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Comparsion Charts
TANDEM PARTNERS Comparsion Charts The following tables summarise and compare the principal elements of Luxembourg vehicles established as Securitisation vehicles, SICAR vehicles and SIF vehicles. Applicable law Securitisation Securitisation Act (2004) SICAR SIF SICAR Act (2004) Regulatory SupervisionSecuritisation SICAR SIF No. Unless there is a continuous public offer of securities Yes. A light level of supervision Entity Type Securitisation SICAR Corporate entity - société anonyme - sociétés en commandite par actions - sociétés à responsabilité limitée - sociétés coopératives organisées sous forme de sociétés anonymes SIF Securitisation fund - Organised under the contractual form or on a fiduciary basis Corporate entity - société anonyme - sociétés en commandite par actions - sociétés à responsabilité limitée - sociétés coopératives organisées sous forme de sociétés anonymes - sociétés en commandite simple Corporate SICAF/SICAV - société anonyme - sociétés en commandite par actions - sociétés à responsabilité limitée - sociétés coopératives organisées sous forme de sociétés anonymes SIF fund - Fonds commun de placement or on a fiduciary basis 16 rue Beck, L-1222, Luxembourg t: +352 26 47 79-1 f: +352 2647 8998 www.tandem.lu [email protected] page 1 / 5 TANDEM PARTNERS Substance Securitisation Head Office in Luxembourg SICAR SIF Head Office in Luxembourg Director's Nationality &Securitisation Residence SICAR SIF No Nationality or Residency Requirements for Directors orNo Managers Nationality or Residency Requirements for Directo Minimum Capital / Net Asset Securitisation Requirements Amount - EUR 31,000 - EUR 31,000 - EUR 12,500 - No Minimum - No Minimum SICAR SIF Corporate entity, (fixed) - société anonyme - sociétés en commandite par actions - sociétés à responsabilité limitée - sociétés coopératives organisées sous forme de sociétés anonymes Securitisation fund - No requirements Corporate entity, (fixed or variable) - société anonyme - sociétés en commandite par actions - sociétés à responsabilité limitée - sociétés coopératives organisées sous forme de sociétés anonymes - sociétés en commandite simple Subscribed Share Capital - Must reach EUR 1 Million within 12 months from authorisation Corporate SICAF/SICAV, (fixed or variable) - société anonyme - sociétés en commandite par actions - sociétés à responsabilité limitée - sociétés coopératives organisées sous forme de sociétés anonymes Subscribed Share Capital - Must reach EUR 1.25 Million within 12 months from authorisation Net Assets 16 rue Beck, L-1222, Luxembourg t: +352 26 47 79-1 f: +352 2647 8998 www.tandem.lu [email protected] page 2 / 5 TANDEM PARTNERS - Fonds commun de placement. Net Assets must reach EUR 1.25 Million within 12 months from authorisation NAV Calculation Not applicable Securitisation SICAR Risk Diversification Requirements Securitisation No SICAR Segregated Compartments Securitisation Yes SICAR Eligible Investors Securitisation Unrestricted - Institutional Investors - Professional Investors - Sophisticated Investors SICAR 16 rue Beck, L-1222, Luxembourg t: +352 26 47 79-1 f: +352 2647 8998 www.tandem.lu [email protected] SIF Calculated once per year No No Restricted SIF SIF SIF page 3 / 5 TANDEM PARTNERS Restricted - Institutional Investors - Professional Investors - Sophisticated Investors Financial Reports Securitisation Audited Annual Reports SICAR Luxembourg Service Providers Securitisation Required Administrative Agent Independent Auditor Depository Bank, (only if regulated) Independent Auditor Depository Bank Independent Auditor Depository Bank SICAR SIF Audited Annual Reports SIF Administrative Agent Administrative Agent Eligible Assets and Strategies Securitisation SICAR SIF Securitisation of risks linked to any types of assets. The Assets may not be actively managed by the Securitisation All types Vehicle of private equity and Venture Capital Investm Including temporary investments Unrestricted 16 rue Beck, L-1222, Luxembourg t: +352 26 47 79-1 f: +352 2647 8998 www.tandem.lu [email protected] page 4 / 5 TANDEM PARTNERS Regulator Approval Process Securitisation CSSF SICAR SIF Not a requirement for an entity which is unregulated Regulator has to approve the SICAR prior to launch o Dividend Distribution Securitisation SICAR SIF Corporate entities Distributions may not reduce the Net Assets of the Company to an amount lower than subscribed capital plus n Securitisation funds There are no statutory restrictions on dividend payments Corporate entities No statutory restrictions once minimum capital requirements Corporate are met. SICAF/SICAV No statutory restrictions once minimum capital requirements are met, except for SICAF’s where assets may no Fiscal Regime Securitisation SICAR SIF Corporate entities Securitisation Companies are fully taxable. Investor distributions may be deducted from taxable profits for both Securitisation funds Securitisation funds are not subject to corporate taxes andCorporate are not subject entities to subscription taxes charged to fund Non-Transparent SICAR’s are fully taxable. Income can be exempted from the tax base when it has been deriv Transparent SICAR’s are not subject to any tax in Luxembourg Corporate SICAF/SICAV SIF’s are subject to an annual subscription tax at a rate of 0.10% of their NAV. 16 rue Beck, L-1222, Luxembourg t: +352 26 47 79-1 f: +352 2647 8998 www.tandem.lu [email protected] page 5 / 5
