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Legal Entities of the World™

A spotter’s guide to corporate wildlife


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A société d’investissement à capital variable or SICAV is a common type of open-ended collective investment scheme, an investment fund found in France and other Francophile jurisdictions (notably Luxembourg, Belgium, Switzerland, and so on).

It is formed in the form of a public limited company (PLC., SA), or it may be in the form of a partnership limited by shares. Its share capital is variable and the value of which at any time matches the value of the net assets of the fund.

In the argot of ISDA netting categories, likely to be an Investment Fund.

Investment Fund. A legal entity or an arrangement without legal personality (for example, a common law trust) established to provide investors with a share in profits or income arising from property acquired, held, managed or disposed of by the manager(s) of the legal entity or arrangement or a right to payment determined by reference to such profits or income. This type of entity or arrangement is referred to as a “collective investment scheme” in EC legislation. It may be regulated or unregulated. It is typically administered by one or more persons (who may be private individuals and/or corporate entities) who have various rights and obligations governed by general law and/or, typically in the case of regulated Investment Funds, financial services legislation. Where the arrangement does not have separate legal personality, one or more representatives of the Investment Fund (for example, a trustee of a unit trust) contract on behalf of the Investment Fund, are owed the rights and owe the obligations provided for in the contract and are entitled to be indemnified out of the assets comprised in the arrangement.

See also