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Asset Valuation Methods
Cost Approach
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-- Fund Taxation (Luxembourg)
---- Real Estate Tax (Prélèvement Immobilier)
---- Subscription Tax (Taxe d'Abonnement)
---- Value Added Tax (VAT)
---- Withholding Tax
-- Cross-Border Taxation
---- Anti-Tax Avoidance Directive (ATAD)
------ Anti-Tax Avoidance Directive 1 (ATAD 1)
------ Anti-Tax Avoidance Directive 2 (ATAD 2)
------ Anti-Tax Avoidance Directive 3 (ATAD 3)
---- Base Erosion and Profit Shifting (BEPS)
------ Pillar I
-------- Amount A
-------- Amount B
------ Pillar II
-------- Global Anti-Base Erosion (GloBE) Rules
---------- Income Inclusion Rule (IIR)
---------- Undertaxed Profits Rule (UTPR)
-------- Subject To Tax Rule (STTR)
------ Transfer Pricing
-------- Master File
-------- Local File
-------- Country-by-Country Report (CbCR)
---- Directive on Administrative Cooperation in Direkt Taxation (DAC)
------ Directive on Administrative Cooperation 6 (DAC 6)
------ Directive on Administrative Cooperation 7 (DAC 7)
------ Directive on Administrative Cooperation 8 (DAC 8)
-- CRS (Common Reporting Standard)
-- FATCA (Foreign Account Tax Compliance Act)
-- Tax Treaties and Double Taxation Relief
UCI Administration
-- Premium Content
-- Client Communication Function
---- Premium Content
---- Correspondence and Dispatch of Offering Documents and Financial Reports and Other Documents intended for Investors
---- Maintenance of Adequate Records
-- NAV Calculation and Accounting Function
---- Premium Content
---- Collection of Legal Texts
---- Training Courses and Certifications
---- Identification and Correct Recording of all Accounting Movements
------ Corporate Actions
---- Valuation of Liquid Investments
---- Valuation of Complex and Illiquid Investments
---- Determination of the Amount of Unrealised and Realised Gain/Loss
---- Calculation of Income to be Distributed to Investors
---- Compilation, Provision, and Allocation of Fees, Commissions, Taxes and Incomes
---- Conversion of Operations in Foreign Currencies in the Reference Currency
---- Calculation and Validation of the total NAV of the UCI per Unit/Share
------ Calculation of the total NAV of the UCI
-------- Swing Pricing
------ Validation of the NAV per Unit/Share
---- Calculation of the Exchange Ratio in Case of Merger and Subscription, Redemption or Distribution in Kind
---- Publication of the UCI’s NAV per Unit/Share
---- Drawing-up of Financial Reports and Other Documents intended for Investors
------ Annual Accounts and Financial Statements (UCI)
-------- International Financial Reporting Standards (IFRS)
-------- Luxembourg Generally Accepted Accounting Principles (Lux GAAP)
---- Maintenance of Adequate Records
-- Registrar Function
---- Premium Content
---- Collection of Legal Texts
---- Training Courses and Certifications
---- Investor Onboarding
---- Anti-Fraud Measures
---- Technology and Systems
---- Reception and Execution of the Subscription, Redemption, Transfer and Cancellation Orders
---- Application of the Subscription and Redemption Prices
---- Calculation of the Number of Outstanding Units/Shares and Maintenance of the Unit-/Shareholder Register
---- Reconciliation of the Subscription and Redemption Orders with the Related Cash Flows
---- Distribution of the Income generated to Investors according to the Provisions of the Prospectus, when applicable
---- Drawing-up of the Subscription or Redemption Contract Notes
---- Application of the Exchange Ratio in Case of Merger
---- Subscription, Redemption or Distribution in Kind
---- Distribution of Proceeds to the Public Trust Office (Luxembourg: Caisse de Consignation)
---- Maintenance of Adequate Records
-- Specificities related to the Wholly or Partially Internal UCI Administration Function
Valuation
-- Premium Content
-- Collection of Legal Texts
-- Training Courses and Certifications
-- Organisation of the Valuation Function (specific provisions to entities authorised as AIFM)
---- General Obligations
---- Specificities related to the Internal Performance of the Valuation Function
-- Asset Valuation Methods
---- Cost Approach
---- Discounted Cash-Flow Analysis (DCF)
---- Income Approach
---- Market Approach
-- Reporting and Disclosure
-- Valuation Committee
-- Valuation Governance
-- Valuation Policies and Procedures
---- External Valuer
-- ABS/MBS/CDO
---- Asset Backed Securities (ABS)
------ Aircraft-Backed Securities
------ Auto Lease-Backed Securities
------ Auto Loan-Backed Securities
------ Credit Card-Backed Securities
------ Diversified Payment Rights-Backed Securities
------ Equipment-Backed Securities
------ Marketplace Lending-Backed Securities
------ Railcar-Backed Securities
------ Rate Reduction-Backed Securities
------ Residential Solar-Backed Securities
------ Royalty-Backed Securities
------ Shipping Container-Backed Securities
------ Single Family Rental-Backed Securities
------ Structured Settlement-Backed Securities
------ Student Loan-Backed Securities
------ Timeshare-Backed Securities
------ Triple Net Lease-Backed Securities
------ Whole Business-Backed Securities
---- Mortgage Backed Securities (MBS)
------ Commercial Mortgage-Backed Securities (CMBS)
------ Residential Mortgage-Backed Securities (RMBS)
------ Collateralized Mortgage Obligations (CMOs)
---- Collateralized Debt Obligations (CDO)
------ Collateralized Loan Obligations (CLOs)
------ Collateralized Bond Obligations (CBOs)
-- Bonds
---- Bonds with Fixed, Regular Interest Rates (Classic Bonds)
---- Bonds with Variable Interest Rates (Floaters)
---- Convertible Bonds and Warrant-Linked Bonds
------ Additional Tier 1 Bonds (AT1s)
---- Foreign Currency Bonds
---- Inflation-Linked Bonds
---- Low-Interest Bonds
---- Participation Certificates
---- Structured Bonds
---- Subordinated Bonds
---- Zero Coupon Bonds
-- Cash and Cash Equivalents
-- Commodities
-- Certificates
---- Bonus Certificates
---- Discount Certificates
---- Express Certificates
---- Outperformance Certificates
---- Tracker Certificates
---- other Certificates
-- Cryptocurrencies
-- Derivatives
---- Commodity Derivatives
---- Forwards
---- Futures
---- Options
---- Swaps
------ Credit Default Swaps (CDS)
---- other Derivatives
-- Equities (Stocks)
-- Funds
---- Exchange-Traded Funds (ETFs)
---- Fund of Funds (FOF)
---- Hedge Funds
---- Mutual Funds
-- Private Equity
-- Real Estate and Infrastructure
-- Sukuk
-- other (Niche) Asset Classes
---- Antiques
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---- Films
---- Wine
---- Watches
---- other
Events
-- Premium Content
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-- other Countries
