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    ALFI Newsdigest august 2, 2012    
          in this edition      
    1. Headlines
2. News from ALFI Asia office
3. ALFI publications
4. ALFI past events
5. ALFI events
6. Other events
     
 
 

1.

Headlines

Assets under management reached historic high in April 2012

The Association of the Luxembourg Funds Industry (ALFI) announced that the assets under management by Luxembourg-domiciled funds have reached a historic level at the end of April 2012, at EUR 2 225 billion under management. Luxembourg remains the largest European fund centre, followed by France and Germany.

Assets in June reached EUR 2 224.48 billion.

Please download the press release in English, French and German.
 

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ALFI's and EFAMA's comments to the IOSCO consultation report on principles for the regulation of exchange traded funds

On 27th June 2012, ALFI responded to IOSCO's Consultation report on principles for the regulation of Exchange Traded Funds.

ALFI's response.

EFAMA's response.
 

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ALFI comments on European Commission Green Paper Shadow Banking

To read ALFI's response please click here.

For further explanations, please find below the related documents.

Appendice 1 - Table of risks covered by measures implemented by UCITS regulations & European Money Market Funds.

Appendice 2 - Table of risks covered by measures implemented by the Alternative Investment Funds Managers Directive (the AIFMD).
 

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Express, the ALFI podcast

Watch the latest episodes of Express:


 
Episode 32:  AIFMD will create opportunities for service providers to private equity and real estate funds, by Gilles Dusemon  of Arendt & Medenach.

Episode 31:  impact of AIFMD on depositories and hedge funds, by Michael Ferguson of Ernst & Young.

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

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

Please note that during summer holidays, ALFI will not produce podcasts. Next podcast is scheduled on 25th September 2012.
 

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CSSF issues Circular 12/540 on unlaunched sub-funds, sub-funds waiting to be reactivated and sub-funds in liquidation

On 9th July 2012, the CSSF published Circular 12/540 on un-launched sub-funds, sub-funds waiting to be reactivated and sub-funds in liquidation. This Circular applies to UCIs subject to the law of 17th December 2010 and specialized investment funds subject to the law of 13th February 2007.

Read more.

The CSSF circular can be accessed here.
 
 

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European Commission issues proposed legislation on UCITS V

On 3rd July 2012, the European Commission published a revision of the Undertakings for Collective Investments in Transferable Securities Directive (UCITS V).

Read more.

Proposal for a directive amending Directive 2009/65/EC (Provisional version).
 

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European Commission issues proposal for a regulation on key information documents for investment products

On 3rd July 2012, the European Commission presented a proposal for a regulation of the European Parliament and of the Council of the EU on key information documents (KID) for investment products.

Read more.


-    Press release
-    Text of the proposal (provisional version)
-    Impact assessment (full text)
-    Impact assessment (summary)
-    FAQ document
 

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European Commission sets up VAT Expert Group

The European Commission has decided to set up a group of experts on value added tax, the VAT Expert Group.

The new Expert Group will:
•    advise the Commission on the preparation of legislative acts and other policy initiatives in the field of VAT;
•    provide insight concerning the practical implementation of legislative acts and other EU policy initiatives in the field of VAT.

Read more.

Communication on the future of VAT.

Call for applications.
 

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Final European Market Infrastructure Regulation (EMIR) text adopted by Council

The EU Council published the final text of the Regulation on over-the-counter derivatives, CCPs and Trade Repositories (also known as the European Market Infrastructure Regulation (EMIR)) which was adopted on 4th July 2012.

Read more.
 

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ECON's vote on European Venture Capital Funds report

On 31th May the European Parliament's Committee on Economic and Monetary Affairs (ECON) voted on the report of Philippe Lamberts on European Venture Capital Funds (EuVC).

Read more.

Full report.
 

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ECON's vote on European Social Entrepreneurship Funds

On 31th May 2012, the European Parliament's Committee on Economic and Monetary Affairs (ECON) voted on the amendments to the European Social Entrepreneurship Funds (EuSEF), which had been proposed by the European Commission.

Read more.

Draft Compromise Amendments.
 

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ESMA publishes its first Annual Report

The European Securities and Markets Authority (ESMA) published its Annual Report 2011. The report provides an overview of the first year of ESMA's operations since its creation on 1st January 2011. Additionally, it sets out ESMA's Work Programme for 2012.

Some of the main areas for work in 2012 include:
•    Short selling;
•    European Market Infrastructure Regulation;
•    Alternative Investment Fund Managers Directive;
•    Directive and Regulation on Markets in Financial Instruments; and
•    Credit ratings agencies.

Annual report.

Press Release.
 

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ESMA's feedback statement concerning empty voting

In September 2011, ESMA launched a call for evidence on empty voting to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action.

An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence at present to justify any regulatory action at the European level at present.
 

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ESMA proposes remuneration guidelines for alternative investment fund managers

On 28th June 2012, ESMA published a consultation paper on proposed Guidelines on remuneration of alternative investment fund managers (AIFMs).

ESMA's future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds. These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.

Read more.

Consultation paper.
 
 

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ESMA publishes Q&A on the notification of UCITS and exchange of information between competent authorities

On 9th July 2012, ESMA published a Q&A on the notification of UCITS and exchange of information between competent authorities. The purpose of this document is to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the UCITS framework.

Read more.
 

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ESMA publishes Q&A on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS

ESMA has published a Q&A on "Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS" (ESMA/2012/429) in order to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures.

Read more.
 

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ESMA publishes MiFID guidelines

Following earlier consultations ESMA has published two final reports setting out guidelines on the suitability of investment advice under the Markets in Financial Instruments Directive (MiFID) and guidelines on certain aspects of compliance function requirements under MiFID.

Read more.
 

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EFAMA issues annual asset management report: facts and figures

On 31th May 2012, the European Fund and Asset Management Association (EFAMA) published its Fifth Annual Review Asset Management in Europe: Facts & Figures, using data as at end 2010. This review provides a snapshot of the industry looking at its overall size, general structure, asset allocation and client base.

Read more.

Fifth Annual Review Asset Management in Europe: Facts & Figures.
 

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EFAMA and other European associations' joint high level letter on the VAT treatment of financial services

In May 2012, EFAMA and other European associations drafted a joint high level letter focusing on the debate on the VAT treatment of financial services. This joint letter was submitted to the Danish Ministers for Taxation, and for Economic Affairs and the Interior (as well as to some representatives of the Cypriot Government).

On 18th June 2012, EFAMA received a response from Margrethe Vestager, the Danish Minister for Economics and the Interior.

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EFAMA replies to ESMA's discussion paper on Proxy Advisors

Please find EFAMA's reply to ESMA Discussion Paper "An overview of the Proxy advisory Industry. Considerations on Possible Policy Options".

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IOSCO final report on international standards for derivatives market intermediary regulation

On 6th June 2012, the International Organisation of Securities Commissions (IOSCO) published a report entitled “International Standards for Derivatives Market Intermediary Regulation”, which recommends high-level international standards for the regulation of market participants that are in the business of dealing, making a market or intermediating transactions in over-the-counter (OTC) derivatives.

Read more.

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BCBS-IOSCO consult on margin requirements for non-centrally-cleared derivatives

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) have published a consultative paper on "Margin requirements for non-centrally-cleared derivatives".

Press Release.
 

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IOSCO consultation on global developments in securitisation regulation

The International Organisation of Securities Commissions (IOSCO) has published a consultation report on global developments in securitisation regulation. The consultation paper is in response to a request from the Financial Stability Board (FSB) as part of its work to strengthen oversight and regulation of the shadow banking system. The FSB asked IOSCO, in coordination with the Basel Committee on Banking Supervision, to conduct a stock-taking exercise on the requirements for risk retention and measures enhancing transparency and standardisation of securitisation products, and to develop policy recommendations as necessary. The FSB's request followed earlier IOSCO and Joint Forum work aimed at regulatory initiatives to support recovery of securitisation markets.

Comments on the Consultation Paper are sought by 6th August 2012.

Read more.

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LFF Mediawatch

Please find the latest LFF Mediawatch, covering the period from 1-15 June 2012 and from 16-30 June 2012.

 

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2.

News from ALFI Asia office

Mainland China: renewal of Memorandum of Understanding

On May 17th 2012, Luxembourg Commission De Surveillance Du Secteur Financier (CSSF) and China Securities Regulatory Commission (CSRC) reiterated its intention of regulatory cooperation in Beijing by the renewal of the Memorandum of Understanding (MoU) between the two countries.

The announcement can be found here.

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Mainland China: China Securities Investment Fund Association

On June 7th 2012, the China Securities Investment Fund Association was inaugurated in Beijing. This is the first self-regulatory organisation dedicated to fund management in China. Besides fund management companies, members of the association will include custodians and distributors.

The announcement can be found here.

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Vietnam: open-ended fund circulars

The Ministry of Finance Circular on the establishment and management of open-ended funds in Vietnam was released on December 16th, 2011 and officially came into force on March 1st 2012.

This circular introduced the concept of open-ended fund in Vietnam, where investors have the right to subscribe and redeem their holdings at the net asset value on each trading day. This circular is the first of a long list of new regulations concerning investment funds in Vietnam and should be completed soon by other circulars relating to corporate investment funds, ETF, Real Estate Funds and the organisation of Fund Management Companies.

Background information: LFR article.

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3.

ALFI publications

ALFI Annual Report 2011-2012

2011 was characterised by strong caution on the part of investors. Despite net inflows of EUR 5 billion, Luxembourg funds finished the year EUR 102 billion down on the previous year, with EUR 2 096 under management.

However, 2011 was an excellent year in terms of creation of new funds, with 3845 funds domiciled in Luxembourg at the end of December 2011. This growth confirms the extent to which specialised investment funds have become an essential part of the Luxembourg funds industry, accounting for 277 of the 459 new funds created under the Luxembourg domicile in 2011.

Please download the ALFI annual report by clicking here.
 

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Solvency II Survey for Asset Management

ALFI has recently set up a working group on Solvency II in order to anticipate the impacts of Solvency II in the organisation and business of asset managers and service providers. In this context, ALFI has conducted a survey on the impacts of Solvency II for the asset managers.

This document covers some aspects of the impacts of Solvency II on the asset management business, such as profitability, investment management, asset classes' allocation and other organisational impacts. The requests received from asset managers' insurance clients, and the key challenges identified regarding Solvency II, are analysed in this document.

ALFI Solvency II Survey.

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4.

ALFI past events

15 June 2012: ALFI Roadshow to the US

A delegation of about 50 ALFI members joined this roadshow that included seminars in the Mandarin Oriental Hotel in Boston and The Pierre Hotel in New York to which a total of over 400 people registered to attend. The programmes included updates on UCITS, the AIFMD and a session on Fund Governance. In New York there were workshops on Hedge Funds and Real Assets.

Presentations are online, please click here.
 

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3 July 2012: ALFI Leading Edge Conference – Impact of the AIFMD on Hedge Funds

The 3rd conference in a special series examining the impact of the AIFMD on the different asset classes, endorsed by AIMA, welcomed over 150 participants to a full-day event. This one-day conference was entirely dedicated to the Hedge Funds arena and combined thorough legal and regulatory analysis, highly topical market research and practical insights. Hence it provided a perfect platform for all industry stakeholders willing to align their Hedge Fund strategies with leading-edge, industry developments.

View pictures from the event here.

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5.

ALFI events

17 September 2012: ALFI Golf Tournament

This annual event, at Kikuoka Country Club, takes place on the day before the ALFI Global Distribution Conference and profits are donated to a charity of ALFI's choice. Places are reserved for conference participants and ALFI members.

How to register to play: an electronic invitation will be sent out to all ALFI members and ALFI Global Distribution Conference registrants by the end of July. The cost is EUR 250 per player and EUR 200 per beginner.

Contact: events@alfi.lu

 

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18-19 September 2012: ALFI Global Distribution Conference

Click here to see the updated version of the programme.

You still have time to become an exhibitor! Click here to see the sponsorship and exhibition opportunities available!
 

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New! 24-27 September 2012: Asia Roadshow (Tokyo, Hong Kong, Singapore)

Fund industry seminars organised by ALFI will take place as follows:

  • Monday 24th September: 09.00 am - 12.30 pm  - Tokyo seminar
  • Tuesday 25th September: 2.00 pm - 5.30 pm -  Hong Kong seminar
  • Thursday 27th September: 09.00 am - 12.30 pm -  Singapore seminar

If you are interested in participating in this roadshow please let us know at events@alfi.lu before the end of July.

ALFI is offering sponsorship - click here for details - deadline Friday 3rd August!
 

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4-5 October 2012: Swiss Roadshow (Zurich & Geneva)

  • Zurich 4th October - Zurich Marriott Hotel
  • Geneva 5th October - Grand Hotel Kempinski

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

Sponsorship open to ALFI members for a cost of between EUR 4,500 minimum and EUR 6,000 maximum +VAT. The final cost of sponsorship depends on the final number of sponsors and participants.

If you would like to sponsor this roadshow, kindly complete the agreement form.
 
 

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New! 19 October 2012: ALFI Investment Fund Seminar in Santiago de Chile

On the occasion of the official mission to Latin America led by Minister Frieden (organised by Luxembourg for Finance) during the week of October 15th-18th, ALFI will organise a specific fund industry seminar in Santiago de Chile on 19th October.

Provisional Mission Programme

  • Monday 15th October: 10.00 am-1.00 pm: LFF financial seminar in Mexico
  • Wednesday 17th October: 9.30 am-12.30 pm: LFF financial seminar São Paolo
  • Thursday 18th October: 9.30 am-12.30 pm: LFF financial seminar Rio de Janeiro

(Each of the seminars above will include a 45 minute panel on investment funds organised by ALFI)

  • Friday 19th October: 09.00 am -12.30 pm: ALFI Investment Fund Seminar, Santiago de Chile

ALFI is offering sponsorship to members for the seminar in Chile.

If you would like to sponsor this seminar, kindly complete the sponsorship agreement form and return it to events@alfi.lu by the deadline date of Friday 3rd August.

Participation: If you are interested in joining the Santiago de Chile seminar, kindly email us at events@alfi.lu before the end of July.
 

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12 November 2012: Frankfurt Roadshow

Hotel Hilton Frankfurt

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

Sponsorship is open to ALFI members. If you would like to sponsor this roadshow, kindly complete the sponsorship agreement form and return it to ALFI by Monday, 31st August 2012.
 
 

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20 & 21 November 2012: ALFI European Alternative Investment Funds Conference

Open for sponsorship & exhibition! Click here for the opportunities available! Sponsorship deadline is 10th August 2012!

For more information, please click here.

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6.

Other events

6 September 2012: Forum on "How do financial centres contribute to the wider economy?"

City of London, Dialogforum Finanzstandort Deutschland, Finansmarknadskommitten, Finanzplatz München Initiative, Frankfurt Main Finance e.V., Luxembourg for Finance, Madrid Centro Financiero, Paris Europlace, Scottish Financial Entreprise, and TheCityUK, who together form the members of the European Financial Centres Roundtable,  have pleasure in inviting you to the round table discussion "How do financial centers contribute to the wider economy" which will take place in Brussels on 6th September 2012.
 
Please confirm your participation by email (registration@financialcentres.eu), fax (+49 89 54 90 45 31) or via our website by Monday, 3rd September 2012.

Invitation.
 

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13 Septembre 2012: meeting with Turkish companies & Economic Forum

The Chamber of Commerce of the Grand-Duchy of Luxembourg is delighted to inform you that a Turkish delegation led by Mr. Zafer Çaglayan, Republic of Turkey Ministry of Economy, will visit Luxembourg on September, 17th 2012.

On this occasion, Luxembourgish companies are invited to join meetings with Turkish companies and to an economic forum.
For more information, please e-mail: international@cc.lu

Subscription form (in French).
 

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15-19 October 2012: Official mission to Mexico, São Paulo and Rio de Janeiro

LFF will organise an official mission to Mexico, São Paulo and Rio de Janeiro from 15th to 19th October 2012 led by HE Mr Luc Frieden, Minister of Finance, Chairman of Luxembourg for Finance.
In this context, ALFI will organise activities in Santiago on Thursday 18th October and Friday 19th October 2012. Details will follow.

Invitation.

Registration form.
 

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15 November 2012: 4th European Microfinance Award Ceremony

The European Microfinance Platform, the Luxembourg Round Table on Microfinance and the Ministry of Foreign Affairs of the Grand-Duchy of Luxembourg are very pleased to invite you to the 4th European Microfinance Award Ceremony.

A formal invitation will be sent to you in October upon registration at www.lrtm.lu.

Save the Date.
 

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

As you may have heard, Luxembourg has been selected to host the38th Annual Conference of the International Organization of Securities Commissions (IOSCO) in 2013. The event will take place from 15th to 19th September 2013 at the Nouveau Centre de Conférence at Kirchberg and it is considered a great opportunity for Luxembourg not only to reflect its position as a globally important international financial centre, but also as a small but attractive country in the heart of Europe.

As the host regulator, the Commission de Surveillance du Secteur Financier (CSSF), would like to ask for your support to make this high-level conference a success. The event is now open for sponsorship, which offers the exclusive opportunity to meet the international regulatory community during the conference days reserved for IOSCO members.

For more information, such as the preliminary programme, sponsorship opportunities or subscription to regular news updates please visit the events' website www.iosco2013.lu.
 

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