http://en.wikipedia.org/wiki/SICAV
SICAV
From Wikipedia, the free encyclopedia
A SICAV is an open-ended collective investment scheme common in Western Europe, especially Luxembourg, Switzerland, Italy, Spain, Belgium and France. SICAV is an acronym for Spanish sociedad de inversión de capital variable, Catalan Societat d'inversió de capital variable, Galician Sociedade de Investimento de Capital Variábel, French société d'investissement à capital variable or Italian società d'investimento a capitale variabile, among other languages, which can be translated as 'investment company with variable capital'.
It is similar to an open-ended mutual fund in the United States, while a sociedad de inversión de capital fijo or société d'investissement à capital fixe (SICAF) is similar to a closed-end fund. As in the case of other open-end collective investment schemes (such as contractual funds), the investor is in principle entitled at all times to request the redemption of his units and payment of the redemption amount in cash.
SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive.
With open-ended collective investment schemes, investors have either a direct or indirect legal entitlement, at the expense of the collective assets, to redeem their units at the net asset value.
Each open-ended collective investment scheme has its own fund regulations (often referred to also as prospectus). Contractual funds are regulated by the collective investment contract (e.g. fund contract). In SICAVs, it is the articles of association and the investment regulations.
It is similar to an open-ended mutual fund in the United States, while a sociedad de inversión de capital fijo or société d'investissement à capital fixe (SICAF) is similar to a closed-end fund. As in the case of other open-end collective investment schemes (such as contractual funds), the investor is in principle entitled at all times to request the redemption of his units and payment of the redemption amount in cash.
SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive.
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[edit] SICAV/Open-end Collective Investment in Switzerland
According to the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act - CISA), an open-ended collective investment scheme may be in the form of a contractual fund or an investment company with variable capital (SICAV).With open-ended collective investment schemes, investors have either a direct or indirect legal entitlement, at the expense of the collective assets, to redeem their units at the net asset value.
Each open-ended collective investment scheme has its own fund regulations (often referred to also as prospectus). Contractual funds are regulated by the collective investment contract (e.g. fund contract). In SICAVs, it is the articles of association and the investment regulations.
[edit] SICAVs in Spain
In Spain, a SICAV is a public limited company whose object is to invest in financial assets. Sicavs possess great tax advantages, paying just 1% to the Treasury in corporate income tax (corporation tax). Nonetheless they have to fulfill several requirements:- Number of stockholders no less than 100.
- Restrictions on investments.
- Variable capital between the minimum and maximum established by the articles of association.
- Minimum capital of €2,400,000.
- Control and supervision is carried out by the Comisión Nacional del Mercado de Valores and the Dirección General del Tesoro y Política Financiera.
[edit] See also
- Collective investment schemes
- Financial services
- ICVC (the UK equivalent)
- Investment
- Open-end fund (the US equivalent)
[edit] References
- M. P. Gentili, S. Jannoni, M. Mastrangelo, The SICAVs - Luxembourg UCITS and non-UCITS investment companies, Bancaria Editrice - Roma, 2011
[edit] External links
- Morningstar.co.uk SICAVs registered for sale in the UK
- Finesti website SICAVs registered for sale in Luxembourg and the EU
- ADEPA website One of the largest service providers in Luxembourg.
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