Olivier Sciales Investments Law Blog on Lawyers.com

On 3 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to Luxalpha SICAV and the custodian bank UBS (Luxembourg) S.A., to take the following two decisions, namely (1) to withdraw Luxalpha SICAV from the list on the basis of article 94 (2) of the Law of 20 December 2002 on undertakings of collective investments which provides that maintaining an entry on a list shall be subject to observance of all the provisions of laws, regulations or agreements relating to the organisation and operation of UCIs and the distribution, placing or sale of their units and (2) thereafter to request the judicial liquidation of Luxalpha SICAV.

The decision to withdraw Luxalpha SICAV from the list of authorized UCIs is based on the fact that Luxalpha SICAV does not observe any longer the provisions in relation to the organisation and functioning of Luxembourg undertakings of collective investments. This withdrawal has as consequence the suspension of all payments made by Luxalpha SICAV and the prohibition by Luxalpha SICAV to perform any acts other than conservatory acts. The decision of withdrawal will become permanent after a period of one month, except in case of appeals. As soon as the decision of withdrawal will become permanent, the CSSF will request from the Luxembourg court (tribunal d'arrondissement) the judicial liquidation of Luxalpha SICAV. In case of a liquidation decided upon by the court, the court will appoint a liquidator to realize the assets of the SICAV.