If this message is not displayed correctly, click here to view it online
    ALFI Newsdigest february 8, 2013    
          in this edition      
    1. Headlines
2. ALFI publications
3. ALFI past events
4. ALFI upcoming events
5. LFF events
6. Other events
     
 
 

1.

Headlines

ALFI is 25!

Founded in 1988, ALFI celebrates this year its 25th anniversary of global funds leadership.

ALFI was created 25 years ago to foster the development of a local fund management industry following the introduction of the first European retail fund directive, namely the UCITS directive. Being the first European country to transpose this directive in its national legislation, a few Luxembourg-based market players decided to launch the association in 1988. Since its inception, ALFI's roles remain the same: to lobby regulators, to promote the concept of regulated funds and to educate its membership.

25 years later, ALFI accounts for 1300 members active in more than 120 technical committees and working groups. ALFI members cover the entire industry value chain, which makes ALFI extremely rich in terms of knowledge and experience.

To ensure ALFI remains competitive and relevant to the fund centre, the association constantly reviews and adjust its priorities.

The association defined the 5 following priorities:

  •     to promote the concept of regulated funds
  •     to leverage AIFMD
  •     to innovate in the area of responsible investing
  •     to facilitate cross-border funds distribution
  •     to be a partner of choice of the global fund management industry

Back to top

ALFI annual press conferences: ALFI is prepared to take up the challenges faced by the Asset Management industry

On 29th January and 06th February 2013, the Association of the Luxembourg Fund Industry organised its annual press conference  in London and Luxembourg respectively, in order to present to the press an overview of ALFI's key achievements in 2012, and to discuss how ALFI is going to tackle the challenges which will be faced by the asset management industry in 2013.

These press events were an opportunity to remind participants that Luxembourg remains the leading domicile for funds in Europe, with new record figures for the Luxembourg fund industry at the end of 2012.
 

Back to top

AIFMD: EU and Brazilian regulators to co-operate on cross-border supervision of alternative investment funds

The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Brazilian Comissão de Valores Mobiliários (CVM) and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. ESMA has negotiated the agreement with the CVM on behalf of all 27 EU national competent authorities for securities markets regulation.

Read more.

Back to top

U.S. FATCA legislation: release of final regulations

On 17th January 2013, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). These regulations provide additional guidance for financial institutions and government counterparts by finalising the step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions (FFIs), other foreign entities, and U.S. withholding agents.

Read more.

Press release.
 

Back to top

U.S. FATCA final regulations: treatment of bearer shares

It is worth to note that the FATCA final regulations address the issue of bearer shares. Many funds had issued bearer shares in the past and, thus, would not be in a position to identify accounts within the prescribed time limits.

The final regulations provide that the account identification procedures for a pre-existing obligation in bearer form will be performed at the time the share is presented for payment. Notwithstanding the fact that the obligation is pre-existing, however, the participating foreign financial institution (PFFI) must perform the new account identification procedures at that time. Moreover, an otherwise qualifying fund that issued bearer shares in the past can nevertheless qualify as a registered deemed compliant qualified collective investment vehicle or restricted fund if it:

  •     Ceased issuing interests in bearer form after 31st December 2012
  •     Retires all such interests upon surrender
  •     Implements policies and procedures to redeem or immobilize all such interests prior to 1st January 2017; and
  •     Identifies the account prior to payment (under the new account procedures) and agrees to withhold and report as if it were a PFFI.

Back to top

Financial transaction tax: Council agrees to enhanced cooperation

On 22nd January 2013, the Council of the EU adopted a decision authorising 11 Member States to proceed with the introduction of a financial transaction tax (FTT) through "enhanced cooperation". The 11 countries are Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia.

The Commission will now make a proposal defining the substance of the enhanced cooperation, which will have to be adopted by unanimous agreement of the participating Member States. All members of the Council may participate in its deliberations, but only participating Member States shall take part in the vote.

Press release.
 
 

Back to top

Anti-money laundering: CSSF Regulation N°12-02

On 9th January 2013 CSSF Regulation N°12-02 of 14 December 2012 on the fight against money laundering and terrorist financing was published in the Luxembourg Official Gazette (Mémorial).

The Regulation applies to all professionals who are subject to article 2 of the AML Law of 12 November 2004 (as amended) and who are supervised by the CSSF. The text gives clarifications as to the risk-based approach to be adopted by such professionals with a view to identifying and mitigating money-laundering and terrorist financing risks they are exposed to. It also addresses customer due diligence obligations, internal organisation requirements, obligations relating to the cooperation with authorities and external audit requirements.

Articles 3 and 29 of the Regulation are of particular relevance to investment funds. Please click here to see the text of the Regulation (available only in French).

Back to top

Shadow banking: ALFI comments on Financial Stability Board Consultative Document

Please find ALFI’s comments on Financial Stability Board Consultative Document - Strengthening Oversight and Regulation of Shadow Banking regarding:

  •     An Integrated Overview of Policy Recommendations
  •     A Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities
  •     A Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos

Related documents:
Table of risks covered by measures implemented by the AIFMD

Table of risks covered by measures implemented by UCITS regulations & European Money Market Funds

Back to top

Luxembourg: minimum taxation for SOPARFIs and other corporate taxpayers

On 21th December 2012, the Luxembourg tax authorities issued further guidance on the computation of the minimum taxation applicable to corporate taxpayers, as foreseen in the 2013 tax package approved by the Luxembourg Parliament on 13th December 2012.

Read more.

Back to top

Express, the ALFI podcast

Watch the latest episodes of "Express, the ALFI podcast":

To subscribe to Express, please send an email to registrations@alfi.lu.

View ALFI's podcasts and other videos also on ALFI Youtube channel!

Back to top

LuxFLAG now labels thirty one funds

 

LuxFLAG is pleased to announce that a first French domiciled investment fund – BNP Paribas Aqua has been granted the LuxFLAG Environment Label.

Six Environment Funds have been granted the LuxFLAG Environment Label as of December 2012, with approximately USD 558 million in assets under management.

Environment Funds labelled as of December 2012:

    BNP Paribas Aqua (new label)
    Green for Growth Fund, Southeast Europe SA
    Living Planet Fund – Global Environment
    Lux-Equity Eco Global
    Parvest Environmental Opportunities
    Parvest Global Environment

Twenty five Microfinance Investment Vehicles (MIVs) have been granted the LuxFLAG Microfinance Label as of December 2012, representing approximately USD 3.83 billion in assets under management.

Please click here to view the complete press release.

Back to top

   
 
 

2.

ALFI publications

ALFI Risk Management guidelines now available in Chinese

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 are now also available in Chinese.

Download the document here.

Back to top

   
 
 

3.

ALFI past events

31 January 2013: AIFM Directive level 2 Implementation measures - A leading edge conference

More than 300 industry professionals attended this one-day event entirely dedicated to analysing the latest developments in the implementation of the AIFM directive and their consequences for the industry.
The conference combined thorough legal and regulatory analysis, highly topical research and practical insights, to provide a perfect platform for all industry stakeholders willing to align their strategies and practice with leading edge industry developments.

The morning  covered dedicated focus sessions on the implications of the new delegation rules, AIFMD opportunities and challenges and the evolving role of the depositary function under the AIFMD.
In the afternoon, sessions tackled the major technical implications for the implementation of AIFMD and the challenges and opportunities of the transposition of the Directive for Luxembourg.
 

Back to top

   
 
 

4.

ALFI upcoming events

ALFI confirmed events

 

ALFI Calendar of Events.
Check out all up-coming events. Click on  "Search Events" to filter by event type.

ALFI endorsed events calendar.
Click on the name of the event to get your ALFI member discount code. For information on the endorsed event itself, please refer to the general calendar above.

Back to top

New! 1-6 March 2013: ALFI Roadshow to the US

Friday 1st March: San Francisco seminar: Le Meridien: 9.00 - 12.00 followed by lunch
Monday 4th March: Boston seminar: Mandarin Oriental: 12.30 lunch, seminar 1.30 - 4.00 pm
Wednesday 6th March: New York seminar: Grand Hyatt New York: 8.30 - 12.00 followed by lunch

Seminar programme and registration details can be found on the roadshow webpage.

Back to top

19-20 March 2013: ALFI Spring Conference and ALFI Gala Dinner

Click here to access the event webpage.

This two-day conference attracts the biggest names in the fund industry from Europe, the US, Asia and the Middle East. It brings together in a single venue the world's most innovative and best-known fund managers with the most knowledgeable service providers.

With more than 850 professionals from 23 countries last year, the conference continues to grow alongside Luxembourg's reputation as one of the world's premier financial hubs. The Grand Duchy's reputation as a stable and innovative jurisdiction has been enhanced during the financial and sovereign crises thanks to a strong regulator, a forward-thinking government and experienced service providers.

A compelling programme: Evolution or Revolution - Click here.

  •     Fund product innovation
  •     Non-funds regulation impacting the funds industry
  •     The impact of PRIPS on the Fund Industry
  •     The progress and likely impact of AIFMD
  •      Interviews with high-profile CEOs
  •     The growth of sustainable investment

Exhibition space: only a few places left - click here.

To register: click here - early bird deadline 22nd February!

Back to top

9 April 2013: ALFI Conference London - save the date!

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

Back to top

10 April 2013: ALFI Roadshow to Edinburgh - save the date!

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

 

Back to top

17 April 2013: ALFI & ALRiM Risk Management Conference

Click here to access the event webpage.

Over the past years the conference has become an industry platform for exchanging information between practitioners. In 2012, the conference attracted over 200 participants.

2013 Key topics:

  • The relevance of risk management for investor protection
  • Panel discussion: Risk Governance - integrated, holistic and structured approach - UCITS and AIFMD aspects
  • Risk Measurement: Moving from basic Risk Management to Best Practices - UCITS and AIFMD aspects
  • Case Study: Risk Management for UCITS
  • Introduction to AIF Risk Management
  • Case Study: Risk Management for AIFs
  • Panel discussion: Experience gained from UCITS IV, paving the way for risk management governing alternative funds

If you would like to become a sponsor of this event, kindly complete the sponsorship agreement form and return it to events@alfi.lu.

Programme and registration coming soon!

Back to top

15 May 2013: ALFI Responsible Investing Conference – Save the Date!

Click here for the event webpage.

Sponsorship and event details coming soon!

Back to top

   
 
 

5.

LFF events

5-9 May 2013: Financial Mission to the Middle East

The Agency Luxembourg for Finance will organise a financial mission to Dubai and Riyadh from 5th to 9th May 2013 led by Mr Luc Frieden, Minister of Finance and Chairman of Luxembourg for Finance.

At this occasion, a seminar on the Luxembourg financial sector is planned in Dubai on 6th May 2013 from 09.00am to 12.00pm.
In addition, Luxembourg for Finance will be present with a booth at the Euromoney Saudi Arabia Conference taking place in Riyadh on 7th and 8th May 2013.

In case your organisation would be interested in joining Luxembourg for Finance for this financial mission, we would be very grateful if you could return the registration form directly to Luxembourg for Finance before 1st March 2013 (Ms Sophie Henry, sophie.henry@lff.lu or Mrs Edith Stein, edith.stein@lff.lu, or fax: 27 20 21 399).

Invitation.

Agenda.

Hotel reservation form.

Registration form.

Euromoney Conference 2013.

Back to top

   
 
 

6.

Other events

20-21 February 2013: Roles and Responsibilities of Fund Directors

On the 20th and 21st February, 2013 ILA (Luxembourg Institute of Directors), ALFI and the IFBL will be offering the course "M’ Roles and Responsibilities of Fund Directors". This 2-day seminar held in English at the IFBL/LSC Training Center (Chambre de Commerce) has been completely reviewed, focusing in particular, upon the regulatory changes (CSSF Circular 12/546, AIFMD…) and their consequences upon the obligations and practices of Fund Directors.

Further details about the programme are available from the IFBL Customer Service directly (email : customer@ifbl.lu or by phone (+352 46 50 16).

Programme.

Back to top

21 February 2013: Finance & Technology: Two pillars of the Luxembourg economy

Sacred Heart University invites you to a discussion of Luxembourg’s success and visions for the future at a time of dramatic uncertainties on 21st February 2013 from 6:30pm to 8:00 pm.

Programme.

To attend, please register with Rachel Niebeling, rniebeling@shu.lu.

Back to top

15-19 September 2013: IOSCO 2013 Luxembourg - Connecting Global Finance

The IOSCO 2013 Luxembourg organisational committee is intensively working on the details of an exciting programme to show our international guests that, although small in size, the Grand Duchy has a lot to offer and will hopefully surprise them with its professionalism, diversity and quite unique character.

The event will be open for the public starting with the official Opening Ceremony on Wednesday, 18th September noon and ending on Thursday, 19th September evening with a dinner and show full of culinary delicacies and emotions. During the day there will be public panel sessions to stimulate debate and share the latest news with the industry. (Click here for the programme overview incl. panel topics.)

Registration will open shortly!

As the success of an event always depends on its participants, we kindly ask for your support by spreading the word and to come as numerously as possible. There are also still sponsorship opportunities available (click here for details).

Do not hesitate to ask for more information and/or to refer any interested contacts to the Event coordination team at iosco2013@globalconf.lu or visit the event's website www.iosco2013.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.