The société de gestion de patrimoine familial (Private wealth management company) has been created by the law dated 11 May 2007 (the “SPF Law “) with the objective of creating a favourable framework for the family wealth management by qualifying shareholders which are either:
• Individuals acting in the management of their private wealth, or
• Patrimonial entities (e.g. trusts, private foundations) acting exclusively in the interest of private wealth of individuals;
• Intermediaries holding shares in the SPF on a fiduciary basis or in a similar capacity, on behalf of qualifying shareholders.
The activity of the SPF is strictly limited to the acquisition, holding and disposal of financial assets. The assets in which the SPF can invest include shares, bonds and other debt instruments, cash but also investments in structured products, derivatives as well as put/call options on securities, indexes and currencies.
The SPF cannot engage in commercial activity. It may hold participations in other companies, but only to the extent that the SPF does not involve itself in the management of these companies. It is also not allowed to render any kind of services or to grant interest-bearing loans even to companies in which it holds participation.
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