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    ALFI Newsflash april 4, 2011    
          in this edition      
    1. Headlines
2. ALFI past events
3. ALFI events
4. LFF events
5. Other events
     
 
 

1.

Headlines

Luxembourg removed from Brazilian list of preferential tax regimes

On March 28, 2011 the Brazilian tax authorities announced that Luxembourg has been removed from the list of preferential tax regimes (Ato Declaratório Executivo RFB nº 3, de 25 de março de 2011).  Luxembourg has been put on this list in June 2010 (Normative Instruction No. 1,037/2010) due to the holding 1929 regime. The Brazilian authorities have now accepted to remove Luxembourg from the list as the holding 1929 regime has been phased out. It is effective from the date of publication (i.e. March 28)

The official announcement can be found here (in Portuguese only):

http://www.receita.fazenda.gov.br/legislacao/atosexecutivos/2011/RFB/ADRFB003.htm

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CSSF press release regarding Key Investor Information Document

On 1 April 2011, the Luxembourg regulator CSSF has published a press release including clarification on the handling of the Key Investor Information Document (KID), which are prepared and published under the responsibility of the directors of the investment company and management company respectively.

The CSSF confirmed that KIDs won’t be visa stamped. The regulator added that KIDs which replace the simplified prospectus of an existing UCITS won’t be approved by the CSSF, but will nevertheless have to be submitted to the CSSF with regard to Art. 163 of the Law of 17 December 2010.

KIDs of newly created funds under the Law of 2010 will be integrated in the approval process before they can be provided to the investors.

The CSSF will check the KIDs’ compliance with the existing legal rules and has the power to require the withdrawal of a KID in case of non-compliance.

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ALFI KID implementation project - 6th issue of Q&A Document

ALFI’s KID working group has published issue 6 of its Q&A Document with questions and proposed answers about KID implementation. It particularly includes on page 36 a table considering the implementation of Art 80 of the UCITS Directive concerning the question of who must deliver the KID to an investor. Changes compared to the previous issue are shown in mark-up.

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IOSCO consultation on suspension of CIS redemptions

The International Organization of Securities Commissions (IOSCO) has published a consultation report on Principles on Suspensions of Redemptions in Collective Investment Schemes.

In light of recent developments, where some open-ended collective investment schemes (CIS) or CIS management companies were unable to meet redemption requirements, the report analyses how different jurisdictions’ regulatory regimes address the suspension of redemptions by open-ended collective investment schemes and proposes principles which provide general standards for how regulatory regimes should approach and oversee suspension of redemptions.

The principles are structured according to the time frame of a suspension. Thus, the Principles Chapter starts with principles on procedures for liquidity management that should be implemented in order to avoid suspensions. The following sections of the chapter cover principles with regard to suspension events and the process for the decision to suspend; principles that address the time during the suspension (once decided) and its ending; and examples of alternative measures used in certain jurisdictions to deal with illiquidity.

Implementation of the principles may vary from jurisdiction to jurisdiction, depending on local conditions and circumstances.

The consultation period is open for comments until 30 May 2011.

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European Commission proposal concerning a Common Consolidated Corporate Tax Base (CCCTB)

On 16 March 2011, the European Commission published its proposal for a Council Directive on a Common Consolidated Corporate Tax Base (CCCTB), which aims to remove corporate tax obstacles to the Single Market by offering companies one single set of corporate tax base rules to follow and the possibility of filing a single, consolidated tax return with one administration for their entire activity in the EU. On the basis of this single tax return, the company's tax base would be shared out amongst the Member States in which it is active (according to a specific formula taking into account sales, labour and assets) and taxed at the relevant Member States' corporate tax rates.

The regime is optional for all EU companies and the EU activities of qualifying non-EU companies with branches or subsidiaries in a Member State.

As with all tax measures, the CCCTB proposal needs to be adopted unanimously at Council level. However, the CCCTB proposal could also be taken forward under the EU's enhanced cooperation procedure which would permit a minimum of 9 Member States to adopt the proposed Directive.

Please click here for the summary of the impact assessment.

Further details are available by clicking on this link.

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2.

ALFI past events

31 March: ALFI & PRiM Risk Management Conference

PRiM and ALFI teamed up to organise the 2nd edition of the ALFI & PRiM Risk Management Conference. The risk management conference was held on Thursday, 31 March 2011 and it proved very popular with professionals in Luxembourg, attracting over 230 experts.

It was stated that effective risk management is more important than it has ever been. A broad range of risk management topics, including:

  • Fund risk management
  • Liquidity risk management
  • Credit/collateral risk management
  • Risk management of outsourcing

haven been discussed. The panel discussions on UCITS IV bringing new risks, and How the Fund Industry undergoes another experience of “Stress Testing” caused by Regulatory Innovation as well as a regulatory update on Risk Management under UCITS IV and AIFMD and the use of Derivative Instruments demonstrated that besides fostering a risk awareness culture and a holistic approach to risk management as such, it has become apparent that risk governance is paramount to the successful business conduct.

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3.

ALFI events

2011 Confirmed Events Dates

19 MayALFI Conference London
9 JuneALFI Annual General Meeting
15 & 16 JuneALFI Roadshow to Switzerland (Zurich & Geneva)
26 SeptemberALFI Golf Tournament
27 & 28 SeptemberALFI Global Fund Distribution Conference
4 - 7 OctoberALFI Roadshow to Toronto & USA
22 & 23 NovemberALFI European Alternative Investment Funds Conference

 

 

 

 

 

 

 

 

ALFI events calendar 2011 - please click here.

ALFI endorsed events 2011 - please click here.

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29 April: Save the Date - ALFI Breakfast meeting - FATCA

ALFI has the pleasure to inform you that the next Breakfast meeting, during which we will give an update on FATCA and the implications for the Luxembourg Fund Industry will take place at Chambre de Commerce on Friday, April 29th, 2011 from 08.00 to 11.00.

The formal invitation will be sent out in early April.

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4 May: ALFI Leading Edge Conference N°3

Towards the Successful Implementation of the AIFMD - Identifying opportunities - Adressing Challenges

Early Bird booking deadline for registration payments made by 8 April. Only € 250 for ALFI members!

Already 100 people registered!

Click here for programme and registration details.

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19 May: ALFI Conference London

Programme and Registration coming soon.

Click here for the conference website.

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15 & 16 June: ALFI Roadshow to Switzerland (Zurich & Geneva)

Sponsorship opportunity for ALFI members until 1 April!

Please contact events@alfi.lu

Programme and registration coming soon.

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27 & 28 September: ALFI Global Distribution Conference in association with NICSA & HKIFA

Programme, Sponsorship and Exhibition Opportunities coming soon.

Click here for the conference website.

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4.

LFF events

4 - 5 April: Roadshow to Madrid

Luxembourg for Finance, in collaboration with the Foro Económico Hispano-Luxemburgués (F.E.H.L.), the Madrid Centro Financiero and the Cámara de Comercio de Madrid, will organise a road show to Madrid from 4th to 5th April 2011.

You will find the invitation here.

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22 - 24 May: ALFI Roadshow to Warsaw and Prague

The Agency Luxembourg for Finance will organise a road show to Warsaw and Prague from 22 to 24 May 2011 led by Mr Luc Frieden, Minister of Finance, Chairman of Luxembourg for Finance.

Seminars on the Luxembourg financial sector are planned as follows:

- Warsaw: May 23, 2011, from 10am to 12.15pm

- Prague: May 24, 2011, from 10am to 12.15pm

Each seminar will be followed by a walking lunch offering participants possibilities for networking.

Presently, we have the pleasure to forward to your attention the link to the Luxembourg for Finance registration form. A more detailed agenda will follow.

In case your organisation would be interested in joining Luxembourg for Finance for this financial mission, we would be very grateful if you could return the registration form directly to Luxembourg for Finance (Mrs Violaine Mathurin/Mr Sohrab Ziai, fax: +352 27 20 21 399 or violaine.mathurin@lff.lu / sohrab.ziai@lff.lu)

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5.

Other events

28 April: Save the date - Innovating Portugal: Workshops & B2B meetings

The Chamber of Commerce of Luxembourg has the pleasure to announce you that on April 28, the Luxembourg Chamber of Commerce and AICEP Portugal Global will organise the event Innovating Portugal with the Patronage of the Embassy of Portugal in Luxembourg and the support of the Portuguese-Luxembourg Chamber of Commerce and the Belgian-Luxembourg Chamber of Commerce in Portugal.

This event is a follow-up of the successful economic and financial mission in Lisbon with a business delegation of 50 businessmen from Luxembourg, organized in the framework of the State Visit to Portugal in September 2010.

A common seminar on business opportunities with Portugal will be held at the Chamber of Commerce in the morning, focusing on renewable energies, information technologies and finance, and followed by B2B meetings organised between the Portuguese business delegation of the mentioned sectors and the Luxembourg companies. After a networking lunch, B2B meetings will then continue.

In case of interest in the upcoming event, you are kindly invited to complete the form and send it back to Mrs Anne-Marie Loesch / Mrs Anne-Cécile Achten, fax: 43 83 26, e-mail: international@cc.lu.

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4 - 6 May: ICI General Membership Meeting 2011

The General Membership Meeting of the Investment Company Institute (ICI) will take place from 4th to 6th May 2011at the Marriott Wardman Park Hotel in Washington, DC.

website

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19 - 21 May: 6th European Jurists’ Forum in Luxembourg

Three main topics :

1) Financial regulation: European law put to the test

2) Fundamental rights

3) Information law in a cross-border European context

Conference website: www.eurojurist2011.lu

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