ADEPA Asset Management
15 of June 2012

Newsletter SIF

Dear Sir/Madam

The Law of 26th March 2012 ("Law of 2012"), updating the Law of 13th of February 2007 on specialised investment funds called SIF ("Law of 2007") was published in the Official Gazette of the Grand Duchy of Luxembourg, Memorial A, on the 30th March 2012.

This new law entered into force on the first day of the month following its publication in the Memorial, thus on the 1st April 2012.

These amendments focus on the creation and organization of the SIF, as well as deal with the role and performance of the SIF, while taking into account the practices of the "Commission du Secteur Financier" (CSSF) and the law on undertakings for collective investment dated on the 17th of December 2010 (UCITS IV).

Following each link you can find attached a summary with the main changes foreseen by the new law in English, French and Spanish.

For any further information you may need do not hesitate to contact us.

Sincerely yours,

Adepa Asset Management Team