If this message is not displayed correctly, click here to view it online
    ALFI News Digest january 5, 2017    
          in this edition      
    1. Headlines
2. News from ALFI's Asia Rep office
3. Upcoming ALFI events
4. Past ALFI events
5. Professional training
     
 
 

1.

Headlines

What is the CSSF’s approach towards firms wishing to set up operations in Luxembourg?

CSSF Director General Claude Marx speaks about the interest seen from UK headquartered institutions to set up operations in Luxembourg since the Brexit referendum.

Back to top

Launch of Shenzhen-Hong Kong Stock Connect: New opportunities for Luxembourg funds

Launched on Monday, 5 December, the Shenzhen-Hong Kong Stock Connect provides international investors with another direct link to access China’s domestic A-shares market and especially the stocks listed on the tech-heavy Shenzhen market. This further opening of mainland China’s capital market gives Luxembourg investment funds access to new asset classes.

The Shenzhen-Hong Kong Stock Connect (“Shenzhen Connect”), the link between the Shenzhen and the Hong Kong stock exchanges, was launched on Monday, 5 December. Shenzhen Connect is another milestone in deepening mutual access between the capital markets in China's mainland and Hong Kong. Shenzhen Connect is the second link of its kind to boost the opening up of the mainland China's capital market after a similar link between the Shanghai and Hong Kong exchanges was launched in 2014. The market infrastructure arrangements under Shenzhen Connect replicate those provided for under the original Shanghai-Hong Kong Stock Connect (“Shanghai Connect”) pilot programme.

The Shenzhen Connect is aimed at giving global investors access to stocks in the tech-heavy Shenzhen market via Hong Kong Stock Exchange (“HKEX”), it provides access to China’s new economy. A total of 417 stocks on the HKEX are eligible for trading, and 881 stocks are eligible on the Shenzhen Stock Exchange (“SZEX”). The list of stocks that are eligible for Northbound trading is available in the Stock Connect section of the HKEX website and will be updated daily.

(Read more)

Back to top

PRIIPs: delay of the regulation’s application date

On 9 November 2016, the European Commission proposed a one-year delay of the PRIIPs Regulation’s application date (currently 31 December 2016), which would give PRIIP manufacturers until 1 January 2018 to put the provisions in place (click here for the legislative proposal). On 1 December 2016, the European Parliament adopted the proposed text in its plenary session (click here for the Parliament’s press release) and, on 7 December 2016, the Council of the EU (COREPER) adopted the quick-fix without amendments (click here for the Council’s press release). The final text of the amending regulation will be published in the Official Journal of the EU probably end of December.

Possibility for Luxembourg AIFs to publish UCITS KIIDs instead of PRIIPs KIDs

ALFI already informed its members of the possibility for Luxembourg part II funds to publish UCITS KIID-like documents in line with article 161 paragraph 1 of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, provided certain conditions are met (see ALFI newsflash dated 11 November 2016). This applies by analogy also to Luxembourg SIFs and SICARs which do not reserve their shares or units exclusively to institutional and professional investors as defined by MiFID II. In these cases, fund managers are exempt from the obligation to provide PRIIPs KIDs to retail investors until at least 31 December 2019.

Considering that the application date of the PRIIPs Regulation will change (see previous note on PRIIPs: delay of the regulation’s application date), the conditions set by the CSSF will read as follows:

  • Publication of a UCITS KIID-like document for each retail share class of an investment fund before 1 January 2018;
  • Modification of the prospectus / issuing document (approved before 1 January 2018, explaining that a UCITS KIID-like document in line with the rules of the KIID Regulation (n° 583/2010) is produced, handed over to future investors and published on the website or available in paper form upon request.

ALFI’s Investor Protection sub-committee is working on questions and proposed answers concerning both MiFID and PRIIPs. The members of ALFI can send their possible questions to the following dedicated e-mail address: mifid-priips@alfi.lu.

Back to top

ALFI updates its Self-Certification Forms for FATCA and CRS

Further to the ALFI Newsflash on exchange of information and data protection dated 14 June 2016, the declarations under the relevant Section “Declaration and Undertakings” of the Self‐Certification Forms for FATCA and CRS for respectively Individuals, Controlling Persons and Entities as published on ALFI website have been revised and updated as detailed in the attached document. Updated Self‐Certification Forms are now available on ALFI's website.

Back to top

ALFI comments on good practices for the termination of investment funds

On 17 October 2016, ALFI responded to the IOSCO Consultation Report on Good Practices for the Termination of Investment Funds. Topics addressed in this paper are among other the disclosure at time of investment and treatment of “non contactable investors”, the need for a termination plan and the communication to investors throughout the termination process.

To access the ALFI response, please click here.

Back to top

ALFI responds to EU Commission consultation regarding the EU macro-prudential framework

On 24 October 2016, ALFI responded to the EU Commission consultation “Review of the EU macro-prudential framework”.

ALFI limited its response to the following question: “Would you consider it appropriate to expand the macro-prudential framework beyond banking?”. ALFI pointed out that asset management and fund related activities do not entail structural vulnerabilities and that the sector is already highly regulated by regulations such as the UCITS Directive, AIFMD, Solvency II, MiFID, EMIR or the Securities Financing Transactions Regulation, dealing with both transparency of information and supervision of the asset management industry. Moreover, ALFI stated that investment funds contain characteristics that differentiate them from banks. Therefore, ALFI believed there should be little distress to the wider financial system in the event of the default of an individual asset manager given the high degree of competition and substitutability within this sector. Overall, ALFI was of the view that it is inappropriate to expand the macro-prudential framework beyond banking to asset managers and investment funds.

Back to top

EFAMA comments on draft revised PRIIPs RTS

On 24 November 2016, EFAMA provided feedback to the European Supervisory Authorities on the European Commission’s draft revised PRIIPs Regulatory Technical Standards (RTS) (click here for EFAMA’s comments, and here for the annex thereto). The comments focused in particular on Multi Option Products, performance scenarios and the new provisions on the comprehension alert. EFAMA also took the opportunity to raise again the industry’s concerns on the (missing) disclosure of past performance and the methodology for the calculation of transaction costs.

Back to top

Electronic filing of subscription tax returns operational from April 2017

As indicated in previous ALFI Newsflashes dated 8 April and 29 July 2016, the Luxembourg law dated 23 July 2016 has introduced a mandatory electronic filing of subscription tax returns for collective investment vehicles and investment funds from 1st January 2018.

The Indirect Tax Authorities (“Administration de l’Enregistrement et des Domaines”) have recently informed ALFI that the required IT infrastructure and format for the electronic filing will be operational and accessible from 1st April 2017 either through the website www.guichet.lu or through the tax authorities’ website www.aed.public.lu. Even though the electronic filing will become mandatory only from 1st January 2018, ALFI would recommend its members to consider implementing electronic filing as soon as reasonably feasible in 2017. ALFI will organize a meeting early next year where the Indirect Tax Administration will present the reporting specifics and the relevant electronic formats.

Back to top

New CSSF Circular 16/644 on UCITS depositary bank duties

On 11 October 2016, the Commission de Surveillance du Secteur Financier (‘CSSF’) published the CSSF Circular 16/644 (the ‘New Circular’) which revised the former CSSF Circular 14/587 as amended by CSSF Circular 15/608 (‘Circular 14/587’). The text was due to be repealed and replaced by a new CSSF Circular as soon as the EU Commission Delegated Regulation (EU) 2016/438 (‘Commission Delegated Regulation’) would enter in effect, in order to adapt its content to the provision of the final Commission Delegated Regulation.

The New Circular is addressed to Luxembourg credit institutions acting as depositary banks for UCITS and to all Luxembourg UCITS and managements companies acting for these UCITS. It includes amongst others additional clarifications of the regulatory requirements contained in the Law of 17 December 2010, as amended and by the Commission Delegated Regulation. The New Circular also clarifies the regulatory framework applicable to depositary banks for UCITS by adding new definitions and requirements. Finally, it confirms the vast majority of the rules previously detailed in Circular 14/587.

The New Circular (only in French) is available under the following link.

Back to top

European Co-legislators reach agreement on draft Money Market Fund Regulation

After three years of negotiation, the European co-legislators finally reached an agreement on a proposal for a Money Market Fund Regulation. On 7 December 2016, the proposal was formally signed off by the Permanent Representatives Committee on behalf of the Council as well as by the ECON Committee of the European Parliament. Please click here for the press release of the Council.

The draft regulation will allow for three different categories of money market funds (i) VNAV funds (standard and short-term) (ii) Public debt CNAV funds and (iii) a new category of LVNAV money market funds (Low Volatility Net Asset Value). The regulation will be subject to a review 5 years after the date of entry into force.

Given the different remaining legislative steps, it may be envisaged that the final text will be adopted by Parliament and Council in spring 2017, followed by a publication in the Official Journal in April or May 2017.

The text foresees that the regulation will apply for new funds 12 months after its date of entry into force. Existing money market funds will have 18 months to comply with the regulation from the date of entry into force.

A draft version of the regulation dated 30 November 2016 has been made public by Council (in English only), which you may access here. Whilst this draft is still subject to a review by legal experts and linguists, it is not anticipated that the final official text will diverge substantially from the current draft.

Given the complexity of this new regulation and its broad impact on the existing business models, money market funds and their service providers would be well advised to already start reviewing their current set up. Project management teams may wish to incorporate this project in their planning for the two years to come.

Back to top

Anti-money laundering: Commission identifies high-risk third countries

On 20 September 2016, Regulation (EU)2016/1675 of 14 July 2016 was published in the Official Journal of the European Union. This Regulation was adopted in accordance with Article 9 of Directive (EU)2015/849 on the prevention of the use of the financial system  for the purposes of money laundering or terrorist financing, which empowers the Commission to identify high-risk third countries. The list of high-risk and non-cooperative jurisdictions it contains reflects the FATF list issued on 24 June 2016.

To access the text of the Regulation please click here.

Back to top

ESMA issues UCITS and AIFMD remuneration guidelines

Following the publication of a final report in March 2016, the European Securities and Markets Authority (ESMA) has published its Guidelines on sound remuneration policies under the UCITS Directive and under the AIFMD.

The UCITS remuneration guidelines provide clarity on the requirements under the UCITS Directive for management companies when establishing and applying a remuneration policy for key staff. The purpose of the Guidelines is to ensure a convergent application of these provisions and provide guidance on the governance of remuneration, requirements on risk alignment, and disclosure.

The AIFMD remuneration guidelines amend the current guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232). The amendment relates to the section of these guidelines dealing with the application of the remuneration rules in a group context and is intended to acknowledge the potential outreach of the Capital Requirements Directive rules in a banking group.

In a next step, National Competent Authorities (NCAs) must notify ESMA whether they comply or intend to comply with the guidelines, with reasons for non-compliance, within two months. ESMA will publish a compliance table based on the responses from the NCAs.

The guidelines apply from 1 January 2017 and have been translated into the 23 official languages of the European Union.

Back to top

ESMA updates Q&A on the application of the AIFMD

On 16 November 2016, ESMA updated its Q&A on the application of the AIFMD. The updated document includes two new Q&As on the cross-border marketing of AIFs, clarifying issues around material changes of existing notifications, as well as two new Q&As on the delegation of functions by an AIFM. In particular, the new Q&As on delegation which deviate from current practices have been extensively discussed among industry professionals, both at the level of EFAMA as well as at the level of national trade associations including ALFI.

Back to top

Solvency II TPT Data Exchange template unchanged following 2016 review

The 2016 review of the TPT data exchange template undertaken by the European working group on behalf of the sponsoring organisations concluded that TPT 3.0, issued in October 2015, did not currently merit revision. Organisations who are still implementing their projects are therefore able to complete them without having to incorporate changes.

Reviews will be conducted at least once a year, allowing the group to accommodate regulatory changes and any operational issues/requirements raised by users. The next TPT review is scheduled for June 2017. It aims to capture EIOPA taxonomy changes and policies regarding infrastructure – covering both projects and corporate investments.

In 2015, EFAMA at European Level, the BVI in Germany, the Investment Association in the United Kingdom, Club Ampere and the AFG in France, Assogestioni in Italy, the Dufas in the Netherlands, VOIG in Austria, ALFI in Luxemburg, together with major asset managers and insurance companies across Europe, gathered in a European Working Group which designed a standard Solvency II template to facilitate the exchange of information between insurers and asset managers: the TPT.

A Q&A document to accompany the TPT is also published. It provides additional guidance and can be extended to cover questions submitted to the European Working Group. The latest version contains responses to questions submitted up to and including 5 October 2016.

Back to top

The Institutions for Occupational Retirement Provision II Directive has been adopted

The Institutions for Occupational Retirement Provision II Directive (hereinafter referred to as “IORP II” or the “Directive”), which was voted in by the European Parliament on 24 November, has been adopted by the EU Council yesterday 8 December.

The text will be published in the Official Journal of the European Union in January 2017. Member states within the European Union have two years to implement the IORP II into national law.

IORP II is aimed at facilitating pension schemes development and better protecting pension scheme members and beneficiaries. The Directive will improve the governance and transparency of IORPs and facilitate their cross-border activities.

Back to top

Survey says China’s onshore bond market still lacks depth

ASIFMA, the financial industry’s leading regional trade association, has released the results of a global survey on investor interest in China’s onshore bond market. The survey is the largest of its kind to date, with responses from over 100 investors representing total estimated global assets under management (AUM) of over USD 21 trillion. In September and October of 2016, ASIFMA jointly conducted this survey with AFME, AIMA, ALFI, Irish Funds, KOFIA and SIFMA AMG to ask investors and potential investors globally for their views on accessing China’s onshore bond markets, their primary concerns and what they would like to see changed and developed from a policy perspective.

The report says, amongst other things, that China’s onshore bond market still lacks depth and that technical barriers to participation (i.e., legal and operational) are more important than macroeconomic in spite of the current economic climate in China.

(read the related press release)

Back to top

   
 
 

2.

News from ALFI's Asia Rep office

Mainland China issued guidelines on Funds of Funds (FOF)

On September 11, The China Securities Regulatory Commission (CSRC) issued the new rules guiding retail FOF. Among others, were reported the following:

  • An exchange-traded fund (ETF) feeder fund is an FOF;
  • When invested in the company’s own funds, a FOF manager is not allowed to charge management fee, subscription or redemption fees;
  • The fund firm cannot charge subscription and redemption fees when a FOF invests in the company’s own funds via its proprietary sales channel;

More details are available here.

Back to top

Hong Kong Monetary Authority launched Fintech supervisory sandbox

On September 6, the Hong Kong Monetary Authority (HKMA) launched a Fintech Supervisory Sandbox (FSS). The objective is to facilitate FinTech pilot trials before their launch on a greater scale. It plans to provide Authorised Institutions (AIs) more flexibility in testing their new FinTech initiatives in a controlled environment. 

Within the FSS, AIs do not have to achieve full compliance with HKMA’s usual supervisory requirements, provided however that:

  • The scope of the AI’s FinTech initiative is clearly defined;
  • Adequate customer protection measures are put in place during the trial period in the FSS;
  • Reasonable risk controlling measures are taken in order to mitigate risks arising from less than full compliance with HKMA’s requirements;
  • The FinTech initiative is ready to be operational as well as closely monitored by the AI.

The HKMA does not intend to stipulate an exhaustive list of the supervisory requirements that may potentially be relaxed within the FSS.

The HKMA will stand ready to discuss with AIs individually on the appropriate supervisory flexibility that can be made available to them within the FSS.

More information on the HKMA webpage.

Back to top

Thailand develops “FundConnext”

The Stock Exchange of Thailand announced on 16 November, 2016 the future launch of “FundConnext”, a technology-based platform jointly developed with the mutual fund industry, in March 2017. The platform is a milestone of the country’s Fintech development, a key national infrastructure for the local capital market. It standardises operational practices of mutual fund companies, easing them off from the many logistic procedures. This allows asset management firms and agents to be more focus on client servicing.

While the initial services offered by FundConnext will be on processing buying and selling of mutual funds, the platform is flexible and capable of supporting other services.

Official announcement can be found on Thailand stock exchange website.

Back to top

China requests regular stress tests for fund houses to strengthen capability against adverse situation

Asset Management Association of China (AMAC) issued on 18 November the guidelines for the mutual fund sector to conduct stress test every three months. The trial covers areas in equities, bonds, currencies, qualified domestic institutional investors, and special products. Fund companies are requested to submit their periodic stress test reports to AMAC and the respective local bureau of the China Securities and Regulatory Commission (CSRC). The initiative is aimed to further increase risk awareness among practitioners and to strengthen the industry amid of market volatility.

The original Chinese version of the guideline is available here.

Back to top

Hong Kong's SFC launched a public consultation on fund sales and asset management regulation

The Hong Kong Securities and Futures Commission (SFC) issued on 23 November, 2016 a public consultation paper aimed to review existing code of conduct of fund managers and intermediaries to increase transparency at point-of-sales. The consultation will end on 22 February, 2017.

The position paper can be found on the SFC’s webpage.

Back to top

   
 
 

3.

Upcoming ALFI events

2017 ALFI event sponsorship opportunities

ALFI conferences and roadshows present a unique opportunity to network with key industry practitioners across the investment management industry. In order to ensure that our events continue to offer the best value for money and keep pace with the shifting business development objectives of our membership, we are also evolving our sponsorship proposition (see our new FLYER).

Now online: Conference dates and roadshow destinations planned for 2017 so far.

  • Save the dates!
  • Allocate your budgets!
  • Commit now and get early visibility!
  • ALFI Members benefit from the below annual pack discount for commitments made by 13 January 2017!

We are at your disposal to discuss how you can best use our events to meet your goals! events@alfi.lu

Back to top

10-13 January 2017: ALFI Asia roadshow

Please circulate the details to your colleagues and contacts in these cities. Participation is free!

The Luxembourg Minister of Finance, H.E. Pierre Gramegna, will attend the event in Tokyo and Hong Kong.

Programme highlights include:

  • Making investment fund business easier between Asia & Luxembourg: Keynote address by H.E. Mr Pierre Gramegna, Minister of Finance of the Grand-Duchy of Luxembourg (Tokyo & Hong Kong).
  • A dialogue between regulators (Tokyo & Hong Kong)
  • Asset flows: Which products work? Through which channels? Who is capturing them?
  • FinTech: How financial technologies make the investment fund business more efficient. How does Luxembourg deal with the challenges and opportunities?
  • Product innovation: Why Luxembourg’s new Reserved Alternative Investment Fund (RAIF) is a fast, cost effective and robust way for Asian Asset Managers to access European investor capital.
  • Brexit & beyond: how the EU regulatory and tax agenda impacts you - PRIPS, MIFID, UCITS V, Tax...
  • Investor protection: a multi-layered approach

Programmes and registration

Event webpage

Back to top

8 February 2017: ALFI member event on UCITS V Sanctions Regime

Sanctions in the financial sector is nothing new, yet UCITS V has reinforced and harmonized rules across EU Member States.

ALFI will share with its members the latest developments in this field, starting with a presentation of the sanctions regime, an explanation on the procedural aspects and a focus on cross-border situations. The session will end up with an interview of a representative of the CSSF.

The free of fee seminar exclusively for ALFI members will take place on 8 February 2017 at the Chamber of Commerce from 4.00 to 6.15 pm.

Back to top

14 February 2017: Roadshow to Amsterdam

Save the date and call for sponsors!
Crowne Plaza South, Amsterdam

A half day seminar (09h00 - 12h30 followed by a networking lunch and REIF workshop) where industry experts will provide insights into;

  • Industry drivers: where is the asset management industry headed in 2017 and beyond?
  • Structuring and distribution trends
  • Responsible investments: the time is now!
  • REIF workshop

Sponsorship opportunities available to ALFI members only until 9 January 2017click here

Programme and registration coming soon!

Event webpage

Back to top

9-14 March 2017: Roadshow to Singapore, Sydney & Melbourne

Save the dates!

Fund industry seminars in the presence of H.E. Pierre Gramegna, Minister of Finance of the Grand Duchy of Luxembourg.

Sponsorship opportunity available to ALFI members.

More details coming soon!

Event webpage

Back to top

21 & 22 March 2017: ALFI European Asset Management Conference (former Spring Conference)

This event will put asset managers and investors centre-stage, and give them a forum in which they can discuss how best to navigate in the current environment, as well as debate strategic issues, innovation in operations, asset allocation, product development and many other pertinent subjects.

Sponsor this event and get these benefits! Fill in the agreement form.

Deadline for General Sponsorship: 13 January 2017

Event webpage

Back to top

ALFI events calendar 2017

For an overview of all events scheduled or endorsed by ALFI, have a look at the ALFI events calendar. Check out all upcoming events. Click on "Search Events" to filter by event type.

Don't wait for event details and topics to be set. Design your annual package now and get early visibility ! You can commit to most roadshows and conferences through one single annual agreement form.

Do you have an idea of a new sponsorship? - Talk to us! ALFI events team - +352 223026.1 or events@alfi.lu

Note: the event calendar allows to have events listed either chronologically or by event category. Click on the name of the event for detailed information.

Back to top

   
 
 

4.

Past ALFI events

1 December: ALFI Leading Edge Conference - Brexit: time for action

“Will Luxembourg be the domicile of choice for London based international cross-border fund management groups reassessing their business models in light of Brexit?” was the central question at ALFI’s recent Leading Edge conference on the potential implications of the UK’s planned withdrawal from the European Union.

Read the conference report!

Antoine Kremer, Head of the ABBL/ALFI Representative Office in Brussels

Back to top

26 November: Extraordinary joint meeting of the ABBL and ALFI Boards in Brussels (10th anniversary of the EU Rep. Office)

In September 2006 ABBL and ALFI jointly established their permanent presence in Brussels via their EU Representative Office. Starting with a one-person staff consisting of a single adviser, the office has in the meantime grown to include a head, a senior adviser and a trainee. In order to celebrate the representation’s 10th anniversary, the Boards of ABBL and of ALFI decided to hold an extraordinary joint meeting in Brussels on 29 November 2016.  The one-day meeting was filled with presentations and exchanges of views with key decision makers from the EU institutions. Mady Delvaux-Stehres, substitute member of the Economic and Monetary Affairs Committee, brushed a vivid and detailed picture of the role of the European Parliament as an agenda setter in EU legislation as well as her experience as a Member of European Parliament. For lunch the Board was joined by Ambassador George Friden as well as MEPs Frank Engel and Charles Goerens. The Luxembourg Permanent Representative to the EU eloquently shared his views on topical European Union issues in general like Brexit but also more broadly on the role of Luxembourg in the EU and on practical aspects in the months to come. In the early afternoon the Boards had a very fruitful and technical exchange with Ugo Bassi, Director for Financial Markets in the Commission’s DG FISMA. The meeting concluded with two future oriented presentations by Peter de Proft, the EFAMA Director General and Wim Mijs, the CEO of the European Banking Federation.

Back to top

22-23 November: ALFI European Alternative Investment Funds conference

The Association of the Luxembourg Fund Industry (ALFI) held its annual European Alternative Investment Funds Conference between November 22 and 23. A number of major issues affecting alternative funds were discussed, but what were the core points?

Read the conference report!

WATCH the conference video!

Back to top

16 November: ALFI TA & Distribution Forum

The Association of the Luxembourg Fund Industry (ALFI) organized earlier this month the 15th edition of its Transfer agency (TA) & Distribution Forum. The conference attracted more than 220 investment fund professionals.

View the photo gallery!

Back to top

15 November: ALFI Alternative Investment Funds Breakfast seminar in Hong Kong

A first session was dedicated to the complete and innovative Luxembourg AIFs toolbox that can be structured and tailored to the needs of Hong Kong managers or PRC advisors following alternative strategies (including hedge, private equity or real estate). Speakers showed the high competiveness of Luxembourg both in term of cost and time-to-market efficiency as well as highlighted the attractive "market-ability" of Luxembourg AIFs.

Furthermore were stressed the advantages and attractiveness of Luxembourg in light of the expected changes that certain regulatory and tax reforms will have on the global investment fund industry by sharing some insight on the AIFM and BEPS convergence, promoting thereby the set-up of AIFs in the same jurisdictions as the holding companies through which AIFs usually invest.

Read the full report.

Back to top

8 & 9 November 2016: Switzerland Roadshow

“The current political turbulence and its possible effects on the financial services industry” was the title of a highly noted out-of-the-box speech by Simon Bryceson, Issues Management & Strategy Consultant, Region of Brussels (our photo), at ALFI’s recent road show to Geneva and Zurich. The participants were also offered panel discussions about the impact of political disruption and new investment behaviors on business models and about new products (namely RAIFs, ELTIFs and debt funds), as well as practical workshops focusing on mainstream UCITS, private equity structures, responsible investing, real estate funds and debt funds.

Back to top

   
 
 

5.

Professional training

The House of Training’s 2016-17 program: Focus on AIF

Employers' commitment to lifelong training is a definitive strength of the Grand Duchy. Over time, this has become fundamental in demonstrating technical abilities to attract new clients and talents and in accompanying the latter in their professional career.

ALFI and the House of Training have been standing for more than 25 years at their side for this purpose and continue to constantly adapt their comprehensive range of training courses to the expectations of companies, the evolution of demand, the Luxembourg market and new regulations imposed on the asset management industry. With more than 600 certified trainers and experts in their field, the House of Training offers almost 800 training courses across all fields and at all levels. It allows industry players to support both their managers and employees, providing their clients access to the best resources in terms of both technical and soft skills. Over the years, the House of Training has positioned itself as a key partner of ALFI, delivering professional training solutions to peers in Luxembourg and abroad.

Supporting the development of Luxembourg's buoyant AIF sector

As evidenced by the recent record in assets under administration, the Luxembourg market is more dynamic and buoyant than ever. In a highly competitive environment on both the buy and the sell sides, qualified resources that are quickly operational are a definitive key selling point.

The House of Training’s 2016-2017 program offers a unique and expanded range of modules and courses, with a particular focus on alternative investment funds (Hedge Funds, Private Equity, Real Estate). While Luxembourg has so far been known primarily as a UCITS hub, it actually also represents 10.5% of European alternative funds regulated under the AIFMD framework, or 568 billion euro. At the end of August there were 235 authorised AIFMs in Luxembourg supervised by the Luxembourg regulator CSSF, and another 605 AIFM’s have registered with the CSSF.

Further to this, Luxembourg is also more and more a centre of fund administration for non-Luxembourg funds, including alternative funds established in other European and non-European countries, especially for real estate and private equity.

We therefore wish to particularly highlight the following training modules that may be of interest in this context:

 

AIFMD - Understanding Fundamentals

The objective of this module is to provide the participant with a solid understanding of the Alternative Investment Fund Managers Directive. The subject will be handled in a pragmatic format, using examples wherever possible, leading participants to raise questions and promoting discussion.

 

Compliance in Funds - Introduction to the Rules of Conduct and Management Companies/AIFMs

The objective of this module is to provide the participants with an understanding of ethics with regard to investment funds, their origins and how to identify bad practices, the rules of conduct in funds and Management Companies and related professional obligations, the rules on market abuse and their specific application to investment funds, how to handle customer complaints, the key principles of managing conflicts of interest and the obligations with regard to confidentiality and data protection.

 

Hedge Funds - Understanding the Specifics of Accounting and Custody

This module aims to provide the participants with a practical understanding of the specificities of hedge fund accounting and custody. The module guides the participant through various perspectives including investors, trade processing, accounting and reporting.

 

Funds of Hedge Funds - Understanding the Specifics of Accounting and Custody

The objective of this module is to provide the participant with an applied understanding of the specificities of funds of hedge funds accounting and custody. In this module investor issues are covered before going into the details of trade processing, valuation accounting and reporting.

 

IFRS Principles applied to UCIs - Basics

The objective of this module is to provide the participant with an understanding of what IFRS are and how they are used in investment funds. The course explains the major differences between Luxembourg GAAP and IFRS, how to apply the relevant IFRS standards and prepare or review IFRS disclosures in the financial statements of funds and the relevant classification and measurement issues of IFRS.

 

Private Equity - Fundamentals of the Roles and Responsibilities of PE Professionals

After completion of this course, participants will have an overview and understanding of the principal service providers involved in the private equity industry. 

 

Private Equity - Specificities of Private Debt Strategies

The objective of this training module is to provide participants with an understanding of the specificities of Private Debt strategies.

 

Private Equity - Specificities of Valuations (Theory)

The objective of this training module is to provide participants with an understanding of the specificities of the valuation of private equity investments.

 

Private Equity - Specificities of Valuations (Case study)

Providing participants with an understanding of the specificities of the valuation of private equity investments is the objective of this training module. This module, taught in the form of a case study, applies the theory taught in the module “Private Equity - Specificities of Valuations (Theory)”.

 

REIF - Fundamentals of the Roles and Responsibilities of Real Estate Professionals

This training module provides participants an interactive overview and understanding of the roles and responsibilities of service providers in the real estate investment fund business.

 

REIF - Understanding and Determining the Fair Value of Properties

The objective of this training module is to provide participants with an applied understanding of valuation processes and principles for real estate funds. This module combines both theory and practice.

 

REIF - Understanding Tax Compliance and its Considerations within Luxembourg Structures

The objective of this training module is to help participants develop a deeper and applied understanding of the tax aspects related to international real estate funds in Luxembourg. This module builds on the tax topics introduced in the “REIF - Fundamentals of International Real Estate Structuring” module.

For more information, please visit

www.houseoftraining.lu

Back to top

15-16 February 2017: 'Roles and Responsibilities of Fund Directors'

This seminar dedicated to the evolving obligations and practices of fund directors is organised by the House of Training in close cooperation with ILA and ALFI. It will allow members of Board of Directors to identify the best governance practices for funds and to identify and manage conflicts of interest. This interactive seminar includes theoretical basics, presentation on the regulatory novelties by professionals and exchange between participants through the resolution of a specific corporate case.

The seminar will take place on 15-16 February 2017 from 8.30 am to 5.30 pm at the Chamber of Commerce, 7 rue Alcide de Gasperi, L-2981 Luxembourg (Kirchberg).

ILA, ALFI & HoT members benefit from a 20% discount on the 1.475 € registration fee.

The detailed information is available on the websites of ILA and the House of Training. For more details and registration, please contact customer@houseoftraining.lu.

Back to top

   
The information in this e-mail and any attachments is confidential and may be legally privileged. It is intended solely for the addressee or addressees. If you are not the intendend recipient, please delete the message and any attachments and notify the sender of misdelivery: Any use or disclosure of the contents of either is unauthorised and may be unlawful.

All liability for viruses is excluded to the fullest extent permitted by the law. The information and opinions contained in this message are communicated by the sender in his or her own name. They do not constitute a formal commitment of the Association of the Luxembourg Fund Industry (ALFI) unless confirmed in writing.

If you do not wish to receive information from ALFI anymore please unsubscribe by clicking here.