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The Financial Industry in Luxembourg

Module name (EN):
Name of module in study programme. It should be precise and clear.
The Financial Industry in Luxembourg
Degree programme:
Study Programme with validity of corresponding study regulations containing this module.
Accounting and Finance, Master, ASPO 01.10.2017
Module code: MARPF-576
SAP-Submodule-No.:
The exam administration creates a SAP-Submodule-No for every exam type in every module. The SAP-Submodule-No is equal for the same module in different study programs.
P420-0527
Hours per semester week / Teaching method:
The count of hours per week is a combination of lecture (V for German Vorlesung), exercise (U for Übung), practice (P) oder project (PA). For example a course of the form 2V+2U has 2 hours of lecture and 2 hours of exercise per week.
4V (4 hours per week)
ECTS credits:
European Credit Transfer System. Points for successful completion of a course. Each ECTS point represents a workload of 30 hours.
6
Semester: according to optional course list
Mandatory course: no
Language of instruction:
German
Assessment:
Oral examination

[updated 15.04.2024]
Applicability / Curricular relevance:
All study programs (with year of the version of study regulations) containing the course.

MARPF-576 (P420-0527) Accounting and Finance, Master, ASPO 01.10.2017 , optional course
Workload:
Workload of student for successfully completing the course. Each ECTS credit represents 30 working hours. These are the combined effort of face-to-face time, post-processing the subject of the lecture, exercises and preparation for the exam.

The total workload is distributed on the semester (01.04.-30.09. during the summer term, 01.10.-31.03. during the winter term).
60 class hours (= 45 clock hours) over a 15-week period.
The total student study time is 180 hours (equivalent to 6 ECTS credits).
There are therefore 135 hours available for class preparation and follow-up work and exam preparation.
Recommended prerequisites (modules):
None.
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Jochen Pilhofer
Lecturer:
Rainer Mahnkopf


[updated 07.10.2024]
Learning outcomes:
Learning outcomes:
After successfully completing this module, students will have gained insight into the financial industry in Luxembourg. They will be familiar with the different legal forms of companies and funds as well as their different objectives in the financial industry. They will also have insight into the fund-specific accounting rules and an understanding of the various financial market players in Luxembourg.
 
Students will be able to understand the theoretical foundations of the fund industry in Luxembourg and place them in the context of current issues in the financial industry. Their acquired knowledge will allow them to put the Luxembourg fund industry in a global context, as well as to assess developments in the financial industry in Luxembourg and the associated legal framework.
 
In detail, students will examine the different fund concepts (undertakings for collective investment (UCIs) and alternative funds), sustainability concepts in the financial industry, the typical fund life cycle and the basics of fund taxation in Luxembourg.
 
Finally, they will examine typical issues in fund auditing and fund accounting in case studies.
 
After completing this module, students will have an overview of the financial industry with a focus on the fund industry in Luxembourg, which will enable them to delve deeper into fund accounting and the auditing of funds under commercial law in Luxembourg.
 


[updated 15.04.2024]
Module content:
Module content:
 
INTRODUCTION
Introduction of Luxembourg as one of the biggest financial markets/why Luxembourg?
How does a fund function?
Applicable regulations and laws & reporting obligations
Different legal forms of Lux funds - regulated VS unregulated (SIF, SICAR, RAIF, UCI II, UCITS, SCSp, SOPARFI)
Who is involved? (AIFM, custodian, central admin, auditor, investment advisor, GP, RTA, supervisory authority, etc.)
 
THE ALTERNATIVE FUND INDUSTRY AND ITS PRODUCTS
Infrastructure/Energy/Private equity/Debt/Real estate - What is it?
 
ESG & SUSTAINABILITY
What is ESG and what impact does it have in the world of funds?
 
FUND LIFYCYCLE
How is a fund born and when does it cease to exist?
Fund accounting/Service provider
 
TAXATION OF FUNDS
The taxation of different fund structures
Deferred tax & tax provisions – Basics
Uncertain tax positions
 
CASE STUDIES
J-Curve & its performance
Performance fees, management fees, carried interest, hurdle rate
Valuation & its methods / NAV calculation
Commitments/Capital calls
 
 


[updated 15.04.2024]
Recommended or required reading:
 


[updated 15.04.2024]
 
[Fri Dec 27 18:34:00 CET 2024, CKEY=rfil, BKEY=rpfm2, CID=MARPF-576, LANGUAGE=en, DATE=27.12.2024]