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    ALFI Newsflash november 16, 2011    
          in this edition      
    1. Headlines
2. ALFI past events
3. ALFI events
4. LFF events
     
 
 

1.

Headlines

Express, the ALFI podcast

ALFI, has launched EXPRESS: The ALFI Podcast, a portal to fund industry insight and expertise. The weekly podcasts, which are only a few minutes long, will offer listeners unique insight from industry leaders on important topics and themes affecting the global fund industry. Please note that the views and opinions expressed are the speakers own and do not reflect necessarily those of ALFI. 

Episode 1: Flood of regulation by Rafik Fischer

Episode 2: Success story of the Luxembourg fund industry by Jean Hamilius

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

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FSB publishes recommendations to strengthen oversight and regulation of shadow banking

The Financial Stability Board (FSB) published on 27th October 2011 recommendations to strengthen the oversight and regulation of the shadow banking system, as requested at the November 2010 G20 summit. The report sets out practical recommendations, informed by a detailed monitoring exercise during summer 2011 to review recent trends and developments in the global shadow banking system, as well as a thorough regulatory mapping exercise to take stock of existing national and international initiatives. Five workstreams have been launched to assess the case for further regulatory action.

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Value added tax (VAT): high–level, joint financial and insurance industry comment letter

The European Fund and Asset Management Association (EFAMA), the European Banking Federation (EBF) and the European Insurance and Reinsurance Federation (CEA) have drafted a high level joint comment letter on the VAT treatment of financial and insurance services. The letter was submitted on 25th October 2011 to the European Commission, the Undersecretary of State of the Polish Ministry of Finance, and Mr Siekierski and Mr Nichczyński of the Permanent Representation of the Republic of Poland to the EU.

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European Commission: Tackling double taxation for a stronger Single Market

On 11th November 2011, the European Commission adopted a communication on double taxation. This Communication highlights where the main double taxation problems lie within the EU, and outlines concrete measures that the Commission will take to address them. In doing so, the Commission seeks to remove real obstacles to a more competitive economy and make the EU easier to invest and do business in.

As an immediate first step to strengthen existing legislation against double taxation, the Commission also adopted today a simultaneous proposal to improve the Interest and Royalties Directive. This aims to reduce the instances of one Member State levying a withholding tax on a payment, while another Member State taxes the same payment. Other areas in which the Commission intends to propose specific solutions to double taxation problems include cross-border inheritance tax in the near future and dividends paid to portfolio investors later on.

With regard to double non-taxation, which causes considerable losses to public revenues, the Commission will launch a consultation to gauge the full scale of the problem. On the basis of this consultation, it will determine the most appropriate and effective measures to prevent double non-taxation and come forward with solutions next year.

Press release

Proposal for a Directive

Impact assessment

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Optional common European sales law

On 11th October 2011, the European Commission proposed an optional Common European Sales Law to help break down certain barriers and give consumers more choice and a high level of protection. It will facilitate trade by offering a single set of rules for cross-border contracts in all 27 EU countries. If traders offer their products on the basis of the Common European Sales law, consumers would have the option of choosing a user-friendly European contract with a high level of protection with just one click of a mouse. The Commission's proposal now needs approval from EU Member States and the European Parliament, which already signalled its overwhelming support in a vote earlier this year.

Please click here for the full press release, here for the communication from the Commission, here for the proposed regulation and here for a document including FAQs on this topic.

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IOSCO publishes recommendations on market integrity

On 20th October 2011, the Technical Committee of the International Organization of Securities Commissions (IOSCO) published its final report on Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency, containing recommendations aimed at promoting market integrity and efficiency and to mitigate the risks posed to the financial system by the latest technological developments including high frequency and algorithmic trading.

The report analyses the most significant technological developments that have arisen in financial markets in recent years and their impact on market integrity and efficiency, and sets out recommendations to assist securities markets regulators in mitigating these effects. These are designed to:

  • help regulators to identify the practical impact that technological developments have had and the regulatory issues to which they may give rise;
  • promote a consistent approach amongst global regulators to the latest technological developments; and
  • mitigate the risk that technological change may pose to the integrity and efficiency of financial markets.

The recommendations were developed in response to the G20 Leaders request in November 2010. IOSCO will provide an update on the progress of this work in mid-2012.

Click here for the full press release.

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Social Business Initiative

At the end of October, the European Commission issued a communication to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions on the social business initiative. This Communication aims  to create a favorable climate for social enterprises, key stakeholders in the social economy and innovation. To read more, please click here.

The Communication was accompanied by a staff working paper regarding the setting–up of a favorable ecosystem to promote social businesses in the social economy and innovation. The document highlights the actions already undertaken by the European Union with regard to social entrepreneurship and outlines the actions of third countries and international organisations. To read more please click here.

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LFF Mediawatch

Please find the new LFF Mediawatch, covering the period from 01 to 15 November 2011.
In this issue:

  • EU forecasts: uncertain times for the financial centre
  • Hong Kong and Vietnam strengthen ties with Luxembourg

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2.

ALFI past events

15 November: ALFI TA & Distribution Forum

This free one-day event allowed the attendees to share - with Asset Managers and Fund Distributors - the key Global Transfer Agency and Global Distribution Support subject matters that continuously transform and enhance Luxembourg’s Global TA and the evolving Global Distribution Support business models. This year, the event was attended by more than 180  participants. During the Putting Ourselves in the Fund Distributors’ Shoes – Part II event, were debated the influence that key regulatory and industry events have on the way the industry conducts TA and Distribution Support business and how the industry is shaping and developing capabilities to be ready and aligned with the ever changing face of the global fund industry. All this with Asset Managers and Fund Distributors' present, who discussed how the “Asset Servicers”, are dedicated to ensure the ease of doing business with the Luxembourg fund industry's global distribution operating platform and its service providers.

The morning covered dedicated FOCUS sessions on the Global Distribution landscape, Regulatory and Infrastructure developments affecting us all in the Global TA and Global Distribution Support value chain: Asset Managers, Fund Distributors and Asset Servicers. In the afternoon, interactive presentations, testimonials and panel discussions that gathered the perspectives of Asset Managers and Fund Distributors on Supporting and Servicing Global Distribution took place.  To wrap up the day, the attendees heared the perspectives of the Asset Servicers, members of the ALFI TASC Global Distribution Support Working Group, and their key observations of the day, on what will continue to shape Luxembourg’s Distribution Operating Model.

For the slides, please click here.

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3.

ALFI events

ALFI confirmed events

ALFI events calendar 2012

ALFI endorsed events calendar

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2012: Sponsorship Year Packages for ALFI members

1. Yearly Conference Sponsorship and/or Exhibition Packages 2012: 11% or 14% discount!

  • Deadline Friday 9th December 2011
  • Click here for the agreement form

2. Yearly Roadshow Sponsorship Package 2012: 10% discount!

  • Deadline Friday 6th January 2012
  • Click here for the agreement form

Click here for full details.

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21 November: ALFI Breakfast Seminar in Dubai

ALFI has the pleasure to invite you to a Breakfast Seminar which will be organised by the ALFI-Dubai Working Group and will take place in Dubai on:
November 21th, 2011, from 8.30 - 12.00
Capital Club
, Gate Village Building 3, DIFC, Dubai
The event will provide regulatory updates followed by panel discussions on the interactions between Luxembourg and the MENA region in the field of investment funds.

The seminar is free of charge, however, places are limited to 50 participants and will be attributed on a first come first served basis.

A personalized e-mail with registration link has been sent to all ALFI member contacts.

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22-23 November: ALFI European Alternative Investment Funds Conference

Two days of presentations and panel discussions on the latest news and trends in the alternative investment industry. Specialised Workshops on Hedge Funds, Real Estate and Private Equity. NO PLAIN VANILLA!

Already more than 400 people registered! Click here to join the conference.

Click here for the invitation brochure with the full programme.

Website

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5-8 December: ALFI Roadshow in Asia

Fund Industry Seminars in Taipei and Hong Kong (free of charge).

6 December: W Hotel Taipei, half-day, morning event followed by buffet lunch

7 December: Four Seasons Hotel Hong Kong, full-day event with workshops and lunch

Programme and registration online! Please click here for more information.

Sponsorship open to ALFI Members, contact events@alfi.lu

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13 December: Leading Edge Conf. n°4: "Identifying and addressing the newest requirements for Luxembourg Management Companies"

The conference will be a unique opportunity to hear from and exchange views with the industry leading experts and ALFI’s specialists on:

  • the legal and regulatory requirements applicable to Luxembourg management companies
  • organisational requirements needs
  • tax challenges for management companies
  • the Luxembourg Management Company Passport
  • a comparative review of the setup alternatives

Combining thorough legal and regulatory analyses, highly topical market research and practical insights, this event is a perfect platform for all industry stakeholders willing to align their ManCo strategy with leading edge industry developments. 

We are offering our members the special attendance fee starting at the early bird rate of €250 for payments made by the 11th November 2011. The non-member rate is €550. You can register by clicking here.

Late sponsors, contact: events@alfi.lu

The conference will take place at the premises of RBC Dexia in Esch-Alzette.

Draft programme.

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13 March 2012: ALFI Gala Dinner

The 2012 edition of this event will be held at the newly renovated former Cercle Municipal ball room. Due to the smaller, but more prestigious venue, registrations to the dinner are limited and are expected to be quickly booked. ALFI is offering two sponsorship options with priority to ALFI members.

Click here for details on General and Table sponsorship.

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13-14 March 2012: ALFI Spring Conference

Open for sponsorship and exhibition! Click here for all opportunities.

Highlights of the programme include:

  • CEO interviews
  • ESMA representative interview
  • Market Perspective - Fund Managers / Investors view 
  • UCITS IV- 9 months later
  • KIID implementation – the practitioners’ experience
  • ETF and Stuctured Funds- what’s next after the ESMA consultation
  • FATCA – Latest evolution
  • EFAMA’s role in latest regulatory changes and any future changes 
  • Legal & Regulatory update
  • Interview of EU Commission Representative
  • Savings Directive Update
  • EMIR & OTC Derivatives – impact on the Fund Industry

More details will be published on the conference webpage in due course.

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18 April 2012: ALFI & PRiM Risk Management Conference - Save the date!

The conference committee will start working on the programme this month.

For any suggestions on topics please contact events@alfi.lu

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9 & 10 May 2012: SRI / Microfinance conference

Save the date! More information coming soon.

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4.

LFF events

16-17 January 2012: Asian Financial Forum 2012 in Hong Kong

Luxembourg for Finance has been offered a promotional booth at the Asian Financial Forum 2012, which takes place from January 16 - 17, 2012.
LFF would like to invite the Luxembourg financial community to attend the Asian Financial Forum 2012.
Read more.

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