Luxembourg Undertakings for Collective Investment: Additional
Prospectus Information for Investors
The Luxembourg law of 17 December 2010 on undertakings for
collective investment (the "2010 Law") entered into force
on 1 January 2011. The 2010 Law implemented the European Directive
2009/65/EC (the "UCITS IV Directive") into Luxembourg
legislation, as well as introducing several non-UCITS IV related
changes.
Article 151(1) of the 2010 Law (which applies to both
undertakings for collective investment in transferable securities,
governed by part I of the 2010 Law ("UCITS") and other
undertakings for collective investment, governed by part II of the
2010 Law ("UCIs")) provides that "the prospectus
must include the information necessary for investors to be able to
make an informed judgment of the investment proposed to them, and,
in particular, of the risks attached thereto." The prospectus
is required to include, in addition to the disclosure on the
fund's
