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    ALFI News Digest september 23, 2011    
          in this edition      
    1. Headlines
2. News from the EU Representative Office in Brussels
3. News from the Asian Representative Office in Hong Kong
4. ALFI past events
5. ALFI events
6. Other events
     
 
 

1.

Headlines

Changes to the Luxembourg law on Specialised Investment Funds

On 12 August 2011, a draft law modifying the Law of 13 February 2007 relating to Specialised Investment Funds (SIF) was submitted to the Luxembourg Parliament (n° 6318: Projet de loi portant modification de la loi du 13 février 2007 relative aux fonds d'investissement spécialisés). The draft law seeks to adapt the SIF legislation to certain aspects of the Alternative Investment Fund Managers Directive, notably in terms of delegation and risk management, and includes certain innovations that have previously been introduced for Undertakings for Collective Investment in Transferable Securities (e.g cross-compartment investment).

Background Information:

ALFI press release of 19 July 2011

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ALFI KID implementation project: Updated Q&A Document

ALFI has published issue 9 of its Q&A Document with questions and proposed answers about Key Investor Information Document (KID) implementation. Changes compared to the previous edition are shown in mark-up.

More information on how to submit questions is included on page 2 of the Q&A Document.

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Alternative Investment Fund Managers Directive

Consultation on Third Countries and Supervision

ESMA has published a consultation on the future rules regarding supervision for alternative investment fund managers and the treatment of third-country entities. The deadline for submission is: 23 September 2011.

ALFI will respond to that consultation and, once available, its reply will be published on the ALFI website.

The consultation covers three broad areas: 

  • Supervisory co-operation and exchange of information  
  • Delegation of portfolio or risk management functions to third-country entities
  • Assessment of equivalence of third-country depositary frameworks

ESMA intends to submit its advice to the Commission on 16 November 2011.

The consultation is available here.

 

Open Hearing at ESMA’s Office

In connection with the above mentioned consultation, an Open Hearing will take place on 26 September 2011 from 10.00-13.00 at ESMA’s office. The Hearing will cover ESMA’s draft technical advice to the European Commission on the possible implementation of measures contained in the Alternative Investment Fund Managers Directive in relation to supervision and third countries.

The Hearing is open to the public, free of charge. Participants are invited to register online via ESMA’s website.

Further information can be found on ESMA’s website.

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ESMA Q&A on a common definition of EU money market funds

On 26 August 2011, the European Securities and Markets Authority (ESMA) published a question and answer paper (Q&A) on a common definition of EU money market funds (MMFs).

The Q&A relates to the guidelines on a common definition of EU MMFs published by the Committee of European Securities Regulators (CESR) in May 2010. The guidelines apply to all collective investment undertakings authorised under the UCITS Directive (2009/65/EC), and collective investment undertakings regulated under the national law of a member state, which are subject to supervision, comply with risk-spreading rules and label or market themselves as MMFs.

The Q&A provides answers to questions on the guidelines that ESMA has received from both competent authorities and the general public. The aim of the Q&A is to promote common supervisory approaches and practices among competent authorities in the application of the guidelines. However, it is also intended to help management companies by providing clarity on the guidelines. The Q&A is not designed to create an extra layer of requirements in this area.

ESMA plans to continually edit and update the Q&A, as and when new questions are received. The date on which each question and answer was last amended is set out in the Q&A.

Questions on the practical application of the guidelines can be sent to ESMA by sending an email.

ESMA has advised that it will review the Q&A to identify if there is any need to convert some of the material into ESMA guidelines and recommendations.

For ESMA’s Q&A on a common definition of EU money market funds click here.

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FATCA: Phased implementation timeline and timeline for published guidance according to Notice 2011-53

On 14 July 2011, the US Treasury and Internal Revenue Service issued Notice 2011-53 regarding a modified timeline for implementing the Foreign Account Tax Compliance Act (FATCA) information reporting and withholding provisions under Chapter 4 of the US Internal Revenue Code. 

Specifically, the notice phases in the implementation of FATCA in the following manner: 

  • an FFI must enter an agreement with the IRS by 30 June 2013, to ensure that it will be identified as a participating FFI in sufficient time to allow withholding agents to refrain from withholding beginning on 1 January 2014;
  • withholding on U.S. source dividends and interest paid to non-participating FFIs will begin on 1 January 2014, and withholding on all withholdable payments (including on gross proceeds) will be fully phased in on 1 January 2015;
  • due diligence requirements for identifying new and pre-existing U.S. accounts (including certain high-risk accounts) will begin in 2013; reporting requirements will begin in 2014; 

Please click here for a detailed overview on the implementation timeline. 

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IOSCO principles for the regulation and supervision of commodity derivatives markets

The International Organization of Securities Commissions (IOSCO) has published its “Principles for the regulation and supervision of commodity derivatives markets” (Principles). The Principles are designed primarily to ensure a globally consistent approach to the oversight of commodity derivatives markets. The Principles update and supplement the guidance contained in the 1997 Tokyo Communiqué that sets benchmarks for contract design, market surveillance and information sharing for physical commodity derivatives markets. They are mainly intended to apply to exchange-traded futures contracts, futures contracts options and options referenced to a physical commodity, index or price series that may settle in cash or by physical delivery, although many of the Principles will also be applicable to over-the-counter markets.

The Principles address the following areas:

  • design of physical commodity derivatives contracts;
  • surveillance of commodity derivatives markets;
  • the powers required by market authorities to intervene in the markets to address disorderly conditions;
  • enforcement and information sharing; and
  • improving price discovery and transparency.

Press release

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European Commission: The Social Business Initiative: Promoting Social Investment Funds

On 13 July 2011, the European Commission published a consultation paper entitled the Social Business Initiative: Promoting Social Investment Funds. This consultation aims to explore whether a new, bespoke social investment fund framework might be a more effective way to channel funds to social businesses, and if so, what measures it might need to contain. To read ALFI’s response please click here.

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LFF Mediawatch

LFF Mediawatch 02-16 August 2011

LFF Mediawatch 17-31 August 2011

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2.

News from the EU Representative Office in Brussels

EU legislative timetable

Please see the EU legislative timetable updated on 15th September 2011.

Antoine Kremer
Head of European Affairs

Aurélie Cassou
Adviser European Affairs

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3.

News from the Asian Representative Office in Hong Kong

Luxembourg-Hong Kong convention on double tax treaty

The Luxembourg Administration des Contributions Directes announced in the Newsletter of 6 September that the requirements for the entry into force of the amendments to the Luxembourg-Hong Kong double tax convention signed on 11 November 2010 in Hong Kong Special Administrative Region, approved by the Law of 16 July 2011 (Mémorial A - N ° 146 of July 21, 2011, page 2024) were met on 17 August, 2011.
The Acts went into force in respect of both contracting parties on the same date, 17 August 2011.
The Newsletter can be found here.

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4.

ALFI past events

6 September: ALFI Roadshow in Edinburgh

A delegation of 45 people travelled from Luxembourg to Edinburgh to participate in ALFI’s second roadshow, following our first event which was held in 2007. Over 140 participants from the local financial services industry attended the half-day seminar, which included an opening address by Mark Tennant, Chairman of Scottish Financial Enterprise; two panel discussions on ‘UCITS & Alternative UCITS’ and ‘Alternatives & The AIFMD’; and a panel interview on Corporate Governance.

In his opening remarks the chairman of the conference emphasised the potential synergies between Scotland and Luxembourg. He stated that he believed that both were “relatively” small, but proud and outward-looking nations who took pride in punching above their weight on the international stage; and that there was room for much more cooperation between these two mature, growing and successful nations. This cooperation could eventually extend beyond financial services into areas such as education, logistics, health sciences and tourism where both nations play a leading role.

The session concluded with a networking-buffet-lunch.

Conference presentations.

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5.

ALFI events

ALFI confirmed events

ALFI events calendar

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26 September: ALFI Golf Tournament

Kikuoka Country Club, Canach, Luxembourg.

For programme and registration please click here

Last minute sponsors please contact events@alfi.lu

Registration to play is open!

Read more.

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27 & 28 September: ALFI Global Distribution Conference in association with NICSA & HKIFA

Exhibition: click here for the list of confirmed exhibitors. Only a few spaces left! To book one of the remaining booths, click here.

The programme can be downloaded here.  

Registration: click here

Conference webpage: click here

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4-7 October: ALFI Roadshow in the US and Canada

Fund Industry seminars will take place in each city from about 8.30 to 13.30 (free of charge).

4th – Toronto: premises of RBC Dexia Investor Services Trust, 155 Wellington Street West, 10th floor

4th – Greenwich, Connecticut: breakfast meeting, DELAMAR Greenwich Harbor, 500 Steamboat Road Greenwich, CT 06830

6th – New York: Jumeirah Essex House, 160 Central Park South, NY10019

7th – Boston: Four Seasons Hotel, 200 Boylston Street, MA 02116

For the programme and registration please click here.

Sponsorship open to ALFI members, contact events@alfi.lu

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24 October: ALFI Roadshow in Frankfurt

The event begins with plenary sessions on the status of UCITS IV, V, the AIFM Directive and current Developments in Alternative Investments. After the morning coffee break, the seminar will divide into three streams focusing on Hedge Funds, the practical impact of the AIFMD and Operational Aspects. The seminar concludes with a networking lunch buffet.

Presentations will be in German and entry is free of charge.

Please click here for the programme and registration.

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22-23 November: ALFI European Alternative Investment Funds Conference

Two days of presentations and panel discussions on the latest news and trends in the alternative investment industry. Specialised Workshops on Hedge Funds, Real Estate and Private Equity. NO PLAIN VANILLA!

The Conference will cover a range of topical issues, discussed both from a strategic and a practical perspective by top level speakers. Topics include:

  • Favourite fund domiciles of the future
  • Delegation of portfolio management and fund administration
  • AIFMD: what will change – for PE and how should Luxembourg get prepared
  • Private placement regimes
  • Impact investing and private equity: allies or antagonists?
  • …and many more

Final programme now online! Click here for the invitation brochure.

Click here for Exhibition Opportunities. Already 18 spaces booked.

Registration open: click here. Early-bird discount for bookings made by 21 October 2011.

Contact events@alfi.lu

Website

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5-8 December: ALFI Roadshow in Asia

Fund Industry Seminars in Taipei and Hong Kong (free of charge).

6 December: W Hotel Taipei, half-day, morning event followed by buffet lunch

7 December: Four Seasons Hotel, full-day event including lunch

Sponsorship open to ALFI Members, contact events@alfi.lu

Event website.

More information coming soon.

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13-14 March 2012: ALFI Spring Conference

Save the date!

The conference committee will start working on the programme after the summer holidays.

For any suggestions on topics please contact events@alfi.lu

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6.

Other events

28 September 2011: XBRL Europe Day

XBRL is pleased to inform you that the next XBRL Europe Day will take place on Wednesday, 28 September 2011 at the premises of the Luxembourg Chamber of Commerce, 7 rue Alcide de Gasperi, Luxembourg-Kirchberg.

Please see the invitation letter.

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28 September 2011: AMCHAM - Expat Voting Issues Part II

AMCHAM and the Ministère de la Famille et de l’Intégration hold the second edition of the Expat Voting Issues event on September 28th starting at 6:30PM at the Chamber of Commerce.

The invited speakers from major political parties are:

(Lydia Mutsch) LSAP, (Lydie Polfer, confirmed) DP, (Sam Tanson, confirmed) Greens, (Marie-JoséeJacobs)CSV and ADR.

The event is free for everyone (registration required) and speeches will be given in English. 

Read more.

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14-15 November: 2011IFBL/ALFI - Real Estate Investment Fund Professional – New International Version ! London

The IFBL and AFLI wish to announce details of a training initiative reaching out to our international real estate customers through an international version of our highly popular real estate fundamentals modules. This training is a condensed one and a half day course, taught in English by a team of competent experts and specifically targets participants outside Luxembourg. It will take place in central London on the 14th and 15th November 2011, with course timings designed to make this course accessible also to participants based elsewhere.

Should you have staff members or clients who may be interested in gaining a solid understanding of Luxembourg’s real estate industry, its structures, tax and actors, then please forward this information on to them. More information and registration details can be found in the attached flyer and further assistance is available to you by contacting our customer service team.

customer@ifbl.lu

Tel.: +352/46 50 16 -1

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29 November: LFF Roadshow in Paris

Luxembourg for Finance in collaboration with Chambre de Commerce Belgo-Luxembourgeoise in Paris organise a financial conference on 29 November 2011 in Paris. Please see the invitation and the registration form.

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12-16 May 2013: IOSCO Annual Conference hosted by CSSF

Nouveau Centre de Conférences, Luxembourg

Luxembourg will have the honour of welcoming the Annual Conference of The International Organisation of Securities Commissions (IOSCO) in 2013. As the official host and organiser, the CSSF has already started working on the event and has asked ALFI and other organisations in the Luxembourg financial markets to support this very important event. The conference hopes to attract between 800 – 1000 attendees, with one private section reserved for IOSCO and a public part that is also attended by so-called “observers”. The conference sessions discuss important issues related to world securities and futures markets. This high-level conference is a great opportunity to reflect Luxembourg’s position and prowess as a leader in intellectual development. For more information please go to: www.iosco.org

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