On 10 May 2012, the Association of the Luxembourg Fund Industry (ALFI), in association with LuxFLAG, organised its first “Responsible Investing Conference” in the presence of HHRRHH the Grand Duke and the Grand Duchess of Luxembourg. Numerous renowned panelists participated in the event to highlight the opportunities that responsible investments offer. During the conference, a study by KPMG and commissioned by ALFI was presented, which draws a picture of the current state of the industry.
Access Africa Fund LLC, a Delaware company formed by CARE USA, have been granted the LuxFLAG Microfinance Label. This first non-Luxembourg domiciled Microfinance Investment Vehicle is managed by MicroVest Capital Management and invests in microfinance projects in sub-Saharan Africa. This confirms the continuing interest in the LuxFLAG Microfinance Label on the international level and reinforces its importance in terms of providing greater transparency to investors.
24 MIVs have been granted the LuxFLAG Microfinance Label as of April 2012, representing approximately USD 3.48 billion in Assets Under Management.
ALFI’s Key Investor Information Document (KID) working group has analysed the UCITS IV implementing measures on the KID adopted by the European Commission by Regulation (EU) n° 583/2010 of 1 July 2010, as well as related regulatory guidelines and the use of KID in distribution networks.
ALFI welcomes the ESMA / EBA / EIOPA discussion paper – Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under the Regulation on OTC derivatives, CCPs and Trade Repositories.
Regarding these Draft Regulatory Technical Standards, the ALFI EMIR and OTC Derivatives Working Group has analyzed the document and has the following comments.
The Working Group decided not to answer to all the questions raised in this document however to transmit a few general elements or remarks.
ALFI welcomes the ESMA discussion paper – Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories as very positive and fully supports the initiatives aimed at enhancing safety and transparency in the over-the-counter derivatives market.
Regarding these Draft Technical Standards, the ALFI EMIR and OTC Derivatives working Group has analyzed the document and has some more specific comments. The Group decided not to answer to all the questions raised in this document however, only to a selection of questions that are developed in the ALFI position paper and that appear to be more relevant for the fund’s industry.
At its Spring Conference 2012, ALFI set out its response to key regulatory changes that will impact the fund management industry. Marc Saluzzi, chairman of ALFI, acknowledged the need for better regulation in the wake of the financial crisis, but also warned that excessive and poorly targeted and executed regulation would harm the funds industry and its customers.
Discussions at ALFI’s Spring Conference on 13th & 14th March 2012 in Kirchberg, Luxembourg will be posted live at http://www.alfievents.com/. The blog will focus on key points and highlights from the conference’s presentations and panel debates to discussions.
