Luxembourg-Hong Kong Double Tax Treaty: The Best of Both Worlds

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1 Tax Practice Luxembourg-Hong Kong Double Tax Treaty: The Best of Both Worlds Gerald Pasquier, Daniel Boone and David Maria examine the potential benefits for business connections between Asia and Europe On 20 January 2009, the bilateral treaty for the avoidance of double taxation between the Hong Kong SAR and the Grand-Duchy of Luxembourg (the Treaty) entered into force in both jurisdictions. The Treaty has retroactive effect, and is applicable as from 1 January 2008 with respect to Luxembourg and as from 1 April 2008 with respect to Hong Kong. To date, only a limited number of jurisdictions have signed a comprehensive double taxation agreement with Hong Kong: namely Belgium, Thailand, the PRC, Vietnam (not yet ratified) and now Luxembourg. The Luxembourg-PRC treaty of 1994 does not apply to Hong Kong. As discussions at the recent G20 summit reminded the business community, Hong Kong lacks a competitive tax treaty network as compared to, for example, Singapore. The Treaty will strongly contribute to improving Hong Kong s international tax strategy. As well as linking two major financial hubs and business-friendly jurisdictions at the crossroads of the Western and Eastern worlds, it will also give Hong Kong investors unique access to Luxembourg s extensive tax treaty network: 54 jurisdictions have entered into comprehensive double tax treaties with Luxembourg. This network is complemented by the Grand Duchy s flexible corporate and tax environment, recently enhanced by the law dated 16 December 2008 (discussed below). It is worth mentioning in this respect that Luxembourg features one of the lowest VAT rates (15%) in Europe. As international tax rules tend to subject e-commerce transactions to the laws of the residence of the seller, a number of e-commerce companies such as Amazon and Skype have their head offices in Luxembourg. The Treaty is attractive for several reasons: (i) because of its tailored provisions; (ii) because it allows freer cash flows between the two jurisdictions; and (iii) because it creates outstanding opportunities for investors willing to invest in and out of Asia through two complementary hubs. The Treaty s Tailored Provisions Generally, there are three main aims pursued by countries entering into a comprehensive bilateral taxation agreement: (i) the avoidance of double taxation; (ii) the provision of advantageous taxation; and (iii) the promotion of fiscal cooperation between the treaty parties. Avoidance of double taxation Double taxation occurs when the tax laws of two countries overlap, so that for a person carrying on business in the two countries, the same economic event may be taxed several times. Double taxation commonly occurs because of the overlapping of personal taxation with real taxation. For example, a company having its registered office in Country A may be liable to profits tax for revenues derived from a property it owns solely because it is a resident of Country A (and Country A s profits tax is based on personal taxation), while the same revenues may be subject to profits tax in Country B because the property is located in Country B (and Country B applies real taxation rules). If double taxation is obviously unfair to taxpayers, it may impair free trade, and it was for this reason that the OECD originally encouraged tax treaties between its members via its = ! Hong Kong Lawyer 59

2 Tax Practice model convention. The avoidance of double taxation is not particularly relevant to Hong Kong because its territorial approach to taxation means the scope of Hong Kong tax is limited. Hong Kong taxes are fairly unlikely to overlap with taxes imposed by other jurisdictions except where a foreign jurisdiction taxes its own residents on income derived from Hong Kong (in such cases, many jurisdictions provide their own residents with unilateral tax relief in respect of Hong Kong tax paid on income derived in Hong Kong, thus avoiding or reducing double taxation of foreign residents in many cases). However, Hong Kong s territorial approach to taxation had some impact on the Treaty s drafting. Unlike Luxembourg, the tax laws of Hong Kong do not provide any definition of tax resident, a concept commonly used in tax treaties in order to define their scope and rules. The Treaty, by clearly defining in its Article 4 which entities will be treated as Hong Kong residents, provides more certainty than the equivalent double tax treaty entered into between Hong Kong and Belgium, which refers only to the parties national laws with respect to the definition of resident. It should be noted that foreign companies simply holding their board meetings in Hong Kong are likely to be considered as Hong Kong residents under the Treaty. Providing advantageous taxation A second aim of tax treaties is to provide advantageous taxation of transactions between two countries, in order to encourage the development of cross-border business between them. The types of taxes covered vary from one treaty to another. VAT or consumption taxes are rarely covered, since there is a global standard governing consumption taxes according to which goods are taxed in the jurisdiction where they are consumed (therefore there is no risk of double taxation), while income and profits taxes are normally covered. The main tax advantages created by the Treaty are: (i) to reduce the rate of withholding tax on dividends paid by a Luxembourg entity to a Hong Kong entity from 15% to 0%; and (ii) to reduce the rate of withholding tax on royalties paid by a Hong Kong entity to a Luxembourg entity from 4.95% to 3% (royalties are not taxed under Luxembourg s domestic tax laws). As interest payments are generally not taxed in either Hong Kong or Luxembourg, the provisions of the Treaty dealing with interest payments are not of particular interest. The Treaty offers better rates than the equivalent Hong Kong-Belgium treaty, under which payments made to a Hong Kong parent company by a Belgian subsidiary are subject to withholding tax at the rates of 5% or 15% for dividends, 10% for interest payments and 5% for royalties. Taxation of capital gains generated on shares in a Luxembourg company is also relaxed by the Treaty, thus facilitating exit strategies for Hong Kong equity investments in the Grand Duchy. Under Luxembourg domestic tax law, capital gains are treated as profits when a shareholding of more than 10% is traded, ie acquired and sold within six months. Under the Treaty, such capital gains are no longer subject to tax, unless the majority of the Luxembourg company s asset value is derived from immovable property located in Luxembourg. Moreover, taxation of capital gains arising from the sale of shares in companies predominantly invested in real estate has a narrower scope than the OECD model convention. For example, capital gains will be taxexempted if the company conducts business in the relevant property or if the relevant shares are traded on a stock exchange, even though the 50% threshold is exceeded. Enhancing fiscal cooperation between the parties Finally, tax treaties are aimed more and more at enhancing the international cooperation and recognition by two countries of their respective tax systems. A first consequence of this is that a country entering into a tax treaty will normally not blacklist the other party by treating it as a tax haven, even though there are some exceptions, which may become more common following the recent G20 meeting (some EU countries already treat Singapore as a tax haven even though they have entered into comprehensive tax treaties with it). Tax adjustments and penalties deriving from those contra-legem policies may however be ruled out by tax courts. A second consequence is to facilitate the avoidance of tax evasion through the exchange of information between the tax authorities of the treaty parties. Double tax treaties usually set out provisions pertaining to the exchange of information between their respective tax administrations (EOI provisions). EOI provisions may be classified in three categories. The first category corresponds to a high level of transparency agreed upon by the parties: transmission of tax payers information is spontaneous, or may even be automatic when the two 60 Hong Kong Lawyer =!

3 Tax Practice jurisdictions share their fiscal databases. Such EOI provisions are stipulated in tax treaties entered into by the majority of the EU members. The second category comprises EOI provisions under which information is communicated on demand. EOI provisions of the third category also stipulate transmission of data on demand, but only on condition that such transmission is not prohibited by domestic laws (such as Luxembourg s banking secrecy provisions). Hong Kong law (s 51(4) Chart 1: Repatriation of dividends from a PRC subsidiary through Luxembourg and Hong Kong Dividends or redemption of hybrid instruments (whichever is relevant) Dividends Dividends Companies and cash flows in (i) the European Union, (ii) a jurisdiction having a tax treaty with Luxembourg, or (iii) other jurisdictions in Luxembourg Company incorporated in Hong Kong in the PRC of the Inland Revenue Ordinance (Cap 112)) prohibits the Inland Revenue Department from invoking its information-seeking powers for matters that do not relate to tax liabilities under the Inland Revenue Ordinance; only domestic tax interests can possibly give rise to exchange of information with foreign authorities. As a result, the Treaty s EOI provisions had to be of the third type, which is also the category favoured by Luxembourg. Under the latest version of the Taxation under the Treaty 4. No withholding tax applicable in Luxembourg pursuant to (i) EU parent-subsidiary directive, (ii) applicable double tax treaty between Luxembourg and the parent company (iii) tax structuring allowed by hybrid instruments in Luxembourg 3. No taxation of dividend income in Luxembourg pursuant to Luxembourg domestic laws (important participation regime) 2. No withholding tax applicable in HK pursuant to (i) the double tax treaty between HK and Luxembourg and (ii) HK domestic law 1. No taxation of dividend income in HK pursuant to HK territorial taxation OECD model convention of 2004, and as re-iterated at the recent G20 meeting, the refusal of one treaty party to supply tax information requested by the other party may not be based on the fact that it does not collect information for its own purposes, or on banking secrecy provisions. Both Luxembourg and Hong Kong have recently issued public statements indicating that they will strive to make their respective double tax treaties comply with the EOI provisions prescribed by the OECD. This will certainly involve lengthy amendment procedures. Free Cash Flows Luxembourg investments in Hong Kong and Hong Kong investments in Luxembourg both benefit from the Treaty. Taxation of dividend income received by a Luxembourg company: participation exemption regime The Luxembourg participation exemption regime (the Regime: see Chart 1) is a cornerstone for corporate and tax structuring on the basis of the Treaty. Dividends received by a Luxembourg company are in principle subject to corporate income tax in Luxembourg. However, Luxembourg domestic tax laws provide that dividends paid by a foreign company are fully exempted from income tax in Luxembourg if: (i) the foreign subsidiary is subject to a comparable tax in its jurisdiction of incorporation; and (ii) the Luxembourg parent company has held shares representing at least 10% of the capital of the subsidiary (or shares acquired for an aggregate purchase price of C= 1,200,000 or its equivalent) for a period of at least 12 = ! Hong Kong Lawyer 61

4 Tax Practice months, such holding period requirement being waived under the Treaty. Dividends which do not qualify for the Regime can be exempted up to 50%. For companies having their residence outside the EU, the Luxembourg tax authorities consider that a foreign corporate income tax is comparable to the Luxembourg income tax to the extent that: (i) the tax is not optional; (ii) the nominal tax rate is not less than half of the Luxembourg corporate income tax rate (as the Luxembourg corporate income tax rate is 21%, the foreign tax rate must not be less than 10.5%); and (iii) the rules and criteria to determine the taxable basis are similar to those applicable under Luxembourg tax law. For a Hong Kong subsidiary held by a Luxembourg resident company, special attention will need to be paid as to whether Hong Kong s 16.5% profits tax will be regarded as comparable to Luxembourg corporate tax. However, any such doubts will be dispelled following an advance tax ruling to be issued by the Luxembourg tax authorities confirming the application of the Regime to profits distribution and capital gains derived by a Luxembourg parent company from its shareholding in a Hong Kong subsidiary. It is worth mentioning that the issuing of advanced tax rulings by the Luxembourg tax authorities should provide a high level of legal comfort to investors since the Luxembourg tax administration is bound by such rulings, unlike in Belgium. Luxembourg tax rulings are granted on a case-by-case basis upon submission of a file to the tax authorities by legal professionals. Physical meetings between those professionals and the authorities are commonly required. The Luxembourg government indicated in its comments on the Treaty that the Hong Kong territorial taxation system should not hinder the application of the Regime. However, a place of effective management test will be of material importance in order to determine whether the subsidiary will be considered as a Hong Kong resident. It should also be pointed out that it is not necessary that the Hong Kong subsidiary effectively pays a 10.5% tax in Hong Kong. It is sufficient for it to be subject in principle to such tax. As a result, a Hong Kong subsidiary which has a permanent establishment or subsidiary in China, the profits of which are taxed in China and not in Hong Kong, should in principle be considered as subject to a comparable tax and therefore eligible to benefit from the Regime. If the previous flexibility and cooperative attitude of the Luxembourg tax authorities is anything to go by, it should be possible to obtain such confirmation within a couple of weeks. Tax-exempted dividends paid by a Luxembourg company Luxembourg s extensive tax treaty network, reinforced by a recently adopted (December 2008) law on the taxation of dividends paid to countries with which Luxembourg has concluded a tax treaty (the Law), commonly allows outbound withholding tax on dividends to be reduced to 0% when repatriating profits to a treaty jurisdiction such as Hong Kong (see Chart 2). Two conditions must be fulfilled under the Law. First, the parent company must hold at least 10% of the Luxembourg subsidiary s share capital (or shares acquired for an aggregate purchase price of C= 1,200,000 or its equivalent). Second, the parent company must be subject to income tax which is comparable to Luxembourg income tax, as discussed above. When the above treaty rate is not available (ie when Luxembourg has no treaty with a particular jurisdiction, or the above conditions are not met), there are some common methods used to optimise repatriation of cash held by a Luxembourg subsidiary, including to offshore jurisdictions. One popular technique is the use of hybrid instruments known as PECs (preferred equity certificates) and CPECs (convertible preferred equity certificates), which are not regulated by law or by administrative guidelines. These hybrid instruments feature a combination of equity and debt. The common equity features are: (i) a long maturity of 30 years and more; (ii) the stapling of PECs and CPECs to equity shares (so that the hybrid instruments must be transferred along with the relevant shares); (iii) the qualification of PECs and CPECs as transferable securities; and (iv) their subordination vis-à-vis other debts of the issuing company (while ranking in priority to share capital). In terms of tax and accounting, holders of PECs and CPECs are usually considered as creditors: no voting rights are granted to them, and they do not share the losses of the issuing company. In the jurisdiction of the holder of the PECs and CPECs (for example in the USA) they are usually treated as equity. CPECs are convertible into shares, while both PECs and CPECs can be redeemed at market value. 62 Hong Kong Lawyer =!

5 Tax Practice Both types of instruments may also be interest bearing. Outstanding Opportunities While Hong Kong is an unrivalled platform for investments in and out of China, Luxembourg assumes the same function with respect to the European Union since the introduction of the tax-friendly Société Holding in 1929, which has since been replaced by the Société de Gestion de Patrimoine Familial (SPF). Luxembourg is also the world Chart 2: Repatriation of dividends by a PRC company through Luxembourg and Hong Kong Dividends Dividends Dividends Companies and cash flows in the PRC in Hong Kong Company incorporated in Luxembourg (i) Company incorporated in the European Union or (ii) in a jurisdiction having a tax treaty with Luxembourg leader for the cross-border distribution of investment funds, while Hong Kong is a successful regional hub for asset managers to efficiently monitor their operations in Asia. Overview of a popular Luxembourg holding company structure: the SPF A wide range of regulated and unregulated investment vehicles are available in Luxembourg in order to structure investments in an efficient Taxation under the Treaty 5. No withholding tax in HK pursuant to HK domestic law 4. No HK taxation of dividends income pursuant to HK territorial taxation 3. No withholding tax in Luxembourg pursuant to the double tax treaty between HK and Luxembourg 2. No taxation of dividends income in Luxembourg pursuant to Luxembourg domestic law (important participation regime) 1. No withholding tax in the subsidiary s jurisdiction pursuant to (i) the EU parent-subsidiary regime, and/or (ii) an applicable double tax treaty manner, none of which are remarkably excluded from the scope of the Treaty. The SPF is a vehicle used in private wealth management. It can be defined as a company: (i) established as a public or private limited liability company, a company limited by shares or a cooperative entity under the form of a public limited liability company; (ii) whose purpose is limited to the acquisition, holding, management and disposal of financial assets to the exclusion of any other type of commercial activity; (iii) the shares of which are exclusively held by eligible investors, ie individuals managing their private wealth, or private wealth entities acting for one or several individuals. The SPF may hold participations in other companies, or voting rights a SPF can therefore have a subsidiary in Hong Kong but only to the extent that the SPF is not involved in the management of these companies. It is not allowed to render any kind of services, including granting interest bearing loans, even to companies in which the SPF owns equity shares. It may however advance some funds to or guarantee liabilities of a company in which it holds a participation, but only on an ancillary and non-remunerated basis. The SPF is a tax-exempted entity for the purposes of Luxembourg tax law. This is largely due to the fact that the SPF is not deemed to make business profits. It is only acting in the interest of private investors and thus does not carry out any economic activity. Income from financial assets is therefore exempted at the level of the SPF as if it was a transparent partnership or société civile, but may be taxed subsequently in the hands of the shareholder once the income is distributed to it. = ! Hong Kong Lawyer 63

6 Tax Practice The SPF is excluded from the exemption regime for a given financial year if at least 5% of the total dividend income it receives during that year is derived from participations in non-resident nonlisted companies that are not subject to an income tax comparable to the Luxembourg corporate income tax. SPFs are also entitled to issue bearer shares. Enhanced opportunities in the field of asset management The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (the CSSF), and the Securities and Futures Commission (the SFC) in Hong Kong have been cooperating for years. The latter has progressively adapted its rules to the evolution of the Undertakings for Collective Investment in Transferable Securities (UCITS) regulatory framework with respect, for example, to the use of derivatives, the relaxation of submanagement rules and, more recently, the anticipation of implementation of the UCITS IV directive. It results that the distribution and marketing of UCITS funds in Hong Kong is facilitated by a fast track procedure under SFC rules. Today, a large majority of the foreign investment funds distributed in Hong Kong are Luxembourg UCITS funds, ie regulated funds benefiting from an investment passport so that they can be distributed in all EU countries on the basis of the approval by a sole EU national regulator such as the CSSF. The combination of the Treaty with the PRC-Hong Kong double tax treaty certainly favours the investment in China by Luxembourg based funds and private equity ventures looking for opportunities in the Chinese market. Funds management companies based in Luxembourg can use a Hong Kong subsidiary to monitor their business in China: under the PRC-Hong Kong treaty, the definition of permanent establishment for a Hong Kong company having business in China is especially advantageous, no western country and no other financial centre benefits from the same advantage. On the regulatory side, it is significant that the CSSF and the PRC regulator, the China Banking Regulatory Commission (the CBRC), have signed a Memorandum of Understanding in 2008 (the MOU), according to which Luxembourg became part of the Qualified Domestic Institutional Investor and the Qualified Foreign Institutional Investor programmes allowing respectively the distribution of Luxembourg investment funds in China and the investment in Chinese markets by Luxembourg financial institutions. As the most prominent offshore jurisdictions have not yet entered into any memoranda of understanding with the PRC, as the UCITS brand is becoming more and more valued in Asia, and as a number of PRC asset management companies have established joint ventures in Hong Kong with foreign asset managers, the combination of the Treaty, the PRC-HK treaty and the MOU will tend to encourage the setting-up of China-focused UCITS funds in Luxembourg that would be managed from Hong Kong and target both Hong Kong and PRC investors. Furthermore, as onshore hedge funds become more popular since the hedge funds industry and mutual funds industry tend to converge, Luxembourg UCITS funds will be convenient vehicles to benefit from Asian growth through the use of alternative investment techniques such as the popular 130/30 strategy. Conclusion Hong Kong and Luxembourg have a lot in common to share and to offer: tiny territories which facilitate quicksilver adaptation to economic and financial evolutions; multilingual, wide-open and business-friendly cultures; highly professional and industrious workforces; unrivalled expertise as international hubs for asset management and multinational groups tax efficient structuring; as well as an innate willingness to make available at all times to investors the best-suited legal and regulatory platforms. In this perspective, the Hong Kong-Luxembourg tax treaty offers outstanding business opportunities to investors willing to benefit from the synergies provided by both jurisdictions, and it can be anticipated that significant capital flows between Asia and Europe will be channelled through the two jurisdictions, allowing Hong Kong and Luxembourg to give investors the best of both Western and Eastern worlds. Gerald Pasquier Senior Associate Lefèvre Pelletier & associés, France gpasquier@lpalaw.asia Daniel Boone Director Wildgen Partners, Luxembourg daniel.boone@wildgen.lu David Maria Senior Associate Wildgen Partners, Luxembourg david.maria@wildgen.lu 64 Hong Kong Lawyer =!

7 Tax Practice!"#$%&'()*!"#$%&!"#$%&'()*!"#$%&'(!)!"#$ !"#$%&'()*!"#$%&'()*+,!"E!F!"!"#$ 1994!"#!"#$%!" 20!"#$%!"#$$%&'()*+,!"#$%&'()*+,!"#$%54!"#$!"#$%&'(!"#$%&'()* !"#!"!"#$%&'(!"#$%&'()!!"#$%&'()*!"#$%&'()*+,E!"#$%&'($F!!"!"#$%&'()*+,!"#$%&'(#!")* Gerald Pasquier Daniel Boone David Maria!"#$%&'()"*+,-!"#$%&'(15%!"#$%&'()*+#,!"!#$%&'()*+,!"#$%&'() Skype!"#$%&'()*!"#$%&'(!"#$%&!!"#$%&'(!"#$!"#$%&'()*+,!"#$!"#$!"#$%!"#$%&'!"#!"#$%&'()*+,!"#$%&$'()*+'!"#$%&!"#!"#$%&'"()*!"#!"#$%&!"#$%&'()*+,!" = ! Hong Kong Lawyer 65

8 Tax Practice!"#$%&'(5%15%!"#$% 10%!"#! 5%!"#$%&'()"*+!"#$ 10%!"#$!"#!"#$%!"#$%&$'(!")*!"#$%&'()RMB!"#$%&'()*+!"#$%&'()!"!#$%&'()*+,!"#$%&'()*+,!"#!"#$%&'()*+,!"#$%&'()*+,%!"#20!"#$%& E!"#$%&'()* F!"#$%&'()*+!"#$%&'()*+!"#$%&'()*+,!"#$%&'()*+,!"#$%&'()*!!"#$ %&!"!"#$%&'()*+!"#$%&'()*+,!"#$%&'()*+,!"#!"#$%&'(!"#$!%&'()*+,!"#$%&'(#$)*+!"!!"#$!"#$% &'()*+,!"#$%&'()*+!!"#!"#$%&"'()%*+!"#$%&'()*+(!!"#$%&'$()*+,!!"#$%&'!"#$%&'()*+!"#$%&'"#()!"#15% 0%!"#$%&'!"()*+!"# 4.95% 3%!"#$%&'()*+!"#$%&'()*+!"#$%&'(!"#$%&'()*!"#$%&'()*+,!"#$%&'()*+!,!"#$%#&'()*+,!"#$%&'()*+,!"#$%&'()*+,!"#$%&$'()*+,!"#$%&'()*+,!"#$%&!'()*!"#$%&'()*+!!"#$%&'()*+,!"#$%&'()*+,"!"#$%&'()*!!"#$ !"#$%&'(!"#$!"#!"#$%&'()!*+,!"#$%&'()$*+,!"#$%&'()*+!!"#$%&'( 2004!"#$%&'20!!"#$%&'()*+(,!"#$%&'(#)*+,!"#$%&'()*+),!"#$%&!"!"#$%&'"#!!"#$%&'(!"#$%&'()*+,!"#!"#$%&!"#$%!"#$%&'()*+,!"#$%&'()*+!"#$%&'()*+,!"#$%&!!"#$%&'() '*+ 66 Hong Kong Lawyer =!

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10 Tax Practice!" 1,200,000!"#!"#$%&'()*+!"#$!"#%&'()*!"#$%&'()!"#$%&'()*+,!"#$%&'()*+!"#$%&'()*+,!"#$%&'()"*+,! PEC!"CPEC=!"#!"#$%&"!"#$%&'()*+,!"#$%&'()*+,!"#$%&'()!"#$%&'()*+!"#$%&!"'"("!"#$%&'()*+,!"#$!"!"#$%&'(EF!"#$%&'()* +,!"#$%&'()!"#$%&'()*"+!"#$%&'()*+,!"#$%&'()*+,!"#$%&'()*+,&!"#$%&'()*!"#$%&'(!"# $#%&'!!"#$%!&'()!"#$%&'"#!"#!"#$%&'( 1929!"#=Societe Holding Societe de Gestion de Patrimoine Familial (SPF)=!!"#$%&'()*!"#$%&'()* SPF!"#$%&'()*+%(!"#$%&'()%*+,!"#$%!&'()*+!"#$%SPF=!"#!"#$%&'()*+,!"#$%&'()*+!"#$%&'(!"#$!"#$%&'()*+,!"!"#$%!" #$%&'()*+,!"#$%&'()*!"#$%&$'()*+,!"#$%&'"()*+,!"#$%&'()$*+./0123!"#!"!"!"#$%!!"!"#$!EáF=I EááF=!"!"#$!"!"# R!"#$%&'()*!!"# Q!"#$%&'()*!!"#$%&' P!"#$%&'()*!"#$%&'()*+!" O =!"#$%&!"!"#$%&!" N =EáF=!"#$%& EááF!"#$%&'(!"#"$%&'() 68 Hong Kong Lawyer =!

11 Tax Practice!"!"#!"!"#$%&CSSF!"#$%&'()*+,!"#$%&'()*+,!"#$ 2008!"#!"!"#$%&!"#$%&'()*+"#!"#$%&'("#)*+ UCITS!!"! UCITS!"#$%&'!"#$%&'()#$*+!"#$%&'(!"#$%&'#$()*!"#UCITS!"#$!"#$%&'(130/30!"#$%&'()*+, SPF!"#$%&'(!"# SPF!"#$%!"#$ SPF!"#$!" SPF!"#$%&! SPF!"#$%!"# SPF!"#$%!"#$%&!"#$%&' SPF!"#$%&'()*+ SPF!"#$%&'()*+, SPF!"#$%&'(!"#$ SPF!!societe civile!"!"#$ 5%!"#!"#$%&'(#)*+,!"#$%&'()*+!"#$%&#$%'( SPF!"#$%&'()* SPF!"#$%&'!"#$%&'(!"#$%&=Commission de Surveillance du Secteur Financier (CSSF)!"#$%&'()!"!"#$%!"#$%&'( UCITS IV!"#$% &'()*+,!"#$%&'=(UCITS)=!"#$%&'() *+,!"#$%&UCITS! UCITS!"#$%&'!"#$%&'()*+,!"#$%&'()*+,*!"#$%&'()*!"+!"#$%&!"'()*+!"#CSSF!"#!"#$%&'()*+,%!"#$%&'()*+,!"#$%&'!()*+!"#$%&'()*+,!"!"#$%&'!"#$%&'(!)*+,!"#$%&'()*+,!"#$%&'()!*+,!"#$%&'()*+, Gerald Pasquier Senior Associate Lefèvre Pelletier & associés, France Daniel Boone Director Wildgen Partners, Luxembourg David Maria Senior Associate Wildgen Partners, Luxembourg = ! Hong Kong Lawyer 69