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    ALFI Newsdigest april 29, 2013    
          in this edition      
    1. Headlines
2. ALFI publications
3. ALFI on the social media
4. ALFI past events
5. ALFI events
6. LFF events
7. Other events
     
 
 

1.

Headlines

Special website on 25 years of ALFI

This year, ALFI is celebrating its silver 25th anniversary!

To commemorate this occasion, we have prepared a special "virtual time capsule" webpage that explores the past quarter of a century of Luxembourg-domiciled funds.

Take a look by clicking here !

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FTT: ALFI condemns Financial Transaction Tax

ALFI  rejects the European Commission proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax, published on 14th February 2013.

ALFI believes that the financial transaction tax (FTT), which will eventually be imposed on all Member States whether they have opted for this tax or not, will not achieve the main objectives set out by the Commission.

Press release (English, French, German).

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Enhanced cooperation in the area of FTT: ECON draft report

The European Parliament's Committee on Economic and Monetary Affairs (ECON) published its draft report on the proposal for a Council directive implementing enhanced cooperation in the area of the Financial Transaction Tax (FTT).

The committee suggests:

  • closing a loophole of the issuance principle as far as OTC derivatives are concerned;
  • reintroducing the ownership principle, according to which a financial transaction in relation to which no FTT has been levied is not legally enforceable and does not result in a transfer of legal title of the underlying instrument;
  • strengthening the residence principle by clarifying that branches of EU institutions registered within the FTT jurisdiction would fall within the scope of the FTT;
  • creating an expert working group at the level of the European Commission to ensure maximum harmonisation and efficiency of collection mechanism.

A vote in committee is currently scheduled for 28th May 2013, and a European Parliament plenary session may take place before summer holidays on 2nd July 2013 (procedure file).

Click here to access more information about the legislative procedure.
 

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AIFMD: ESMA Publication of draft RTS on types of AIFM

ESMA published its Final Report Draft Regulatory Technical Standards on Types of AIFM.

The final report sets out in its Annex IV the draft regulatory technical standards (RTS) required by Article 4(4) AIFMD. The draft RTS in Annex IV will now be submitted to the Commission for endorsement or rejection within 3 months of receipt. It will also be forwarded to the European Parliament and Council. 

If adopted, the RTS will take the form of a Commission Regulation. It will enter into force on the twentieth day following its publication in the Official Journal of the European Union and shall apply from 22nd July 2013.

Final report.
 

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AIFMD: European Commission's Q&As

The European Commission published questions and answers regarding the interpretation of the AIFMD.

Q&As.
 

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AIFMD: delegated regulation published in Official Journal

Following the adoption by the European Commission of the delegated regulation (No 231/2013) (Delegated Regulation), supplementing the Alternative Investment Fund Managers Directive on 19th December 2012, the Delegated Regulation was published in the Official Journal of the EU on 22nd March 2013.

Read more.

Delegated regulations.

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European Venture Capital Funds / European Social Entrepreneurship Funds: Regulations adopted

Following the European Parliament, the Council adopted the Regulation on European Venture Capital Funds  and the Regulation on European Social Entrepreneurship Funds. The final texts of the regulations as adopted can be found on the Council website:

The regulations will soon be published in the Official Journal and enter into force 20 days after publication. They are applicable in all Member States as of 22nd July 2013.
 

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EMIR: ESMA' s Q&As on EMIR implementation

The European Securities and Markets Authority (ESMA) published a set of Questions and Answers in order to promote common supervisory approaches and practices in the application of the European Market Infrastructures Regulation (EMIR).

Q&As.

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ETFs and UCITS issues: ESMA's Q&As

The European Securities and Markets Authority (ESMA) published its Questions and Answers on ESMA's guidelines on ETFs and other UCITS issues in order to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures, with a specific focus on the guidelines on ETFs and other UCITS issues (ESMA/2012/832).

Q&As.

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PRIPs: EFAMA comments on the proposal for a regulation on key information documents

The European Fund and Asset Management Association (EFAMA) submitted its proposed amendments to the Commission proposal for a regulation on key information documents for investment products. Moreover, EFAMA commented on the draft report presented by the Rapporteur of the European Parliament’s ECON committee, MEP Pervenche Berès. ALFI’s PRIPs working group has contributed to the content of both submissions.

In total, 680 amendments were tabled (amendments 65 – 367 and 368 – 680). A vote in the ECON committee is scheduled for 27th May 2013, followed by a vote of the European Parliament during a plenary session on 2nd July 2013 (indicative date).

 

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Equities and ETFs: IOSCO consults on regulatory issues raised by changes in market structure

In response to a request from the G20 summit in November 2010, the International Organisation of Securities Commissions (IOSCO) published a consultation report on regulatory issues raised by changes in market structure. The report identifies issues and risks posed by existing or developing market structures for the trading of equities and exchange-traded funds (ETFs).

Read more.
Consultation Report.
 

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CIS: IOSCO publishes Principles of Liquidity Risk Management for CIS

The International Organisation of Securities Commissions published the final report on Principles of Liquidity Risk Management for Collective Investment Schemes, which contains a set of principles against which both the industry and regulators can assess the quality of regulation and industry practices concerning liquidity risk management for collective investment schemes (CIS).

Press release.

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"Should I save, invest or just put my money under the mattress?”

ALFI launched a series of short films aimed at helping consumers understand what investing means.

“People throughout Europe – and indeed the world – will need to take increasing responsibility for their own long-term financial security, and for retirement savings,” explains Anouk Agnes, Deputy Director General at ALFI. “Investment funds are a key part of long term saving and people therefore need to become more confident about investing, so that they can grow their money over time and make informed decisions with regards to their financial future. We have produced these films as part of our investor education activity and hope that they will help consumers in their investment needs.”

The films take people through the basics of investing, covering topics such as:

  • Saving and investing – what should you do with your money
  • What are equity, bond and real estate assets
  • What is an investment fund
  • What is a UCITS fund and why should I invests in one

The films are available here.

See the press alert in English, French or German.

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Express, the ALFI podcast

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

Please note that over the coming months, ALFI will be working on the concept of the podcast Express! We will present you its brand new version in September 2013.

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

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LuxFLAG now labels thirty two funds

LuxFLAG is pleased to announce that BNPP L1 Equity World Aqua has been granted the LuxFLAG Environment Label.

Press release.
 

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2.

ALFI publications

ALFI Spring Newsletter

The ALFI Spring Newsletter provides you with a valuable update on our industry, as well as an overview of the latest activities of the association.

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Principles for sound stress testing practices

ALFI is pleased to publish its Guidelines for Sound Stress Testing Practices.

Stress testing seeks to define the impact of extreme, but plausible scenari. They aim to provide an early warning signal so that the risk management procedures can operate accordingly and informed management decisions can be made. Stress testing has become an important risk management tool that is required by supervisory authorities and is used by UCITS as part of their risk management process. The ALFI new Principles for sound stress testing practices guidelines provides insights into current market practices and how a management company could translate different regulatory rules into sound stress testing practice for UCITS.

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ALFI Guidelines for UCITS Liquidity Risk Management

ALFI is pleased to publish its Guidelines for UCITS Liquidity Risk Management.

The purpose of these guidelines is to provide guidance to the Luxembourg fund industry, with regard to liquidity risk management for UCITS. Particularities related to non-UCITS or ETF-structures are not addressed in this document. These practical guidelines aim to explore the different aspects of liquidity risk and should provide ideas and suggestions on how to capture and manage it.

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Luxembourg: your bridge between china and Europe

Take a look at our updated brochure Luxembourg: your bridge between china and Europe.

This brochure is available in English and Chinese.

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3.

ALFI on the social media

Twitter highlights: ALFI London Roadshow

On 9th April 2013, followers of ALFI Twitter account could follow updates about the ALFI London Conference as well as exclusive quotes from industry panelists using #ALFILondon.

Join us on Twitter to catch up with seminars' topics and discussions by clicking here!

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Celebrate ALFI 25th anniversary with #ALFISilver

To celebrate ALFI Silver Jubilee on Twitter, we have launched the campaign #ALFISilver, looking back at 25 years of the Luxembourg fund industry.

Share with us your experiences by using #ALFISilver!

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4.

ALFI past events

19-20 March 2013: ALFI Spring Conference

This year's conference was a great success! A record number of 900 participants, 56 booths and 48 experts joined us for this two-day conference.

Experts from all over the world took the stage to provide attendees with discussion panels dedicated to the key latest regulatory developments on AIFMD, FATCA, Solvency II and EMIR and others, with a special focus on the opportunities and challenges these entail.

This two-day conference attracted the biggest names in the fund industry worldwide and brought together in a single venue the best-known fund managers and service providers.

Take a look at our video recap and photo gallery!

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09 April 2013: ALFI London Conference

Photo gallery.

More than 760 industry professionals attended this one-day event entirely dedicated to analysing the key issues facing the industry in 2013 and beyond.

The conference,  which opened with an address by H.E. Luc Frieden, Luxembourg's Minister of Finance, combined thorough legal and regulatory analysis, highly topical research and practical insights on hedge funds, real estate, private equity and UCITS and a workshop on responsible investment - a new theme for this year's conference.

Insights from the conference: #ALFILondon

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10 April 2013: ALFI Edinburgh roadshow

A delegation of industry specialists from Luxembourg travelled to Edinburgh to provide the 180 attendees with panel discussions on AIFMD, the challenges it entails and demonstrate how they can be turned to the advantage of fund managers.

The event also featured an interactive session on the continuing opportunities provided by UCITS.

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17 April 2013: ALFI - ALRIM Risk Management Conference 2013

Photo gallery.

On 17th April 2013, ALFI and the Luxembourg Association of Risk Management ("ALRiM") held the 4th edition of the ALFI & ALRiM Risk Conference focusing on the hot topics of Risk Management. Over 220 European Risk Managers, Conducting Officers and Experts turned up to the Luxembourg Chamber of Commerce to hear about the latest developments and trends.

The conference was opened by Olivier Carré, Co-Chairmen of the ALFI Risk Management Committee and Marco Zwick, President of ALRiM, presenting briefly the key topics and challenges for the fund industry. They also presented the new ALFI & ALRiM Risk Management guidelines on Principles for Sound Stress Testing Practices and UCITS Liquidity Risk Management.

The conference provide detailed insights and information on latest developments in Risk Management for both UCITS and Alternative Investment funds in the areas of risk governance, risk measurement and management as well as risk reporting.

The morning session started with a keynote speech, focusing on and exploring risk management, regulation and investor protection. It was stated that "the requirements for AIFMs might be high, but might help to further improve the quality of fund management. Overall, the AIFMD risk management rules are thoroughly designed, which will help to avoid some past drawbacks."

The following sessions focused on risk governance requirements and issues around risk measurement for UCITS. The sessions covered amongst others the new requirements for management companies and self-managed SICAVs, in particular through the ESMA guidelines on ETFs and other UCITS issues (ESMA/2012/832), the CSSF Circular 12/546 and the forthcoming Delegated Act supplementing the Alternative Investment Fund Manager Directive (AIFMD Level 2) that was released on 19th December 2012.

The afternoon session featured two case studies on UCITS as well as one on AIFMD topics. The first case study explored key lessons from the financial crisis and other incidents over the past years and their impact on the approach towards UCITS Risk Management and second focused on stress test opportunity. At this occasion comments and insights were shared on how to construct a stress test, how to conduct the analyses of results and how and to whom to report?

Before the last case study, an introduction to risk management within the alternative investment fund industry was provided. The last case study outlined an example on how a risk manager may set-up adequate risk governance and risk management system for an alternative investment fund.

The day was concluded by the panel discussion "Experience gained from UCITS IV... paving the way for risk management governing alternative funds".

Insights from the conference at @ALFIfunds!

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5.

ALFI events

ALFI upcoming 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.
 

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15 May 2013: ALFI Responsible Investing Conference - already 130 registered!

To register please click here.

Responsible Investments are increasingly becoming the focus of institutional and private investors. Responsible Investment (RI) products and strategies are investment products that in addition to economic aspects, environmental and/or social principles, take into account the principles of good Corporate Governance and Business Ethics. Product ranges and distribution channels are being extended. Institutional and retail investors increasingly consider extra-financial criteria in their investment decisions.

The conference, held in association with LuxFLAG, is designed for the following audiences:

  • Institutional, private and social investors who want to explore the investment potential offered by Microfinance and Social Responsible Investing;
  • Private Bankers and Wealth Managers who wish to identify investment opportunities for their clients;
  • Fund Promoters wishing to gain insights in how to structure optimally Investment Responsible Investing Vehicles;
  • Microfinance Investment Vehicles who want to get an update on regulation and improve distribution efficiency;
  • Microfinance Institutions (MFIs) interested in obtaining access to private capital markets;
  • Banks, Fund Administration Companies, Auditors, Lawyers, Service Providers: who want to understand the most recent trends in this fast growing industry.

Draft programme online! Click here.

Sponsorship opportunities still available! Click here.
 

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17 June 2013: ALFI Roadshow to Amsterdam - NEW!

Save the date!

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

More information coming soon!
 

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11 September 2013: ALFI Golf Tournament

At Kikuoka Country Club, Canach, Luxembourg

Save the date!

Sponsorship available to ALFI members! contact events@alfi.lu

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12 & 13 September 2013: ALFI Global Distribution Conference

Sponsorship & Exhibition opportunities available! Click here.

Draft programme - coming soon!

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8-9 October 2013: ALFI Roadshow to Switzerland (Zurich & Geneva) - Save the date!

More details coming soon!

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6.

LFF events

21-23 May 2013: Official Mission to Scandinavia

Luxembourg for Finance is pleased to invite you to its economic and financial mission to Scandinavia (Sweden, Norway) organised from 21st to 23rd May 2013. The mission will be led by Mr Luc Frieden, Minister of Finance and Chairman of Luxembourg for Finance.

Luxembourg for Finance is pleased to invite you to its economic and financial mission to Scandinavia (Sweden, Norway) organised from 21st to 23rd May 2013. The mission will be led by Mr Luc Frieden, Minister of Finance and Chairman of Luxembourg for Finance.

Seminars on the Luxembourg financial sector are planned as follows:

  • Stockholm: 22nd May 2013 in the morning;
  • Oslo: 23rd May 2013 in the morning.

Invitation letter.

 

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7.

Other events

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

We have the pleasure of informing you that a first draft meeting agenda for the IOSCO member sessions at the 38th Annual Conference of the International Organization of Securities Commissions is now available under this link!

As the honoured host of the event, the CSSF kindly invites you to visit the conference website www.iosco2013.lu where you will find information and details regarding the programme with touristic and cultural highlights, evenings full of culinary delicacies and emotions and last but not least an appealing conference agenda.

The event is 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 highlight show. During the day there will be public panel sessions to stimulate debate and share the latest news with the industry.

Register now! (Click here for fees and conditions)

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).

The Event Coordination Team remains at your disposal for any further information or assistance that you may need (iosco2013@globalconf.lu).

We look forward to welcoming you in Luxembourg in September.
 

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