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    ALFI Newsflash january 6, 2012    
          in this edition      
    1. Headlines
2. News from the Asian representative office in Hong Kong
3. ALFI events
4. LFF events
5. Other events



ALFI's response to EIOPA's call for advice on the revision of the IORP Directive

On October 25th, 2011, EIOPA invited market participants and occupational pensions stakeholders to participate in the second consultation on the revision of the IORP directive. EIOPA requested input on all 23 areas of the Call for Advice, including the nine areas that were addressed in the first consultation in July/August 2011. To read ALFI’s response please click here.

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ALFI UCITS IV implementation project - Issue 11 of KID Q&A Document

ALFI’s KID working group has published issue 11 of the Q&A Document with questions and proposed answers about Key Investor Information Document (KID) implementation.

The new issue provides further Q&A on CESR’s guidelines on the methodology for the calculation of the synthetic risk and reward indicator in the KID. Changes compared to the previous edition are shown in mark-up.

More information on how to submit questions is included on page 2 of the Q&A Document.

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FATCA timeline: proposed regulations will likely be released in mid-January

On 15th December 2011, Douglas H. Shulman, Commissioner of the US Internal Revenue Service (IRS), made a speech on the occasion of the IRS/George Washington University 24th Annual Institute on current issues in international taxation. Please click here for his prepared remarks.

Background information: see ALFI newsflash of 1st December 2012

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Dodd-Frank: new proposed rules

On Tuesday, 20th December 2011 the US Federal Reserve Board proposed new rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act to strengthen regulation and supervision of large bank holding companies and systemically important non-bank financial firms.

Read more.

For more information about proposed rules, click here.

For more information about the press release, click here.

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Consultative paper on principles for the supervision of financial conglomerates

On 19th December 2011, the Joint Forum which was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) released a consultative paper on principles for the supervision of financial conglomerates. 

For more information, please click here.

Click here for the final text of the Directive.

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ESMA: future automated trading regime for trading platforms, investment firms and competent authorities

On 22th December 2011, ESMA published its final report on guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities. In issuing these guidelines, ESMA rolls out a comprehensive regime governing the operation of electronic trading systems by a regulated market, a multilateral trading facility (MTF) or investment firms. The guidelines cover trading in an automated environment of any financial instruments, as defined in the Market in Financial Instruments Directive (MiFID).

National competent authorities and financial market participants must make every effort to comply with guidelines and recommendations. The guidelines will become effective by 1st May 2012.

Click here to read the full press release.

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ESMA 2012 work programme

On 4th January 2012, the European Securities and Markets Authority (ESMA) published its 2012 work programme. The document highlights the key priorities and explains how they will be delivered. It has been approved by ESMA’s Management Board and Board of Supervisors. Annex 3 presents a more detailed view on the key work streams ESMA will run in 2012.

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Three environment funds receive first LuxFLAG environment accreditation and additional recognition for microfinance funds

LuxFLAG, the Luxembourg Fund Labelling Agency, has granted three investment funds specialising in environmental investment the LuxFLAG Environment Label status. With more than USD 400 million under management the three funds are the Green for Growth Fund‐Southeast Europe, Lux-Equity Eco Global and Parvest-Environmental Opportunities.

Two additional Microfinance Investment Vehicles viz. Azure Global Microfinance Fund SICAV‐ SIF and responsAbility SICAV (Lux)Financial Inclusion Fund received the LuxFLAG Microfinance Label status.

Read more.

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LFF Mediawatch

Please find the new LFF Mediawatch, covering the period from 16th to 31st December 2011.

In this edition:

  • Riposte of the Luxembourg Central Bank to a "Spiegel" article
  • Dexia sells of Luxembourg division
  • Why Luxembourg will preserve its UCITS dominance.

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News from the Asian representative office in Hong Kong

Mainland China: New regulation over RQFII

On 16th December  2011, the China Securities Regulatory Commission (CSRC), the People's Bank of China and the State Administration of Foreign Exchange (SAFE), issued the new guidelines regulating the Renminbi (RMB) Qualified Foreign Institutional Investors program (RQFII).

The RQFII scheme applies only to Hong Kong-based subsidiaries of Mainland China asset managers and securities firms. Its purpose is to allow licensed, Hong Kong-based subsidiaries of Mainland China asset managers and securities firms to invest offshore RMB into Mailand securities markets.

The new guidelines can be found here.

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Japan: Double tax treaty between Luxembourg and Japan

In the Newsletter of the Luxembourg “Administration des Contributions Directes“ dated 20th December 2011, the authority announced that the Double Tax Treaty between Luxembourg and Japan had come into force on 16th December 2011.

The announcement can be found here.

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ALFI events

ALFI confirmed events 2012

ALFI events calendar.

Worldwide conferences endorsed by ALFI.

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2012: Sponsorship Year Packages for ALFI members

Yearly Roadshow Sponsorship Package 2012: 10% discount!

The deadline for sponsorship is today.

Please contact events@alfi.lu

The deadline for yearly Conference Sponsorship/Exhibition Packages has passed, but individuals exhibition booths for the Spring conference are still available (still below).

Click here for full details.

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13 & 14 March 2012: ALFI Spring Conference

Now open for registration! Click here for conditions, fees and registration links.

The conference agenda is currently being finalized and the printed version being sent by the end of the month. For the draft programme, click here.

Exhibition & Sponsorship:

Already 33 exhibitors confirmed! Click here for the list of confirmed sponsors/exhibitors and for available exhibition and sponsorship opportunities.

For any further information and up-dates, please visit the conference webpage.

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13 March 2012: ALFI Gala Dinner


Now open for registration!

The 2012 edition of this event will be held at the newly renovated former Cercle Cité ball room. Registrations for the dinner are limited to Spring Conference attendees. This is a smaller venue so do not delay to avoid disappointment and reserve your place when you are registering for the conference. Click here to access the event webpage.

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18 April 2012: ALFI & PRiM Risk Management Conference – highlights of the programme & sponsorship opportunities

Programme highlights:

  • The role of the Investor in Risk Management
  • UCITS IV: Lessons learnt (e.g., liquidity, disclosures, KID, …)
  • Case study on Structured UCITS
  • UCITS IV: Risk governance and framework (presentation of the output by the ALFI WG)
  • Regulatory interaction between UCITS IV, AIFMD and MiFID II in terms of risk management and investor protection
  • Risk Management considerations under AIFMD  and for SIFs
  • Hong Kong’s view on risk management and disclosures
  • Panel discussion: An inside and outside view on risk management

The full conference programme will be available soon on the event webpage.

The sponsorship is open to ALFI members. Please click here for the agreement form.

Sponsorship deadline: 3rd February 2012.

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9-10 May 2012: ALFI Responsible Investing Conference

Save the date!

A combination of the formerly known ALFI SRI and Microfinance conferences. More information coming soon.

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18-19 September 2012: ALFI Global Distribution Conference

Save the date !

Further details will be published on ALFI’s website once available.

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LFF events

11-15 March: Trade mission to India

The Ministry of the Economy and Foreign Trade in close cooperation with the Chamber of Commerce and the Agencies Luxembourg for Business and Luxembourg for Finance will organise a trade mission to India from 11th to 15th March 2012.

Invitation letter LFF.

Invitation letter Chamber of Commerce.

Registration form.

Sponsorship opportunity.

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Other events

12 January: "Euro crisis: Questions and Answers"

Sacred Heart University, The Chamber of Commerce of Luxembourg and the Luxemburger Wort are delighted to invite you to the panel discussion on "Euro Crisis: Questions and Answers" organised on 12th January 2012.

For more information and the invitation please click here.

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