisions applicable to all SIFs, and (ii) specific provisions applicable to SIFs which qualify as Alternative Investment Funds (AIFs) and which are required to be managed by an authorised Alternative Investment Fund Manager (AIFM). Due to the broad definition of AIFs, most SIFs qualify as AIFs but not all.
Background of the question
Annex VI - Definitions of the CIC Table: CIC 4; Collective Investment Undertakings; "Collective investment undertaking' means an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council or an alternative investment fund (AIF) as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council."
EIOPA answer
Specialised Investment Fund (SIF) which doesn't qualify as Analternative investment fund ( AIF) is to be classified as CIC 4.