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Ch. 5, 6

Governance & Board Requirements

FCP vs SICAV vs ManCo vs Self-Managed — board rules, independence, CO requirements

Highlight differences

Criterion	FCP	SICAV	ManCo / AIFM Board	Self-Managed SICAV
Legal Personality	None — governed by ManCo	Yes — own board and shareholders	Separate legal entity	Yes — fund IS the ManCo
Board Requirement	ManCo board governs; no fund board	Own board of directors required	Own board required	Board acts as both fund and management body
Shareholder Meetings	No — unitholders have no direct control	Yes — annual + extraordinary GMs	Shareholder meetings per 1915 Law	Yes — annual + extraordinary GMs
Conducting Officers	ManCo COs govern	ManCo/AIFM COs govern	Min. 2 CSSF-approved COs required	Min. 2 CSSF-approved COs required
Independence (group link)	N/A (no fund board)	N/A (no group link rules for fund board)	≥1 independent (≤4 members); ≥2 (≥5 members) if depositary group link	Same as ManCo — ≥1 or ≥2 depending on board size
Board Meeting Frequency	N/A	Min. quarterly (CSSF expects)	Min. quarterly (CSSF expects)	Min. quarterly (CSSF expects)
Time Commitment Limit	N/A	Max 1,920 hrs/year total; max 20 mandates	Max 1,920 hrs/year; max 20 mandates	Max 1,920 hrs/year; max 20 mandates
Non-Delegables	N/A — ManCo retains all	Board retains: strategy, risk profile, conflicts policy, valuation determinations	IFM retains: investment policy, risk profile, conflicts policy, delegate selection/monitoring	Fund board retains all non-delegables
Three Lines of Defense	ManCo implements	Via ManCo/AIFM	IFM must implement — permanent, independent, non-performance-linked	Must implement directly
Sustainability Governance (SFDR)	Via ManCo from Aug 2022	Via ManCo from Aug 2022	Board must integrate sustainability risks from Aug 2022	Board directly responsible from Aug 2022

📌 Data sourced from Lux Investment Funds 2025, Chapters 5, 6. Verify current requirements with CSSF at cssf.lu.