利用者:加藤勝憲/SICAV

SICAVとは、西ヨーロッパ、特にルクセンブルク、スイス、イタリア、スペイン、ベルギー、マルタ、フランス、チェコでよく見られる集団投資スキームである。SICAVはフランス語でsociété d'investissement à capital variableの頭文字をとったもので、「変動資本による投資会社」と訳すことができる。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'.

米国のオープンエンド型投資信託に似ており、Sociedad de inversión de capital fijoまたはSociété d'investissement à capital fixe（SICAF）はクローズドエンド型ファンドに似ています。他のオープンエンド型集団投資スキーム（契約型ファンドなど）の場合と同様に、投資家は原則としていつでもユニットの償還と償還金額の現金での支払いを要求する権利を有します。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.

SICAV は、UCITS 指令に基づいて EU 内で国境を越えて販売されることが増えています。SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive.

SICAVの各国語表記

• チェコ語 akciová společnost s proměnným základním kapitálem
• オランダ語 Beleggingsvennootschap met veranderlijk kapitaal
• ドイツ語 Investmentgesellschaft mit variablem Kapital
• イタリア語 società d'investimento a capitale variabile
• スペイン語 sociedad de inversión de capital variable

SICAV/Open-end Collective Investment in Switzerland

集団投資スキームに関するスイス連邦法（集団投資スキーム法-CISA）によると、オープンエンド型集団投資スキームは、契約型ファンドまたは可変資本型投資会社（SICAV）の形態である場合があります。

With open-ended collective investment schemes, investors have either a direct or indirect legal entitlement, 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.

SICAVs in Spain

In Spain, a SICAV is a public limited company whose object is to invest in financial assets. SICAVs have great tax advantages, paying corporate income tax (corporation tax) at a rate of just 1%. Nonetheless, they have to fulfill several requirements:

• Number of stockholders no fewer than 100.
• Restrictions on investments.
• Capital may vary between the minimum and maximum established by the articles of association.
• Minimum capital of €2,400,000.
• Oversight and supervision is carried out by the Comisión Nacional del Mercado de Valores and the Dirección General del Tesoro y Política Financiera.

In the Basque Country and Navarre, the autonomous regional tax authorities have raised the corporate income tax for SICAVs to that of the rest of corporations (up to 28%). As a result, the Basque and Navarrese SICAVs have changed their sites to the rest of Spain or the European Union.

参照

• Collective investment schemes
• Financial services
• ICVC (the UK equivalent)
• Investment
• Open-end fund (the US equivalent)

脚注・参考文献

• M. P. Gentili, S. Jannoni, M. Mastrangelo, The SICAVs — Luxembourg UCITS and non-UCITS investment companies, Bancaria Editrice - Roma, 2011

[[Category:投資信託]]