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SICAV
From Wikipedia, the free encyclopedia
A SICAV is an open-ended collective investment scheme common in Western Europe especially Luxembourg, Switzerland, and France. SICAV is an acronym for Société d'investissement à capital variable which can be translated as investment company with variable capital. As in the case of other open-end collective investment schemes (such as contractual funds), the investor is in principle entitled at all times to request the redemption of his units and payment of the redemption amount in cash.
SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive.
They are very similar to Open-ended mutual funds in the United States
According to the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act - CISA), an open-ended collective investment scheme may be in the form of a contractual fund or an investment company with variable capital (SICAV).
With open-ended collective investment schemes, investors have either a direct or indirect legal entitlemnet, at the expense of the collective assets, to redeem their units at the net asset value.
Each open-ended collective investment scheme has its own fund regulations (often referred to also as Prospectus). Contractual funds are regulated by the collective investment contract (e.g. fund contract). In SICAVs, it is the articles of association and the investment regulations.