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Understanding Investing 简体中文网页 Members section

Technical guidelines

ALFI and ABBL Guidelines and Recommendations for Depositaries

ALFI and ABBL have issued a revised version of the Guidelines and recommendations for depositaries. This second release is an update aimed at covering UCITS, as well as improving certain sections of the initial guidelines published in July 2013 which were covering oversight duties and cash monitoring for AIFs.

The analysis has been performed according to the following axis: fiduciary oversight obligations (subscription/redemptions, valuation, investment restrictions, timely settlement of transactions, dividend/income distribution as well as cash flow monitoring), stakeholders (ManCo, AIFM, Fund (UCITS/AIF), Depositary, Delegates), and types of controls (due diligence, assessment of policies and procedures) together with associated frequencies.

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Q&A TARGET2-Securities for Funds

Target2-Securities (T2S) will have a significant impact on the European securities industry and will also change the way the fund industry operates. The ALFI T2S working group produced this Q&A to assist the industry professionals in understanding the implications of T2S for funds and how they can capitalise on the infrastructure in their organisation.

Swing Pricing Guidelines

ALFI’s new Swing Pricing Guidelines reaffirm key principles, reflect the evolution in working practice and provide clarification on a number of technical points in areas such as calculation of the swing factor, transparency and fund corporate actions.

Framework for Due Diligence Information Packs for service providers acting as central administrators and/or depositary/custodian

The ALFI working group has now finalised a Framework for Due Diligence Information Packs for service providers acting as central administrators and/or depositary/custodian.

This framework seeks to provide a table of contents upon which service providers (delegates) to which a fund Board, Management Company or AIFM has delegated activities and services can base their preparation of documentation required to support the initial and ongoing due diligence reviews of a fund and/ or its Management Company under Luxembourg regulations. The document should not be considered as an exhaustive list of areas for delegates to cover, nor a prescriptive guide on the approach to a due diligence process. It is intended to facilitate an effective due diligence process for the delegates as well as those undertaking due diligence.

Practices and Recommendations aimed at reducing the risk of money laundering and terrorist financing in the Luxembourg Fund Industry

In consideration of applicable regulations, this document provides practices and recommendations for the due diligence measures to be applied to investors and intermediaries in foreign jurisdictions, in alignment with international standards, including the FATF recommendations as well as the European Directives 2005/60/EC and 2006/70/EC on the prevention of the use of the financial system for the purpose of  money laundering and terrorist financing.

ALFI Code of Conduct for Luxembourg Investment Funds

Numerous developments in fund regulations and governance have led ALFI to review and update the ALFI Code of Conduct initially published in 2009. According to the most recent survey on fund governance in Luxembourg, 85% of the UCITS surveyed reported that they had adopted the ALFI Code of Conduct.

ALFI Risk Management guidelines

The updated Risk Management guidelines including the best practice proposals for the organisation of the risk function of a UCITS Management Company or UCITS Investment Company. The guidelines are also available in Chinese.

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