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    ALFI Newsdigest december 20, 2012    
          in this edition      
    1. Headlines
2. ALFI past events
3. ALFI upcoming events
4. LFF events
5. Other events



ALFI Greetings for 2013

ALFI wishes you all the best for 2013!

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ALFI publishes Best Practices for Setting-up and Servicing Islamic Funds in Luxembourg

The Association of the Luxembourg Fund Industry (ALFI) published its Collection of best practices for setting-up and servicing Islamic funds to provide a greater level of understanding and consistency of the requirements and expectations to this growing market sector.

Islamic Funds Guidelines.

Press release (English, French or German).

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ALFI UCITS IV implementation project - Issue 14 of KID Q&A Document

Following the publication of ESMA's questions and answers on the UCITS KIID, ALFI updated its Q&A Document with questions and proposed answers about Key Investor Information Document (KID) implementation.

ESMA's questions and answers on the UCITS KIID.

Please click here for issue 14.

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AIFMD: publication of Level 2 measures bring regulated alternative investment fund industry in Europe closer to reality

On 19th December 2012, the European Commission published the so-called "Level 2 measures" to supplement certain elements of the Alternative Investment Fund Manager Directive (AIFMD).

Marc Saluzzi, Chairman of ALFI, comments: “The publication of the ‘Level 2’ measures finally allows a 3 year-long painful legislative process to near completion.  The development of a regulated alternative investment fund industry in Europe is nearing reality.”

Read more.

AIFMD level 2 measures.


Impact assessment.

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FATCA: Luxembourg Ministry of Finance announces negotiations on intergovernmental agreement with U.S. Government

On 16th December 2012, the Luxembourg Ministry of Finance issued a press release concerning the US Foreign Account Tax Compliance Act (FATCA).

Finance Minister Luc Frieden stated on the occasion of the PwC banking day that he decided to enter shortly into negotiations to conclude an intergovernmental agreement between Luxembourg and the USA, in order to pave the way for the implementation of FATCA.

On 19th November 2012, the first discussions were launched in preparation for the negotiations which should lead to a conclusion in the first half of 2013. The intergovernmental agreement would allow financial institutions to adapt, with all legal certainty, to the given legislation, and to guarantee the competitiveness of the Luxembourg financial sector.

Press release (only available in French).

Background information:

ALFI newsflash of 17th November 2012.

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European Parliament: study on alternatives to investor compensation schemes and their impact

The European Parliament published a study on alternatives to investor compensation schemes (ICS) and their impact.

The study deals with the question whether private insurance undertakings could fully or partially take over the risks from existing ICS. With full replacement, all damage caused to investors by four events (fraud, administrative malpractice, operational error and bad advice) would be taken over. With partial replacement, the insurance undertaking would only pay for damages up to a specific level (cap) or only related to a subset of these four risk events.

Read more.

European Parliament study.

Background information:

ALFI newsflash of 6th September 2012.

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UCITS V: ECON Committee draft report on Commission proposal and Presidency compromise text

The European Parliament’s ECON Committee and the Cyprus Presidency published their draft report respectively their first compromise text on the proposal for a Directive amending the UCITS Directive as regards depositary functions, remuneration policies and sanctions (UCITS V). The documents contain amongst others new provisions on the re-use of financial instruments held in custody, on the carrying out of depositary activities by a legal entity which is not an investment or credit firm, new provisions related to remuneration and on the obligation for Member States to lay down rules on administrative sanctions for non-compliance by firms with the implemented Directive.

Cyprus Presidency compromise text on UCITS V.

European Parliament’s ECON Committee draft report.

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Ireland’s Presidency of the Council of the European Union: Agenda for Financial Sector

By 1st January 2013, Cyprus will have to hand over the Presidency baton into Irish hands. The Irish financial department has started to set the agenda by scheduling the priorities that will be addressed during the six months presidency. The agenda is challenging and focuses mainly on economic recovery, boosting growth and job creation.

Read more.

Presentation of Ireland’s Presidency of the Council of the European Union.

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European Commission Action Plan: European Company law and corporate governance

On 12th December, the European Commission published its action plan "European Company Law and Corporate Governance - a modern legal framework for more engaged shareholders and sustainable companies".

With this action plan, the Commission follows up on its two Green Papers on Corporate Governance, the 2010 Green Paper on Corporate Governance in Financial Institutions and the 2011 Green Paper on the EU corporate governance framework.

Read more.

European Commision action plan.

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ESMA finalises guidelines on repo arrangements for UCITS funds

On 4th December, the European Securities and Markets Authority (ESMA) published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds. The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.

Read more.

Guidelines on repurchase and reverse repurchase agreements.

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ESMA Opinion concerning Article 50(2)(a) of the UCITS Directive

On 20th November 2012, the European Securities and Markets Authority (ESMA) published an opinion on Article 50(2)(a) of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (2009/65/EC).

Read more.

ESMA's opinion.

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EFAMA open letter on FTT enhanced cooperation

The European Fund and Asset Management Association (EFAMA) encourages in an open letter the European Commission as well as the European governments to carefully consider all the downsides deriving from the introduction of a financial transaction tax (FTT) under the enhanced cooperation procedure.

On 12th December 2012, the European Parliament adopted a resolution on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of financial transaction tax.

EFAMA open letter.

European Parliament resolution.

Background information:
ALFI newsflash of 17th November 2012.

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Belgian annual subscription tax for foreign UCITS

In summer 2012, the Court of First Instance of Brussels decided that the imposition of Belgian annual tax on collective investment vehicles on a Luxembourg SICAV is contrary to the income tax treaty between Belgium and Luxembourg. The Belgian tax authorities have lodged an appeal, and it is still open whether or not the Court of Appeal will confirm the lower Court’s decision. 

As for Luxembourg SICAVs that have been subject to the Belgian annual tax on collective investment vehicles, measures ought to be taken in due time in order to prevent refund claims from expiring under the statute of limitation. For further information, ALFI recommends its members to contact their legal or tax advisers.

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The Swiss Funds Association welcomes cooperation arrangements at European level

The European Securities and Markets Authority (ESMA) has approved the cooperation arrangements with the Swiss Financial Market Supervisory Authority FINMA for the supervision of AIFs.

Press release.

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Luxembourg on Mexican white list

Following a meeting between Luc Frieden and the Mexican Minister of Finance during the financial mission to Latin America in October, Luxembourg has once again been added to the Mexican white list with retroactive effect as from January 2012.

Official announcement.

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Latest episodes of "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!

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ALFI past events

16 November 2012: ALFI Breakfast Seminar in New York

280 people registered for the breakfast event that provided practical information on the latest developments on AIFMD and examined issues such as: how US managers can continue to raise capital in Europe and the operational solutions for implementing the Directive effectively.

Photo gallery.

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

The conference offered 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.

This year the event attracted a new record of almost 600 registrations with 29 exhibitors and 36 sponsors.

Photo gallery.

Find exclusive discussions and update about the conference on ALFI's Twitter account, ALFI's blog and ALFI's LinkedIn Group.

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9 December 2012: ALFI Breakfast seminar organised by the ALFI-Dubai Working Group

This year's edition entitled "Developments and Challenges in the Funds Industry" provided participants an update on key legal and regulatory developments.

In addition, two panels discussed the management, distribution and servicing of investment funds as well as the latest developments with respect to Islamic funds. The new ALFI collection of best practices for setting-up and servicing Islamic funds in Luxembourg were also presented at that event.

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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.

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19-20 March 2013: ALFI Spring Conference - ALFI Gala Dinner - last chance to be a sponsor !

If you would like to become a sponsor of this event, please complete the sponsorship agreement form by 21st December 2012 at the latest!

Draft programe now online! Click here.

Please click here to access the event webpage.

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17 April 2013: ALFI & ALRiM Risk Management Conference-open for sponsorship!

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 by 4th of February 2013.

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AIFM Directive level 2 - Implementation measures - a leading edge conference - postponed until further notice

As the final text of the level 2 measures have not yet been released, ALFI has decided to postpone the event until the new year. A new date will be determined shortly after the level 2 measures have been published.

With Level 2 technical guidance due imminently and Luxembourg transposition bill of law submitted to the Chamber of Representatives on August 24th 2012, ALFI is pleased to host this Leading Edge Conference fully dedicated to analysing the latest developments in the implementation of the AIFM directive and their consequences for the industry.
This one day conference will combine 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 conference will be a unique opportunity to hear from and exchange views with industry leading experts on:

  • Exploring the implications of the new delegation rules
  • Raising Capital from European Investors - AIFMD Opportunities and Challenges
  • The evolving role of the Depositary function under the AIFMD
  • Major technical implications for the implementation of AIFMD
  • Transposition / Challenges and Opportunities for Luxembourg

Event webpage.

Sponsorship: If you are interested in joining the confirmed sponsors, please contact events@alfi.lu.

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LFF events

14-18 January 2013: LFF Asia Tour

We would like to inform you that the agency Luxembourg for Finance will organise a financial mission to Hong Kong, Beijing and Shanghai from 14th to 18th January 2013 led by Mr Luc Frieden, Minister of Finance and Chairman of Luxembourg for Finance.

LFF Invitation letter.

Invitations (Beijing, Shanghai).

Asia Tour 2013.

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13 March 2012: Real estate seminar at the MIPIM 2013 conference

The Agency Luxembourg for Finance has pleasure in drawing your attention to the 24th edition of the real estate fair MIPIM, in Cannes, which takes place from 12th to 15th March, 2013. Over the years, MIPIM has become an important showcase for the latest investment and development opportunities in the real estate industry, bringing together about 20.000 industry players from 80 countries.

In order to reinforce the promotion of Luxembourg as a real estate structuring place, Luxembourg for Finance will organise a seminar on 13rd March 2013 on the fairground itself, which will be followed by the “Luxembourg Day”, the official reception of the Luxembourg exhibitors hosted by the Chamber of Commerce.

If you are interested in attending the LFF seminar, please return the enclosed registration form directly to Luxembourg for Finance (Mrs Edith Stein, fax: 27 20 21 399 or edith.stein@lff.lu) by 18th January, 2013.

Invitation letter.

Registration form.

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Other events

10-13 February 2013: NICSA Annual Conference 2013

NICSA is pleased to invite you to its 31st Annual Conference held on 10th-13rd February 2013 in Miami.

The conference program has something for everyone: keynote presentations by Carla Harris, Ari Fleischer, and Daniel Burrus; as well as breakout sessions featuring top industry leaders covering areas from distribution to operations, and technology to compliance.

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

We would like to remind you that Luxembourg has been selected to host the 38th 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 still 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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