Investment funds
SIF lawyer in Luxembourg
The firm supports the creation of a SIF, the specialised investment fund reserved for well-informed investors and placed under the supervision of the CSSF: multi sub-fund structuring, drafting of the articles, the prospectus and the agreements, organisation of governance and coordination with the authorised AIFM and the depositary.
Legal content reviewed by Maître Cora Maglo, Avocate à la Cour, Liste I du Barreau de Luxembourg depuis 2009.
The SIF (specialised investment fund) is a regulated Luxembourg vehicle reserved for well-informed investors: unlike the RAIF, it is subject to the supervision of the CSSF, which entails documentation and governance meeting the supervisor’s requirements. Its multi sub-fund structure allows several strategies to be isolated within a single fund.
Cerno Law Firm acts as legal counsel to the initiator: the firm structures the SIF, drafts its documentation and organises its governance, in coordination with the authorised AIFM, the depositary, the central administration and the auditor. The firm does not hold itself out as an AIFM and provides no CSSF-regulated management service.
The need
As an initiator, manager or family office, you are launching a regulated fund aimed at well-informed investors and must secure its structuring and documentation under CSSF supervision.
Without documentation that meets the supervisor’s expectations and sound governance, the SIF exposes the fundraising to delays and the initiator to reworks during the CSSF’s review.
The risk
A prospectus that does not comply with the supervisor’s requirements, a poorly articulated sub-fund structure, poorly defined access conditions for well-informed investors, governance poorly coordinated with the AIFM and the depositary.
A poorly documented SIF delays the set-up, complicates the entry of investors and exposes both the initiator and the service providers to friction over the terms of the investment.
How the firm helps
Structuring of the SIF and its sub-funds, drafting of the articles, the prospectus and the agreements, definition of the access conditions for well-informed investors, organisation of governance and coordination of the service providers with a view to CSSF supervision.
Cerno is a law firm admitted to the Luxembourg Bar: the digital tools serve only to simplify the collection of information, the qualification of the matter and the tracking of steps; they never replace the lawyer’s advice, who drafts each clause. The regulated management of the SIF is the responsibility of an authorised AIFM, with whom the firm works in coordination.
Practice areas
When to call on the firm
- Launch a regulated fund reserved for well-informed investors.
- Structure a multi sub-fund SIF isolating several strategies.
- Draft documentation that complies with the CSSF’s expectations.
- Organise governance between the initiator, the AIFM and the depositary.
Method
Our engagement process
- 1
Information intake
You describe your need via a structured form or an initial call. Our digital tools serve only to organise this information and save time.
- 2
Lawyer qualification
Maître Maglo reviews your situation, identifies the legal issues and confirms the feasibility and exact scope of the engagement.
- 3
Transparent quote
You receive a clear fee proposal, a fixed fee or a range, before any engagement. Nothing is billed without your approval.
- 4
Legal work
The firm drafts, negotiates or litigates as required. Every deliverable is designed and approved by a lawyer admitted to the Luxembourg Bar.
- 5
Tracking and delivery
You follow your matter transparently and receive your finalised documents with the explanations you need.
Documents required
- • Investment strategy and architecture of the sub-funds
- • Profile of the targeted well-informed investors
- • Identity of the authorised AIFM and the depositary
- • Fundraising, governance and distribution objectives
Deliverables
- • Structured SIF and drafted legal documentation (articles, prospectus)
- • Drafted management, depositary and central administration agreements
- • Organisation of governance and coordination of service providers with a view to CSSF supervision
Indicative timing
The structuring and the first documentation are delivered within a few business days; the final set-up is scheduled according to the supervision of the CSSF and coordination with the AIFM and the depositary.
Stated fees
Consultation from 175 € excl. VAT; creation and documentation of a SIF on a tailored quote, from 1 500 € depending on the structure and the number of sub-funds. Everything is quoted before any engagement.
FAQ
Frequently asked questions
Who can invest in a SIF?
The SIF is reserved for well-informed investors: institutional and professional investors and investors meeting the access conditions provided for by law. The firm defines these conditions in the fund’s documentation.
Is the SIF supervised by the CSSF?
Yes. Unlike the RAIF, the SIF is a regulated fund subject to the supervision of the CSSF. Its documentation and governance must meet the supervisor’s requirements, which the firm structures.
Does the firm manage the SIF?
No. Cerno is a law firm: it supports the legal structuring and documentation of the SIF. Regulated management is the responsibility of an authorised AIFM, with whom the firm works in coordination.
Can several sub-funds be created within a SIF?
Yes. The SIF can be structured into several sub-funds, each isolating a distinct strategy and a distinct pool of assets. The firm articulates this architecture in the articles and the prospectus.
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Choosing Cerno means choosing over 17 years of experience
- 2013
- independent firm
- 2009
- at the Bar since 2009
- 7
- working languages
- 100+
- companies & SOPARFI structured
- 200+
- visas & residence permits obtained
- 170
- client nationalities served
- 300+
- due diligence reviews conducted
Around twenty M&A transactions supported · one of the best visa approval rates in Luxembourg.
Since 2009, we devote our expertise to your satisfaction: more than 85% of our clients renew their trust in us.
Our work
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Entrust my matter to the firmExpertise & authority
Ongoing review and analysis of Luxembourg and European case law
Avocate à la Cour, List I of the Luxembourg Bar since 2009
Trained at the London School of Economics, formerly at Clifford Chance and Bonn Steichen & Partners
Member of international networks: EILN, AEA, Cross Border Advisory Solutions
Every matter handled and approved by a lawyer admitted to the Bar
Support in 7 languages, clients of 170 nationalities
Testimonials
What our clients say
Had a consultation with Me Cora Maglo about my Luxembourg Blue Card application. She explained everything clearly: the process, timeline and documents I need, and helped me with my wife’s family reunification too. Honest and practical advice. I felt confident after talking to her.Farshid Pourlatifi
J’ai beaucoup apprécié le service de Maître Maglo : son sérieux, sa sympathie, son professionnalisme et sa disponibilité. Toujours répondu rapidement et clairement, avec des conseils pragmatiques, sans pousser à des procédures longues et coûteuses lorsqu’elles ne sont pas justifiées.Nathan Wirtzfeld
Super assistance and great support! Highly recommend. All my questions were answered, Cora and her team kept me updated all the time. I will definitely reach out to them next time for my residency.Tatiana
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