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Types of contractual type foreign investment trust
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Legal basis
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Person who submits the Application Form for Withholding Tax Exemption
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|---|---|---|---|
| U.S. |
Business Trust-type open-end investment companies (mutual fund)
Business Trust-type closed-end investment companies
Unit Investment Trust |
Subject to the Investment Company Act of 1940. In cases where the same Act does not apply (including cases where there are less than 100 holders or where the securities investment trusts are offered for only qualified institutional investors), the tax exemption does not apply as the securities investment trusts are regarded as private investment trusts. | Trustee |
| U.K. | Unit Trust | Subject to the approval pursuant to the Financial Services and Markets Act | Trustee |
| France | FCP (Fonds Communs de Placement) | Subject to the approval of the COB (Commission des Operations de Bourse) pursuant to the Investment Trust Act of 1988 | société de gestion |
| Germany | Publikumsfonds | Subject to the Investment Company Act of 1957. Requires the approval of the contract by the Bank Supervision Agency. Tax exemption does not apply to private investment trusts called special fund (sale only to 10 or fewer financial investors). | kapitalanla gegesellsc haften |
| Luxembourg |
FCP |
Subject to the Investment Trust Act of 1988 (Part 1: Fund, Part 2: MMF). Supervised by the Financial Supervision Committee, and requires the registration with the Financial Supervision Committee. Institutional funds (falling under the funds described in Part 2) are regarded as private investment trusts and shall not be eligible for tax exemption. | société de gestion |
| Italy | Fondi Communi di Investmento | Subject to the Financial Intermediary Act. Reserve funds and speculation funds are regarded as private investment trusts and shall not be eligible for tax exemption. | societá di gestione |
| Spain | Fond de Inversion | Subject to the law concerning collective investment. | sociedad gestora |
| Ireland | Unit Trust | Subject to the Unit Trust Act | Trustee |
| Canada | Business Trust (contractual type of investment fund) | Subject to the laws of each state | Trustee |
Note1: For funds established in EU member countries, those eligible for UCITS can be publicly offered in other EU member countries through the filing of registration in those countries.
Note2: Please be sure to refer to the Tax Office, etc. concerning the application of specific tax exemption measures.
（As of 25 April 2013）
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