CHAPTER II: MARKETING AND LISTING / 第二章：税务和上市
1. MARKETING 销售
1.1 Marketing to European professional investors / 向欧洲专业投资者销售
RAIFs benefit from a passport allowing the AIFM to market the RAIF’s shares, units or partnership interests to professional investors (as defined in the AIFMD) within the EU, through a regulator-to- regulator notification regime.
RAIF 经AIFM管理，，向欧盟内部专业投资者（如AIFMD所定义）销售RAIF的股份，单位或合伙人股份。
The benefit of the foregoing procedure is currently limited to AIFMs established in the European Union. At a later stage, subject to an opinion and positive advice from the European Securities and Markets Authority, the EU Commission may decide to extend the passport to non-EU AIFMs which may then, subject tocompliance with all AIFMD requirements, also manage RAIFs and benefit of thepassport.
上述程序的使用目前仅限于在欧盟成立的AIFM。在稍后阶段，在欧洲证券和市场管理局提供支持的意见和正面建议的前提下，欧盟委员会可以决定将通行证扩展至非欧盟AIFM。非欧盟AIFM如遵守所有AIFMD要求，可有权管理RAIF和享用欧盟通行证。
1.2 Marketing to other well-informed investors / 销售给其他消息灵通的投资者
The marketing of RAIFs outside or within Europe to well-informed investors which do not qualify as professional investors requires compliance with the local placement rules of each country where such marketing is done.
RAIF在欧洲以外或欧洲境内的营销，对于不符合专业投资者资格的知情投资者，需要遵守每个进行营销的国家的就基金销售的相关规则。
1.3 Closed-ended RAIFs / 封闭性RAIF基金
Closed-ended RAIFs and RAIFs not investing in accordance with the principle of risk spreading (see Chapter III Section 1.2 below) may in addition be subject to the provisions of the Prospectus Law36 in the case where they intend tocarry out a public offering or admission to trading of their shares or units.
封闭性RAIF和不遵守风险分散原则的RAIF（见第三章第1.2节）可能另外受《招股说明书法》36的约束（如该RAIF有意公开发售其股份或单位）。
If they do not benefit from one of the exemptions provided for by the Prospectus Law, they might have to prepare a prospectus within the meaning of the Prospectus Law. In practice, however, most of the concerned RAIFs will benefit from an exemption in that respect.
如果他们没有受益于招股说明书法律规定的豁免之一，他们可能必须准备招股说明书所定义的招股说明书。然而，实际上，大多数有关的RAIF都无需遵守该规定。
36"Prospectus Law" refers to the Law of 10July 2005 on prospectuses for securities, as amended.
“招股说明书法”指2005年7月10日颁布的经修订的有关证券招股说明书的法律。
2. LISTING / 上市
A RAIF may apply for listing of its shares on the Luxembourg Stock Exchange («LSE») provided that it complies with the requirements of the LSE and in particular with the requirement that the shares are freely negotiable.
只要符合卢森堡股票交易所（“LSE”）的要求，和特别是满足股票可自由转证要求，RAIF可申请其股票在LSE上市。
Assurance would be needed, however, that trading on the exchange does not permit non-eligible investors to become shareholders of a RAIF.
然而，在该交易所的交易不允许不达到合格投资要求的投资者成为RAIF的股东。
There is no prohibition in Luxembourg against a RAIF seeking a listing on any other stock exchange.
卢森堡不限制RAIF基金在其他股票交易所上市。
CHAPTER III: TAXATION / 第三章：税务
1. TAXATION OF THE RAIF RAIF / 相关税务
1.1 General tax regime / 一般税务制度
RAIFs are exempt from Luxembourg income and wealth taxes.
RAIF 基金可免收卢森堡所得税和财产税。
RAIFs are subject to an annual subscription tax (taxe d’abonnement) charged at an annual rate of 0.01% based on the total net assets of the RAIF, valued at the end of each calendar quarter.
RAIF 须缴纳年度认购税(taxe d'abonnement )，税率为0.01％，基于每个季度末估值的RAIF 总净资产。
The RAIF Law exempts from the subscription tax (i) the assets invested in other Luxembourg based UCIs, SIFs and RAIFs subject to the subscription tax, (ii) certain institutional cash funds, (iii) microfinance funds and (iv) pension pooling funds.
在以下情况下，RAIF法律免除认购税（i）当资产投资于其他在卢森堡设立的已缴纳认购税的UCI、SIF和RAIF，（ii）某些机构现金基金，（iii）小额信贷基金和（iv）养老金池基金。
Individual compartments and classes which are reserved to pension schemes may also benefit from the subscription tax exemption.
专留给养老金计划的独立子基金和股份分类也可以享受免缴认购税。
1.2 Optional alternative tax regimefor RAIFs investing in risk capital / 投资风险资金的RAIF的选择性税务制度
A different tax regime applies for RAIFs set up under the form of a limited company which state in their constitutive documents that their sole objectiveis to invest their funds in securities representing risk capital and that theyare subject to the provisions of the specific article of the RAIF Law37which provides for this alternative tax regime. The tax regime intended here isthe same as that currently applicable to SICARs. As is the case for SICARs, these RAIFs do not need to spread the investment risk which means that the diversification requirements set forth in Chapter I Section 2.2 of this Memorandum do not apply to such RAIFs.
以有限公司形式设立的风险基金，并在其设立文件中规定，其唯一的目的是将其资金投资于风险资本的证券，并且明确遵守RAIF 法中的有关税收制度的特殊条款，该类型的RAIF将适用于不同的税收制度37。该税收制度与目前适用于SICAR的税制相同。与SICAR的情况一样，这些RAIF不需要遵循风险分散的原则，这意味着本备忘录第一章第2.2节所述的风险分散要求不适用于此类RAIF。
Becausea RAIF is obliged to mention specifically in its constitutive documents that it will invest exclusively in risk capital and that the relevant Article of the RAIF Law is applicable, there can be no uncertainty as to which tax regime will apply. Where a RAIF is created with multiple compartments, it is only the RAIFin its entirety, all compartments combined, which may be subject to thisalternative tax regime. It is not possible, therefore, for some compartments of a RAIF to be subject to the subscription tax regime and for other compartments to be subject to the alternative tax regime.
由于RAIF必须在其组织文件中特别提及它将专门投资于风险资本，而且适用于RAIF法律中的相关条款，因此适用的税收制度并无任何不确定的因素。在设立拥有多个子基金的RAIF的情况下，只有RAIF整体，以及其所有子基金被将适用该替代税制的制约。鉴于上述理由，一个RAIF无法达到一部份子基金需缴纳认购税，而其他子基金可享受替代税制的结构。
The RAIF Law specifies that risk capital investment means the direct or indirect provision of funds to entities with a view to their launch, development or their listing on a stock exchange. This text is identical in the definition of the same concept in Article 1(2) of the SICAR Law38. Similarly to the latter, the RAIF Law does not include further clarification on the concept of investment in risk capital. In the context of SICARs, the CSSF, being the competent authority for approving and supervising SICARs, issued its Circular 06/241 which further clarifies this concept. It is therefore this text that the RAIFs and/or their representatives and the RAIF’s auditor may draw from to interpret the concept of investment in risk capital.
RAIF法规定，风险资本投资是指直接或间接向实体提供资金，以便促进其发展，开发或在证券交易所上市。本案文与《SICAR法》38第1条第（2）款中相同概念的定义相同。与后者类似，RAIF法律没有对风险资本投资的概念进一步澄清。在SICAR的背景下，作为批准和监督SICAR的主管当局的CSSF发布了其06/241号通告，进一步澄清了这一概念。因此，RAIF和/或其代表和RAIF的审计师可以从通函中解读风险资本投资的概念。
The auditor of a RAIF must draw up a report to certify that, during the relevant accounting period, the RAIF has complied with the capital risk investment policy. This report must be transmitted to the Direct Tax Administration. This method of control has been introduced to ensure compliance with the requirement to invest exclusively in securities representing risk capital whereas, unlike SICARs, the CSSF does not supervise RAIFs or compliance with the provisions which are the basis of the alternative tax treatment.
RAIF的审计师必须编制报告，以证明在相关会计期间，RAIF已遵守资本风险投资政策，
此报告必须传送给直接税务局。引入这种控制方法是为了确保遵守仅投资于代表风险资本的证券的要求，而与SICAR不同，RAIF不受CSSF。
RAIFs with this alternative tax regime are subject to general corporation taxes in Luxembourg at ordinary rates. However, any income derived from securities that represent risk capital held by the RAIF, as well as any income from the sale, contribution or liquidation thereof, are fully tax exempt. Income derived fromassets held pending their investment in risk capital (i.e. liquid assets) does not constitute taxable income provided such assets are invested in risk capital assets within 12 months.
这种替代税制的RAIFs在卢森堡需以普通税率缴纳一般公司税。然而，RAIF持有的代表风险资本证券所得的任何收入以及出售、入股或清算的任何收入都是完全免税的。从投资于风险资本（即流动资产）之前持有的资产所得的收入不构成应纳税所得额，只要该资产在12个月内投资于风险资本资产。
37Article 48 of the RAIF Law.
RAIF法第48条。
38"SICAR Law" refers tothe Law of 15 June 2004 relating to the investment company in risk capital, as amended.
“SICAR法” 指2004年6月15日颁布的，经修订的，有关风险投资公司的该部法律。
2. TAXATION OF THE INVESTORS IN ARAIF / 对RAIF基金投资者征税
Distributions made by a RAIF to investors as well as any payment of proceeds made upon the redemption of RAIF units, shares or partnership interests are not subject to Luxembourg withholding tax. Non Luxembourg-resident investors in a RAIF, not acting via a Luxembourg permanent establishment, will not be taxed in Luxembourg on any income or capital gains they derive from their units, shares or partnership interests in a RAIF.
RAIF对投资者所作的分红以及兑换RAIF单位，股份或合伙人股份时所得的任何款项不需要缴纳卢森堡预扣税。RAIF中的没有在卢森堡常设机构的非卢森堡居民投资者，不会在卢森堡对其在RAIF中的单位、股份或合伙人股份所产生的任何收入或资本收益征税。
3. VAT / 增值税
Management services provided to a RAIF are exempt from Luxembourg VAT. This exemption covers the provision of portfolio management services, investment advisory services and certain administrative services. Mere technical services are however not exempt from VAT, nor are supervision and control services supplied by a depositary to the RAIF. Depositary services, however, can benefit from a reduced VAT rate of 14%.
提供给RAIF的管理服务将免征卢森堡增值税（标准税率为17%）。这项豁免包括提供投资管理服务，投资咨询服务和某些行政服务。然而，纯粹的技术服务不能免征增值税，托管人向RAIF提供监督和控制服务亦不能免征增值税。托管服务可以受益于14％的增值税豁免。
4. INTERNATIONAL TAX ASPECTS / 国际税务方面
RAIFs subject to the general tax regime and set up as a limited company should benefit, in the same as UCIs, from a certain number of tax treaties concluded by Luxembourg.
以有限公司形式设立的受一般税法约束的RAIF应，与UCI一样受益于卢森堡当局签订的部份税收协定。
RAIFs subject to the optional regime and set up as a limited company are considered as tax resident in Luxembourg for domestic and for treaty purposes.
受选择性税务制度约束和以有限公司形式组织的RAIF被视为卢森堡的纳税公司（就国内法及国际条约而言）。
RAIFs, which have been established as an FCP, a common limited partnership or as an SLP, are regarded as fully tax transparent for Luxembourg tax purposes and may therefore enable the investors to claim the benefits of the tax treaties.
以FCP（一种普遍的普通合伙）或以SLP形式组织的RAIF，出于卢森堡税收目的，享有完全的税收透明，且该投资者可要求享受从税收协议。
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