The Board of Directors of the Association of the Luxembourg Fund Industry (ALFI), has appointed Freddy Brausch, Partner at Linklaters LLP in Luxembourg, as Vice-Chairman focusing on National Affairs and Michael Ferguson, Partner at EY Luxembourg, as Vice-Chairman focusing on International Affairs. The Board of Directors furthermore renewed the mandate of Julien Zimmer, General Manager Investment Funds at DZ Privatbank S.A., as Treasurer of the association.
ALFI responds to the OECD Public Revised Discussion Draft “BEPS Action 6: Preventing Treaty Abuse” dated 22 May 2015- ALFI statements
ALFI responded to the OECD Public Revised Discussion Draft “BEPS Action 6: Preventing Treaty Abuse” dated 22 May 2015.
It is a regulatory requirement that the board of a Fund, the Management Company or the Alternative Investment Fund Manager (AIFM) remain responsible for the activities delegated to third parties and the need to oversee their activities and performance. With a view to simplify and facilitate initial and ongoing due diligence reviews, an ALFI working group under the aegis of the ALFI Fund Governance Forum was created to consider whether the different approaches taken to due diligence on delegates by the boards of Luxembourg funds, management companies, and AIFMs could be more consistent.
On 27 March 2015, the Luxembourg draft law on FATCA was submitted to Parliament. The law will ratify the execution of the Intergovernmental Agreement (IGA) signed between Luxembourg and the United States of America on 28 March 2014 as well as the related Appendices and Memorandum of Understanding. It is expected that the law will be passed in the coming days. In this context, ALFI's implementation working groups for FATCA prepared a Q&A document to deal specifically with reporting and withholding issues in the context of FATCA.
ALFI response to EBA consultation paper on draft EBA guidelines on limits on exposures to shadow banking entities- ALFI statements
On 19 June 2015 ALFI responded to the EBA consultation paper on draft guidelines on limits on exposures to shadow banking entities. The EBA proposes, in the absence of a definition of “shadow banking entities”, to include alternative investment funds and money market funds under the definition of shadow banking entities which carry out banking activites outside a regulated framework. To read the full response please click here.
The Association of the Luxembourg Fund Industry (ALFI) today announced the appointment of Denise Voss as chairman of ALFI. Ms Voss takes up the position, which will initially run for two years, with immediate effect.
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