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    ALFI NewsFlash may 11, 2012    
          in this edition      
    1. Headlines
2. Past events
3. ALFI events
4. Other events
5. LFF events
     
 
 

1.

Headlines

ALFI structure of technical committees - May 2012 update

Please find the May 2012 update of ALFI structure of technical committees.

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European Commission Communication on the Action Plan: European Company Law and Corporate Governance

The European Commission published last week a Roadmap outlining the next steps it plans to take towards the adoption of a Communication on the Action Plan: European Company Law and Corporate Governance. The Commission hopes to adopt this Communication by October 2012. It will among others announce measures intended to address several reasons the Commission has identified for the lack of shareholder engagement. The Commission names in this context among other problems arising from the principal-agent relationship between investors and their asset managers. The Commission again voices concern about the shortcomings in the application of the corporate governance codes when reporting on the comply or explain basis.
 

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Consultation on Gender Imbalance on Corporate Boards in the EU

The European Commission has published a Consultation on Gender Imbalance on Corporate Boards in the EU. The consultation will feed into an assessment of possible EU-level measures to enhance female participation in economic decision-making, which will inform the Commission's decision on whether to propose action and on the form it should take. Any measures taken will most likely apply to all corporate boards in the EU, including asset managers and their products.

The deadline for comments is 28th May 2012.

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European Commission: explanatory notes on the FTT

On 4th May 2012, the European Commission services published seven explanatory notes that provide the results of further analyses and clarifications on how the Financial Transaction Tax (FTT) would work in practice.

Click on the following links to access the different documents:

Tax contribution of the financial sector
The “residence principle” and the territoriality of the tax
Relocation, substitution and other market reactions
Revenue estimations
Macroeconomic effects
Tax collection
Pension funds

Background information:
ALFI Newsflash of 1st March 2012.

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Value Added Tax (VAT): Joint high level letter on the VAT treatment of financial services

EFAMA and other European associations have drafted a joint high level letter focusing on the debate on the VAT treatment of financial services.

This joint letter was submitted to the Danish Ministers for Taxation and for Economic Affairs and the Interior (as well as to some representatives of the Cypriot Government) on Thursday, 3rd May 2012.  

Background information:

See ALFI Newsflash of 16th November 2011.

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FATCA: EFAMA comments in response to proposed regulations under IRS code sections 1471-1474

On 8th February 2012, the US Treasury Department and Internal Revenue Service (IRS) issued proposed regulations, providing further guidance on what might be adopted in summer 2012 in the form of final regulations implementing the Foreign Account Tax Compliance Act (FATCA). Stakeholders were invited to submit comments on the text by 30th April 2012.

Read more.

Related information:

EFAMA comments.

ICI Global comment letter.

Draft FACTA regulations - Association of Investment Companies.

ALFI newsflash of 13th February 2012.

FACTA Overview (PTT presentation - ALFI Spring Conference 2012)

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ESMA call for evidence on transaction reporting

The European Securities and Markets Authority (ESMA) has launched a call for evidence designed to collect stakeholders’ views on the elements ESMA should consider in its work on guidelines on harmonised transaction reporting under the Markets in Financial Instruments Directive, as well as opinions on what areas of the over-the-counter derivatives guidelines require updating.

Taking the responses to this call of evidence into consideration, ESMA will define its further work on guidelines on harmonised transaction reporting and launch a full public consultation. The deadline for comments is 4thJune 2012.

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IOSCO Consults on Money Market Fund Systemic Risk Analysis and Reform Options

The Technical Committee of the International Organisation of Securities Commissions (IOSCO) has published a consultation report, Money Market Fund Systemic Risk Analysis and Reform Options, which provides a preliminary analysis of the possible risks that money market funds (MMFs) could pose to systemic stability and consults on an exhaustive range of policy options to address those risks.

Read more.

Consultation report.

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IOSCO consults on principles of liquidity risk management for CISs

The Technical Committee of the International Organisation of Securities Commissions (IOSCO) has published a consultation report outlining a set of principles against which both industry and regulators can assess the quality of regulation and industry practices relating to liquidity management for collective investment schemes (CIS).

Read more.

Report.

Press release.

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Group of 30: Toward Effective Governance of Financial Institutions

The Group of 30 has published a report called Toward Effective Governance of Financial Institutions

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A first non-luxembourg domiciled MIV reveives the LuxFlag microfinance label

Access Africa Fund LLC, a Delaware company formed by CARE USA, have been granted the LuxFLAG Microfinance Label. This first non-Luxembourg domiciled Microfinance Investment Vehicle is managed by MicroVest Capital Management and invests in microfinance projects in sub-Saharan Africa. This confirms the continuing interest in the LuxFLAG Microfinance Label on the international level  and reinforces its importance in terms of providing greater transparency to investors.

24 MIVs have been granted the LuxFLAG Microfinance Label as of April 2012, representing approximately USD 3.48 billion in Assets Under Management.

Press release.

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LFF Mediawatch

Please find attached the new LFF Mediawatch, covering the period from 1 to 30 April 2012.

In this issue:
•    Designs for a more sustainable financial centre
•    Apple: benefitting from the EU single market is not tax dodging
•    MoUs with Qatar and Morocco signed.

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2.

Past events

18 April 2012: ALFI & PRiM Risk Management Conference

On 18th April 2012, ALFI and PRiM teamed up to organise the 3rd edition of the ALFI & PRiM Risk Management Conference.

Over 200 European Risk Managers, Conducting Officers and Experts turned up to the Luxembourg Chamber of Commerce to hear about the latest developments and trends.

Over the past years the conference has become an industry platform for exchanging information between practitioners. PRiM announced the set-up of a certification program for ensuring appropriate training of risk managers in Luxembourg, which the association is currently rolling out with the IFBL.

Updated version of "Risk Management" brochure.

Read more.

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20 April 2012: KIID Breakfast Seminar: Publication and Dissemination Challenges

On 20th April 2012, ALFI organised a Breakfast Seminar to explain the new Key Investor Information document (KIID).  KIID is currently a major preoccupation within the asset management community. It is not just about plain language and the translation of documents into various official languages of European Member States, as there is a long list of mandatory information that must also be included.

The seminar proved very popular with professionals in Luxembourg, attracting more than 180 guests.

Read more.

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3 May 2012: ALFI Leading Edge Conference – Impact of the AIFMD on Real Estate Funds

The 2nd conference in the special series examining the impact of the AIFMD on the difference asset classes, was organized in association with INREV and welcomed over 180 participants to the full day event. The next conference, endorsed by AIMA, will look at the impact on Hedge Funds and will take place on 3rd July – save the date!

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3.

ALFI events

ALFI confirmed events

ALFI events calendar.

ALFI endorsed events calendar.

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10 May 2012: ALFI Responsible Investing Conference - making a difference

Still time to register!

Two conferences formerly known as the ALFI MicroFinance Conference and the ALFI Sustainable & Responsible Investment Conference have joined forces to create this new one day event that will take place at the Luxembourg Chamber of Commerce, Kirchberg, Luxembourg.

Programme - click here.

Registration - click here.

Sponsorship - click here.

For all other information click here.
 

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23 May 2012: ALFI Conference London

Savoy Place (IET), No.2 Savoy Place, WC2R 0BL

Programme & Registration: click here

Participation is free of charge.
 

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3 July 2012: An ALFI Leading Edge Conference – the impact of the AIFMD on Hedge Funds – endorsed by AIMA

Programme and registration coming soon! – click here.

Sponsorship opportunity: click here – deadline 11th May, 2012!

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13-15 June 2012: ALFI Roadshow to the US (Boston & New York)

13th June – afternoon seminar at the Mandarin Oriental Hotel, Boston

15th June – morning seminar at the Pierre Hotel, New York

Programme & Registration: click here

Participation is free of charge
 

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18-19 September 2012: ALFI Global Distribution Conference

Click here to see the sponsorship and exhibition opportunities available!

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4.

Other events

18 May 2012: Market Risk and the Impact of Financial Volatility

Sacred Heart University, CME Group, Bourse de Luxembourg, The Chamber of Commerce and AMCHAM are pleased to invite you to the conference "Market Risk and the Impact of Financial Volatility" on 18th May, 2012.

Programme.

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14 June 2012: Private Equity's contribution to the economy

Luxembourg for Finance and Ernst and Young are pleased to invite you to the conference "Private Equity's contribution to the economy" which will take place on 14th June, 2012.

Please register now on events@lff.lu until June 8th, 2012.

Save the date.

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5.

LFF events

22 May 2012: Financial seminar in London

The Agency Luxembourg for Finance, in cooperation with the City of London, is pleased to invite you to its financial seminar in London on 22th May 2012.

Invitation letter.

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