Olivier Sciales Investments Law Blog on Lawyers.com

On 3 March 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to LUXEMBOURG INVESTMENT FUND, a undertaking of collective investment subject to part I of the Law of 20 December 2002 ("Luxembourg UCITS fund") and the custodian bank UBS (LUXEMBOURG) S.A., to take the following two decisions, namely (1) to withdraw LUXEMBOURG INVESTMENT FUND 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 LUXEMBOURG INVESTMENT FUND.

The decision to withdraw LUXEMBOURG INVESTMENT FUND from the list of authorized UCIs is based on the fact that LUXEMBOURG INVESTMENT FUND. 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 LUXEMBOURG INVESTMENT FUND and the prohibition by LUXEMBOURG INVESTMENT FUND 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 LUXEMBOURG INVESTMENT FUND. In case of a liquidation decided upon by the court, the court will appoint a liquidator to realize the assets of the SICAV.