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TVA --- fonds d'investissement --- placement collectif --- tva

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ASSURANCE --- ASSURANCE VIE --- FONDS D'INVESTISSEMENT --- SICAV BANCAIRES

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The fund industry in Luxembourg is in continuous expansion. Indeed, Luxembourg is currently the second largest investment fund centre worldwide after the United States of America. Additionally, further to the financial crisis we experienced from 2007 to 2009, investors have undeniably become more suspicious.
Legislators have consequently edited and published several directives and laws in order to strengthen the legal framework in which funds are evolving and to require more transparency towards investors. In this respect, parts of these regulations relate to the implementation of a substantial risk management process within investment funds.
Moreover, the financial crisis of 2007-2009 demonstrated the fact that having an efficient and strong risk management policy is of paramount importance.
However, except for the principles that have been mentioned in the different laws and directives, no additional information was given to risk managers on the way they have to implement and manage the risk management within investment funds.
As a consequence, this dissertation aims to summarize the different steps to follow to establish and direct a risk management in a UCI fund (UCITS or AIF) in Luxembourg.
In order to deal with this topic, data were gathered thanks to qualitative surveys conducted to professionals specialized in risk management in investment funds.
The results of these surveys revealed that 6 steps are needed in order to implement and direct an efficient risk management in an investment fund.

Risk Management --- Investment Fund --- Gestion des risques --- Fonds d'investissement --- Luxembourg --- Sciences économiques & de gestion > Finance

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L’engouement croissant des assureurs mais également des assurés pour les produits d’assurance de la branche 23 se confirme malgré l’absence de garantie sur le rendement ainsi que sur le capital investi, au vu de la baisse des taux continue défavorisant l’assurance vie de la branche 21. Dans ce contexte, l’objectif de ce travail de fin d’études sera d’analyser la législation spécifique à laquelle sont soumis les fonds liés à une assurance vie de la branche 23, et plus particulièrement les règles comptables qui leur sont applicables. Etant donné que le rendement potentiellement plus attractif de ce produit est la principale raison de son succès, nous analyserons dans un second temps le calcul de ce dernier. Les conclusions de ce travail porteront notamment les points d’attention que nous aurons relevés, les problèmes rencontrés lors de l’application de la législation par l’assureur, la problématique de la rentabilité pour l’assureur et du rendement réel pour l’assuré.

branche 23 --- rendement --- fonds d'investissement --- comptabilité --- assurance vie --- Sciences économiques & de gestion > Finance

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farms --- Support measures --- Farm income --- credit --- Capital --- debt --- Wallonie --- Autofinancement --- Cnaf --- Fonds d'investissement agricole --- Aide regionale --- Aide provinciale