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On 5 December 2017, ALFI published its feedback on the Proposal of the Commission COM(2017)536 for a regulation on the role and powers of the European Supervisory Authorities. Click here to read ALFI’s feedback. The period for feedback extends until 23 January 2018. There are several contributions of other stakeholders from the banking and the asset management industry.
On 8 December 2017, ALFI published an updated version of its guidance document on annual reports. Changes relate to the requirement to disclose remuneration of delegates as recently clarified by ESMA’s Q&A document on the AIFMD (update of 5 October 2017).
ALFI response to European Commission consultation on Legislative proposal for an EU framework on crowd and peer to peer finance- ALFI statements
This initiative is part of the Commission's priority of establishing a Capital Market Union (CMU). Broadening access to finance for SMEs, in particular for innovative companies, start-ups and scale-ups, is at the heart of the 2015 CMU Action Plan.1 Access to finance remains difficult for these firms, particularly when they move from the start-up into the expansion phase. This is why the CMU Action Plan places great emphasis on strengthening the different sources of alternative finance, including crowdfunding. With appropriate safeguards and investor protection measures, the scaling-up of crowdfunding across the Single Market can be facilitated so that it becomes a more important source of market-based financing in support of job creation and growth.
Trend towards simplification of Real Estate Fund structures and strategies. Luxembourg’s fund structuring toolbox attracts large international Private Equity houses. Loan funds fill the financing gaps by investing in real asset classes.
The development of non-banking credit intermediation has led loan funds, which provide an alternative to the banking industry as a source of financing the real economy, to expand significantly in the Grand-Duchy, and this trend that is expected to continue.
Despite the fact that Luxembourg has been active in the Private Equity field for more than two decades, local presence was historically limited mostly to smaller and / or emerging General Partners. The opportunities offered by the Luxembourg fund structuring toolbox have now motivated many large international houses to set up and conduct business out of Luxembourg.
Though umbrella funds remain popular due to various practical and cost considerations, ALFI’s Real Estate Investment Funds Survey 2017 confirms the trend towards simplification of REIF structures and strategies.
In recognition of actions implemented in the area of corporate social responsibility, ALFI’s “Entreprise Socialement Responsable – ESR” label, delivered by the National Institute of Sustainability and Corporate Responsibility, has been renewed for another three years.
On 20 October 2017, ALFI responded to the European Commission consultation on the development of secondary markets for non-performing loans and distressed assets and protection of secured creditors from borrowers’ default.
ALFI is pleased to publish issue 3 of its PRIIPs KID Q&A document which contains answers to questions about the PRIIPs KID, which are written from a perspective of investment funds (UCITS and AIFs as PRIIPs, or where these funds form part of MOPs). The document is reserved to the members of ALFI. Click here for a version showing changes compared to issue 2, and here for a clean version of issue 3.
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