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SECURITISATION
FUNDS
Securitisation funds are not legal entities. They are administered
by a management company.
Securitisation funds made up of one or several fiduciary estates
are subject to trust and fiduciary contract law.
They are set up in the form of a fiduciary
estate separate from the management company, which must be
resident in Luxembourg, (Sàrl or SA, a private or public
limited company)
The assets and the liabilities of the Fund
must be separate from those of the management company.
The Fund may be made up of several sub-funds
that are independent from each other.
SECURITISATION COMPANIES
They are exempt from the requirement of a full audit by a
"Commissaire aux Comptes", but their accounts must
be audited by an independent auditor ("Réviseur
d'Entreprises").
Securitisation companies must take the form of a public limited
company (société anonyme), a partnership limited
by shares (société en commandite par actions),
a private limited liability company (société
à responsabilité limitée) or a cooperative
company organised as a public limited company (société
coopérative organisée comme une société
anonyme).
The articles of incorporation of a securitisation company
may authorise the Board of Directors to set up one or several
sub-funds which would each relate to a distinct part of its
assets and liabilities.
Their management may either be Board members
or directors, depending on the type of company chosen.
The minimum capital must be that for commercial
companies (EUR 12,500 or EUR 31,000).
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