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    ALFI Newsdigest april 30, 2012    
          in this edition      
    1. Headlines
2. News from ALFI representative office in Hong Kong
3. ALFI past events
4. ALFI events
5. Other events
6. LFF events
     
 
 

1.

Headlines

Bill of law No. 6318 amending the Luxembourg law of 13 February 2007 on specialised investment funds has been adopted

On 6th March 2012, the Luxembourg Parliament passed bill of law No. 6318 (the “Law”) amending the Luxembourg law of 13th February 2007 on specialised investment funds.

Read more.

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ALFI UCITS IV implementation project – Issue 13 of KID Q&A Document

ALFI’s Key Investor Information Document (KID) working group has published issue 13 of ALFI’s Q&A Document with questions and proposed answers about KID implementation. This edition includes until further notice the last updates that have been discussed by the members of the group. Changes compared to the previous issue are shown in mark-up.

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ALFI comments on the Discussion Paper on Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives

ALFI welcomes the ESMA / EBA / EIOPA discussion paper – Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under the Regulation on OTC derivatives, CCPs and Trade Repositories. Regarding these Draft Regulatory Technical Standards, the ALFI EMIR and OTC Derivatives Working Group has analyzed the document and has the following comments. The Working Group decided not to answer to all the questions raised in this document however to transmit a few general elements or remarks.

ALFI’s response.

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ALFI’s response to the Consultation concerning ESMA guidelines on ETFs and other UCITS issues (ESMA/2012/44)

On 30th March ALFI responded to Consultation concerning ESMA guidelines on ETFs and other UCITS issues.

Read more.

ALFI's response.

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ALFI’s response to ESMA discussion paper - Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM

On 23rd March ALFI responded to ESMA discussion paper on Key concepts of the AIFMD and types of AIFM.

ALFI's response.

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ALFI comments on the ESMA Discussion Paper - Draft Tech. Standards for the Reg. on OTC Derivatives, CCPs and Trade Repositories

ALFI welcomes the ESMA discussion paper – Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories as very positive and fully supports the initiatives aimed at enhancing safety and transparency in the over-the-counter derivatives market.

Regarding these Draft Technical Standards, the ALFI EMIR and OTC Derivatives working Group has analyzed the document and has some more specific comments. The Group decided not to answer to all the questions raised in this document however, only to a selection of questions that are developed in the ALFI position paper and that appear to be more relevant for the fund’s industry.

ALFI's response.

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ALFI response to ESMA’s consultation paper on MiFID suitability requirements

On 24th February 2012 ALFI responded to ESMA’s consultation paper on the guidelines on certain aspects of the MiFID suitability requirements.

ALFI's response.

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ALFI response to ESMA’s consultation paper on compliance function requirements

On 24th February 2012 ALFI responded to ESMA’s consultation paper on the guidelines on certain aspects of the MiFID Compliance function requirements.

ALFI's response.

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Express, the ALFI podcast

Watch the latest episode 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!

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IOSCO consults on principles of liquidity risk management for CISs

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a consultation report outlining a set of principles against which both industry and regulators can assess the quality of regulation and industry practices relating to liquidity management for collective investment schemes (CIS).

Read more.

Report.

Press release.

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IOSCO Consults on Money Market Fund Systemic Risk Analysis and Reform Options

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a consultation report, Money Market Fund Systemic Risk Analysis and Reform Options, which provides a preliminary analysis of the possible risks that money market funds (MMFs) could pose to systemic stability and consults on an exhaustive range of policy options to address those risks.

Read more.

Consultation Report.

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IOSCO makes recommendations on OTC derivative mandatory clearing

The Technical Committee of the International Organization of Securities Commissions has published a Final Report on Requirements for Mandatory Clearing, which outlines recommendations that authorities should follow in establishing a mandatory clearing regime for standardised OTC derivatives in support of the G20’s Leaders Commitments to improve transparency, mitigate systemic risk and protect against market abuse in these markets.

Read more.

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IOSCO consults on oil price reporting agency oversight

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a consultation report, Functioning and Oversight of Oil Price Reporting Agencies, which examines the role played by Oil Price Reporting Agencies (PRAs) in the functioning of oil markets, their methods of operation and governance and potential options for future oversight.

Read more.

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ESMA: Questions and answers regarding the Transparency Directive

ESMA is pleased to announce that the following update has been made on the ESMA website: Questions and answers regarding the Transparency Directive.

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Securities and Markets Stakeholder Group: Advice on Guidelines on certain aspects of the MiFID compliance function requirements

The Securities and Markets Stakeholder Group, which helps facilitate consultation by ESMA with stakeholders in areas relevant to ESMA’s tasks, such as the development of technical standards and guidelines, has issued its Advice supporting the adoption of guidelines related to MiFID and the overall approach of ESMA with respect to the Guidelines on compliance reporting.

In its Advice the Group draws the attention of ESMA to the need to apply the proportionality principle when implementing the compliance requirements, in particular with regard to staff training and expertise, and calls for allowing more flexibility for small and medium-sized investment firms in this regard.

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Securities and Markets Stakeholder Group: Advice on Guidelines on certain aspects of the MiFID suitability requirements

On 28th February the Securities and Markets Stakeholder Group published its Advice on the Guidelines on certain aspects of the MiFID suitability requirements proposed by ESMA. Whilst supporting the draft Guidelines the Stakeholder Group also makes a number of suggestions for amendments in order to enhance investor protection. These suggestions cover in particular the reliance on questionnaires, the nature of recommendations made to investors, proportionality with regard to the nature of the services provided, and the consideration of the loss-sustaining capacity of investors when assessing suitability.

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2.

News from ALFI representative office in Hong Kong

Mainland China: CSRC eases regulation over investment funds application

Chinese asset managers submit funds applications through six channels: equities, fixed-income, index-related, segregated account, innovative products and qualified domestic institutional investor (QDII).

So far only one application could be submitted at a time through the same channel and further submission through this channel would have to wait for feedback on the first submission before taking any action.

In early March, the China Securities Regulatory Commission (CSRC) eased the rules by allowing three consecutive applications through a combination of the following three channels: equity, fixed-income and index-related funds.

Rules regarding the other three channels remain the same.

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3.

ALFI past events

13-14 March: ALFI Spring Conference

The conference focusing on ‘Better regulation – Clearer information – More protection’ attracted a record 880 attendees over the two days with 27 sponsors and 54 exhibition stands.

Pictures can be viewed here.

Click here to read the conference blog.
 

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13 March: Gala dinner

280 people attended this industry dinner that took place after the first day of the conference at the recently renovated Cercle Cité.

Pictures can be viewed here.

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29 March 2012: ALFI Leading Edge Conference no.5: Impact of the AIFMD on Private Equity

ALFI’s 5th edition of the Leading Edge Conferences, featured the first of a special series of Leading Edge Conferences that put the spotlight on each of  three alternative asset classes, Private Equity, Real Estate and Hedge Funds and how they will be impacted by the AIFMD. It was entirely dedicated to the private equity arena and attracted more than 120 attendees. The conference combined thorough legal and regulatory analysis, highly topical market research and practical insights; it also provided a perfect platform for all industry stakeholders willing to align their private equity strategies with leading-edge industry developments.

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ALFI & PRiM Risk Management Conference

On 18th April 2012, ALFI and PRiM teamed up to organise the 3rd edition of the ALFI & PRiM Risk Management Conference.

Over 200 European Risk Managers, Conducting Officers and Experts turned up to the Luxembourg Chamber of Commerce to hear about the latest developments and trends.

Over the past years the conference has become an industry platform for exchanging information between practitioners. PRiM announced the set-up of a certification program for ensuring appropriate training of risk managers in Luxembourg, which the association is currently rolling out with the IFBL.

Updated version of "Risk Management" brochure.

Read more.

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4.

ALFI events

ALFI confirmed events

ALFI events calendar.

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New Series of ALFI Leading Edge Conferences

ALFI is hosting in 2012 a series of three Leading Edge Conferences focused on the AIFM Directive and the impact on the three alternative fund categories.

Upcoming conferences:
  3rd May -  impact on Real Estate Funds - in association with INREV
Draft programme coming soon! Click here!
Open for sponsorship  - click here!
Registration fee from only €250 - click here!

3rd July - impact on Hedge Funds - in association with AIMA
Draft programme coming soon! Click here!
Open for sponsorship - deadline 8th May - click here!
Registration fee from only €250 - open soon - click here! - Early bird deadline 4th June!

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10 May 2012: ALFI Responsible Investing Conference - making a difference

 

Two conferences formerly known as the ALFI MicroFinance Conference and the ALFI Sustainable & Responsible Investment Conference have joined forces to create this new one day event that will take place at the Luxembourg Chamber of Commerce, Kirchberg, Luxembourg.

Programme online! Click here.

Registration - click here.

Sponsorship - click here.

For all other information click here.

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23 May 2012: ALFI Conference London

Savoy Place (IET), No.2 Savoy Place, WC2R 0BL

Programme.

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13-15 June 2012: ALFI Roadshow to the US (Boston & New York)

Programme and registration details coming soon!

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18-19 September 2012: ALFI Global Distribution Conference: open for sponsorship!

Click here for the sponsorship and exhibition opportunities.

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5.

Other events

14 May & 15 May 2012: Invitation to "Journées d'Opportunités d'Affaires"

The Chamber of Commerce of the Grand Duchy of Luxembourg is pleased to invite you to its upcoming Journées d’Opportunités d’Affaires dedicated to Austria & Switzerland on 14th May 2012 and Spain & Portugal on 15th May 2012.

Invitation letter.

Registration form.

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6.

LFF events

22 May 2012: Financial seminar in London

The Agency Luxembourg for Finance, in cooperation with the City of London, is pleased to invite you to its financial seminar in London on 22th May 2012.

Invitation letter.

Registration form.

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