Fonds Commun De Placement
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Fonds Commun De Placement
Fonds commun de placement translates to "investment funds" or "mutual funds", and are open-ended collective investment funds based that are neither trust or company law based. They are similar to common contractual funds in Ireland, tax transparent funds in the UK and "fondsen voor gemene rekening" in the Netherlands. In France, commonly referred to as FCP or F.C.P., these financial instruments are collective investments that are similar to the SICAV. They are not investment companies; they are more like open partnerships. They have no independent legal status but exist as a set of defined relationships between investors, managers and custodian. They invest in different financial instruments, but they do not have the tax status of the SICAV. They are typically issued in the French-speaking countries of Europe. See also * Common fund * Collective investment scheme An investment fund is a way of investing money alongside other investors in order to benefit from the inherent adv ...
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Collective Investment
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to: * hire professional investment managers, who may offer better returns and more adequate risk management; * benefit from economies of scale, i.e., lower transaction costs; * increase the asset diversification to reduce some unsystematic risk. It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as investment pools, collective investment vehicles, collective investment schemes, managed funds, or simply funds. The regulatory term is undertaking for collective investment in transferable securities, or short collective invest ...
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Common Contractual Fund
A common contractual fund (CCF) is a collective investment scheme structure in Ireland introduced by the European Communities UCITS Regulations, 2003. The CCF is an unincorporated body established by a management company under which the participants by contractual arrangements participate and share in the property of the fund as co-owners (specifically tenants in common). It is modelled on the Luxembourg Fonds commun de placement or ''FCP'' structure. Although the CCF could only be established as a UCITS when it was originally introduced in 2003, a non UCITS CCF can now be established pursuant to the ''Investment Funds, Companies and Miscellaneous Provisions Act 2005'', which was enacted in June 2005. Purpose for establishing a CCF structure in Ireland The majority of pension funds are entitled to favourable withholding tax treatment on investments. For instance, in the Netherlands, exempt Dutch pension funds qualify for a 0% withholding tax in the US in respect of dividend ...
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Tax Transparent Fund
A Tax Transparent Fund (TTF) - also known as an Authorised Contractual Scheme (ACS) Fund - is the proposed authorised collective investment scheme structure in the United Kingdom once the UK Finance Bill 2012 becomes an act and when the Financial Services and Markets Act 2000 and the Corporation Tax Act 2010 are amended, sometime mid-2012.Gary Jackson''Finance Bill 2012 confirms tax transparent fund details'' Fundweb.co.uk, 6 December 2011. Retrieved 2012-01-26.Natalie Kenway''Tax-transparent funds set for 2012 rollout'' Investment Week, 10 June 2011. Retrieved 2012-01-26. TTF's will then have the option to be based in the UK rather than in competing European domiciles. Both Luxembourg and Ireland have already introduced such structures, formally known as the Fond commun de placement (FCP) and the Common contractual fund (CCF). History *In 2010 a lobby formed for a U.K. transparent fund to be developed ahead of the implementation of the Undertakings for Collective Investment ...
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SICAV
A SICAV is a collective investment scheme common in Western Europe, especially Luxembourg, Switzerland, Italy, Spain, Belgium, Malta, France, and the Czech Republic. SICAV is an acronym in French for ''société d'investissement à capital variable'', which can be translated as 'investment company with variable capital'. It is similar to an open-ended mutual fund in the United States, while a ''sociedad de inversión de capital fijo'' or ''société d'investissement à capital fixe'' ( SICAF) is similar to a closed-end fund. 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 their units and payment of the redemption amount in cash. SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive. SICAV names in various languages * Czech ''akciová společnost s proměnným základním kapitálem'' * Dutch ''Beleggingsvennootschap met ...
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Investment Company
An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the Investment Company Act of 1940. Investment companies invest money on behalf of their clients who, in return, share in the profits and losses. Investment companies are designed for long-term investment, not short-term trading. Investment companies do not include brokerage companies, insurance companies, or banks. In United States securities law, there are at least three types of investment companies: * Open-End Management Investment Companies (mutual funds) *Face amount certificates companies: very rare. *Management companies * Closed-End Management Investment Companies ( closed-end funds) * UITs (unit investment trusts): only issue redeemable units. In general, each of these investment companies must register under the Securities Ac ...
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Financial Instruments
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership interest in an entity or a contractual right to receive or deliver in the form of currency (forex); debt ( bonds, loans); equity ( shares); or derivatives ( options, futures, forwards). International Accounting Standards IAS 32 and 39 define a financial instrument as "any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity". Financial instruments may be categorized by "asset class" depending on whether they are equity-based (reflecting ownership of the issuing entity) or debt-based (reflecting a loan the investor has made to the issuing entity). If the instrument is debt it can be further categorized into short-term (less than one year) or long-term. Foreign exchange instruments and transactions are neither debt- nor equity-based and belon ...
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French Language
French ( or ) is a Romance language of the Indo-European family. It descended from the Vulgar Latin of the Roman Empire, as did all Romance languages. French evolved from Gallo-Romance, the Latin spoken in Gaul, and more specifically in Northern Gaul. Its closest relatives are the other langues d'oïl—languages historically spoken in northern France and in southern Belgium, which French ( Francien) largely supplanted. French was also influenced by native Celtic languages of Northern Roman Gaul like Gallia Belgica and by the ( Germanic) Frankish language of the post-Roman Frankish invaders. Today, owing to France's past overseas expansion, there are numerous French-based creole languages, most notably Haitian Creole. A French-speaking person or nation may be referred to as Francophone in both English and French. French is an official language in 29 countries across multiple continents, most of which are members of the ''Organisation internationale de la Francophonie'' ...
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Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia and it is located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. Comprising the westernmost peninsulas of Eurasia, it shares the continental landmass of Afro-Eurasia with both Africa and Asia. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south and Asia to the east. Europe is commonly considered to be Boundaries between the continents of Earth#Asia and Europe, separated from Asia by the drainage divide, watershed of the Ural Mountains, the Ural (river), Ural River, the Caspian Sea, the Greater Caucasus, the Black Sea and the waterways of the Turkish Straits. "Europe" (pp. 68–69); "Asia" (pp. 90–91): "A commonly accepted division between Asia and E ...
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Common Fund
A common fund is a form of collective investment scheme based upon contractual law rather than being enacted through a trust, corporation or insurance policy. The model for this type of arrangement is the Fonds commun de placement common in France and Luxembourg. The common contractual fund in Ireland is another prominent example. See also * Collective investment scheme * Fonds commun de placement Fonds commun de placement translates to "investment funds" or "mutual funds", and are open-ended collective investment funds based that are neither trust or company law based. They are similar to common contractual funds in Ireland, tax transparent ... * Common contractual fund Investment funds {{Business-stub ...
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Collective Investment Scheme
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to: * hire professional investment managers, who may offer better returns and more adequate risk management; * benefit from economies of scale, i.e., lower transaction costs; * increase the asset diversification to reduce some unsystematic risk. It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as investment pools, collective investment vehicles, collective investment schemes, managed funds, or simply funds. The regulatory term is undertaking for collective investment in transferable securities, or short collective invest ...
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