A SICAV fund and its assets : rights of an investor in relation thereto

Abstract

This short paper presents a panoramic picture of the main character and underlying legal nature of Variable Capital Companies (SICAVs). It starts by defining funds and the principles related to them and continues on to describe the application process for the incorporation of a fund and the considerations undertaken by the MFSA. The paper further examines how directors are appointed and who is qualified to hold the office of director. The main rights and duties involved in share ownership in a SICAV, and its various possible sub-funds, are also discussed. It continues to deal with the possibility of changes in a SICAV’s original establishing documentation, and with the main characteristics pertaining to the rights of investors in a SICAV and the juridical personality of the SICAV and its respective sub-funds.