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

1.

Headlines

ALFI’s response to ESMA guidelines on sound remuneration policies under the AIFMD

On 28th June 2012, ESMA published a consultation paper on guidelines on sound remuneration policies under the AIFMD.

ALFI’s response.

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ALFI‘s and EFAMA’s replies to ESMA’s consultation on Guidelines on the treatment of repurchase and reverse repurchase agreements

The European Securities and Markets Authority (ESMA) launched on 25th July 2012 a consultation on the treatment of repo and reverse repo arrangements.

Read more.

ESMA's consulation.

ALFI's comments.
EFAMA's comments.

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ALFI‘s and EFAMA’s replies to ESMA’s consultation on technical standards for the Regulation on OTC Derivatives

The European Securities and Markets Authority (ESMA) launched on June 25th a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which is aimed at improving the functioning of OTC derivatives markets in the European Union.

ALFI's comments.

EFAMA's comments.
 

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ALFI’s and ESMA's replies to the EU Parliament's draft report on Shadow Banking

On 14th August 2012, the European Parliament issued, a draft report by MEP Saïd El Khadraoui on Shadow Banking.

This draft, own initiative report, to be adopted first by the ECON Committee and then in Plenary Session in the form of a Resolution, will represent the contribution of the European Parliament to the ongoing work of the FSB, the European Commission and other international bodies aimed at better monitoring and/or regulating shadow banking entities and activities.

Read more.

Draft report on Shadow Banking.

ALFI's position paper.

ESMA's position paper.

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Cross-border distribution expected to grow despite challenges

According to “Trends in Cross Border Distribution” unveiled on 18th September 2012 by the Association of the Luxembourg Fund Industry (ALFI), although UCITS IV promised solutions for streamlining cross-border distribution and facilitating scale, there are still a number of obstacles which many fund managers have to overcome. However, despite the different challenges faced by large and small asset managers, all expect cross border distribution to grow over the next few years.

Press release (English, French, German).
Trends in Cross Border Distribution Study.

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Commission launches consultation on benchmarks and market indices following LIBOR manipulation scandal

The European Commission launched a consultation on possible new rules for the production of indices that are used as benchmarks in financial and other contracts.

Read more.

Consultation.

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Publication of final versions and translations of the legislative proposals on UCITS V, PRIPs KID and IMD

On 3rd July 2012, the EU Commission proposed legislation to improve consumer protection in financial services and published provisional versions of two directives and one regulation.

The final versions and translations of the three legislative proposals are now available and are accompanied by summaries.

Read more.

Background information:
ALFI newsflash of 13th July 2012.

 

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European Commission: consultation on tax problems linked to cross-border venture capital investment

The European Commission launched a public consultation in order to collect factual evidence of the direct tax problems that arise when venture capital is invested across borders.

Read more.

Press release.
Website.
 

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European Commission's consultation on a future framework for investment funds

On 26th, July 2012, the Commission released a consultation on a future framework for investment funds, namely UCITS.
Responses to this wide-ranging consultation have to be submitted by 18th October 2012 at the latest.

Read more.
 

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Draft law transposing the AIFMD submitted to Parliament

On 24th August, Luxembourg submitted a draft law to Parliament to transpose the AIFMD.
The draft law 6471 can be read by clicking here (in French only).

ALFI’s press release (English, French and German).
 

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UCITS V – indicative date for European Parliament plenary session

An indicative date for the European Parliament plenary sitting to consider the proposed Directive amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions has been set for 12th March 2013.

Read more.

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ECJ decision case C-44/11 "Deutsche Bank AG": VAT treatment of discretionary portfolio management services

On 19th July 2012, the European Court of Justice decided on the value added tax treatment of discretionary portfolio management services. The Court decided that the services at stake were to be seen as one single supply, which is subject to VAT and not exempt. This decision could have an impact for all the asset managers (and their clients) providing such kind of services.

Judgement of the Court.

Background information:
ALFI newsflash of 19th September 2011.
 
 

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EFAMA replies to IOSCO principles on liquidity management in collective investment schemes

On 2nd August 2012, EFAMA published its position paper on IOSCO principles on liquidity management in collective investment schemes.

EFAMA's position paper.
 

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ESMA announces key objectives and priorities for 2013 and strategic direction for 2013-2015

The European Securities and Markets Authority (ESMA) published its 2013 Work Programme and its 2013-2015 multi-annual work programme, in which it set out its key objectives and priorities for 2013 and its strategic direction for 2013-2015.

Read more.
2013 work programme.
2013-2015 multi annual work programme.

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ESMA publishes guidelines on ETFs and other UCITS issues

On 25th July 2012, the European Securities and Markets Authority (ESMA) published guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues.  These guidelines will apply to national securities markets regulators and UCITS management companies.

Read more.
 

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CPSS-IOSCO issue consultative report on the recovery and resolution of financial market infrastructures

The Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) published for public comment a consultative report on the recovery and resolution of financial market infrastructures.

Press release.
 

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FATCA: US Treasury releases model intergovernmental agreement

On 26th July 2012, the U.S. Department of the Treasury published a model intergovernmental agreement (model agreement) to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA).

Read more.

Related information:
Joint communiqué by France, Germany, Italy, Spain, the UK and the US.
Model intergovernmental agreement to improve Tax Compliance and to implement FATCA (reciprocal version).
Model intergovernmental agreement to improve Tax Compliance and to Implement FATCA (non-reciprocal version)
ALFI newsflash of 11th May 2012.
 
 

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New Investment Funds Regulations in the United Arab Emirates

ESCA (Emirates Securities & Commodities Authority) issued Resolution No. 37 of 2012 on Investment Funds on 22nd July 2012. These new rules will have an impact on the distribution of foreign funds in the UAE as detailed in the third chapter of the Regulation.

Press release (English version).
English version of the law.
 

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Indian GAAR: recommendations of the Expert Committee

On 1st September 2012, the Expert Committee, which was constituted by the Indian Government to "vet and re-work" the General Anti Avoidance Rules (GAAR) guidelines, released a report. This report provides a number of recommendations, such as for amendments to the Income Tax Act (1961), for guidelines to be prescribed under income tax rules and for clarifications and illustrations through circular.

Read more.
Report of the Expert Committee.

Background information:
ALFI newsflash of 6th September 2012.

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ALFI goes social!

ALFI is now live on Twitter! Follow @ALFIfunds for news, views and debate on the fund industry, both in Luxembourg and globally.

Join ALFI’s group on LinkedIn and keep yourself abreast of the latest news, trends and hot topics in the fund industry.

Visit our blog www.alfievents.com and don’t miss interesting discussions posted live during ALFI’s conferences in Luxembourg. The blog is written by Phil Davis, freelance journalist and former fund management reporter at the Financial Times. Subscribe to receive new blog posts automatically by clicking "Follow by e-mail" in the right-hand bar of the page of the live blog.

Watch ALFI videos on Youtube!

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Express, the ALFI podcast

Please note that "Express, the ALFI podcast" is online again and will be published on ALFI’s website and ALFI’s Youtube channel on bi-weekly basis.

Watch the latest episode “Use of master feeders, management company passports and fund mergers expected to grow“ by Nils Johnson, co-founder of Spence Johnson which carried out the research on Global Distribution Trends for ALFI.

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

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

Background information:
Trends in Cross Border Distribution Study.
 

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2.

News from ALFI Asia office

Singapore: Implementation of enhanced regulatory regime for fund management companies

On 6th August 2012, the Monetary Authority of Singapore (MAS) announced the implementation of an enhanced regulatory regime for fund management companies (FMCs).

The implementation took effect on 7th August 2012.

Read more.
MAS press releases.
 

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People’s Republic of China: amendment to the Securities Investment Funds Law

On 6th July 2012 the National's People Congress (NPC) published a draft amended Securities Investment Funds Law.
The changes affect the regulation and treatment of private funds, and include the creation of a new fund structure and the expansion of the scope of investments.

The consultation period terminated on 5th August 2012.

Draft amended Securities Investment Funds Law.

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3.

ALFI past events

17 September 2012: ALFI Golf Tournament

A record 25 teams took to the course at sunny Kikuoka with a shotgun start at 12.30 for the scramble competition. Thanks to the 21 sponsors, 100 players and 17 beginners, the profits of the day were presented by the Chairman of ALFI, Marc Saluzzi, to two charities:

  •     CARE in Luxemburg a.s.b.l. that fights global poverty and hunger
  •     The Association Thérapie Equestre that supports children with disabilities.

The day finished with drinks on the terrace, a barbecue buffet dinner and a presentation to the prize winners.

The results and some photos can be seen here (copyright reserved to ALFI).

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18-19 September 2012: ALFI Global Distribution Conference in association with NICSA & HKIFA

 

This year’s 2-day conference focusing on “Global Distribution” attracted over 700 attendees with 26 sponsors and 41 exhibition stands. The speakers included representatives from the most forward-looking organisations, and market leaders in their various field, as well as representatives from the European Commission and CSSF. The topics debated included new opportunities in the various regions, new regulation, taxation, investor protection and new governance trends. This year’s programme also included a panel on “Upcoming opportunities in the African capital markets” where representatives from Casablanca spoke about their projects to develop the Financial Market in the North African Region.

The conference was covered in more than 30 articles in Luxembourg, Germany, UK and Spain.

In addition, the event was also actively promoted on the web with the launch of ALFI's official Twitter account where subscribers could follow exclusive update about the conference using the hashtag #ALFIglobal12.

Discussions which looked at the latest news and trends in global distribution of funds, were also posted live at ALFI's events blog.

View the most popular articles of the blog and feel free to comment!
Fund managers unmoved by new media
Regulation is "missing the big picture"
"Guinea pigs" fight their corner
A different view of Asian investors
Step up the Luxembourg of Africa!
Where have all the retail investors gone?
Luxembourg moves to centre of EU restructuring

Click here to view the photo gallery.
 

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4.

ALFI events

ALFI confirmed events

New! ALFI Calendar of Events.
Our brand new events calendar offers you the possibility to have events listed either chronologically or by event category. Check out all up-coming events including the confirmed dates in 2013. We hope you like it!

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

On the occasion of the official mission to Latin America led by H.E Minister Luc Frieden (organised by Luxembourg for Finance) during the week of October 15th-18th 2012, ALFI will organise a specific fund industry seminar in Santiago de Chile on 19th October 2012 from 9am to 12.30pm..

Click here for the ALFI seminar webpage with programme & registration details (Participation is free of charge).

More information about LFF seminars is available in the LFF events section of the NewsDigest.

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12 November 2012: Frankfurt Roadshow

  • Monday 12th November: 08.00 am – 12.30 pm - Hotel Hilton Frankfurt

Click here for the event webpage with programme & registration details.
 

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16 November 2012: ALFI Breakfast Seminar in New York

ALFI would like to remind you that we are organising this breakfast seminar which will focus on the AIFMD and the related Level II measures, in addition to two other major features of the Luxembourg Bill transposing the AIFMD:

  •     The creation of a Limited Partnership structure
  •     Clarifications regarding the taxation regime of carried interest.

Click here to see the ALFI press release on this subject.

If you would like to sponsor this roadshow, kindly complete the agreement form and return it to events@alfi.lu at your earliest convenience, latest deadline extended to Friday 5th October 2012 (Please note that entry is free of charge).
 

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

The conference will offer two days of presentations and panel discussions on the latest news and trends in the alternative investment industry and specialised workshops on Hedge Funds, Real Estate and Private Equity.

Full programme online! Click here.
Click here for more details inclucing registration. Early bird rate for bookings made by 5th October!

Exclusive discussions and update about the conference will also be posted on ALFI's Twitter account, ALFI's blog and ALFI's LinkedIn Group.

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5.

LFF events

15 October 2012: Enhancing Business and Investment Opportunities between Mexico and Luxembourg

Luxembourg for Finance is pleased to invite you to the seminar "Enhancing Business and Investment Opportunities between Mexico and Luxembourg" to be held on Monday 15th October 2012 at 09.45 a.m.

Invitation (English, Spanish).

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17-18 October 2012: Enhancing Business and Investment Opportunities between Brazil and Luxembourg

Luxembourg for Finance has the pleasure to invite you to the seminar “Enhancing Business and Investment Opportunities between Brazil and Luxembourg" to be held in Sao Paulo and Rio de Janeiro.

Invitation for the Sao Paulo seminar (English, Brazilian).

Invitation for the Rio de Janeiro seminar (English, Brazilian).

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14 November 2012: Paris - Luxembourg: relancer ensemble la finance européenne

Luxembourg for Finance, in collaboration with Paris Europlace, is pleased to invite you to its event "Paris - Luxembourg: relancer ensemble la finance européenne", which will be held on 14th November 2012.

If you are interested, please return the registration form  to Violaine Mathurin (violaine.mathurin@lff.lu) by Friday 5th October 2012.

Invitation.
Input form.

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6.

Other events

8 October 2012: Expo Real Munich 2012 - Official inauguration of the Luxembourg Pavillon

The Grand Duchy of Luxembourg has the honour to invite you to the reception highlighting its 4th Official Participation at Expo real. The event will be held on 8th October 2012 at 12:00am at Luxembourg National Pavilion at EXPO REAL (Fair Hall A1, Booth 330).

Invitation.

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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 the 38th Annual Conference of the International Organisation 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 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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