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    ALFI Newsflash february 5, 2013    
          in this edition      
    1. Headlines
2. ALFI past events
3. ALFI events
4. Other events
     
 
 

1.

Headlines

ALFI London press annual conference: ALFI is prepared to take up the challenges faced by the Asset Management industry

On 29th January 2013, the Association of the Luxembourg Fund Industry organised its annual press conference in London in order to present to the UK-based press an overview of ALFI's key achievements in 2012, and to discuss how ALFI is going to tackle the challenges which will be faced by the asset management industry in 2013.

This press event, which was attended by 10 journalists, was an opportunity to remind participants that Luxembourg remains the leading domicile for funds in Europe, with record new figures for the Luxembourg fund industry at the end of 2012.
 

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ALFI monthly statistical summary December 2012

This global overview of the financial sector offers the latest relevant data regarding Luxembourg, Europe, World UCIs, the Luxembourg financial centre and economic data.

Click here for the statistics in French or click here for the English version.
 

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EMIR: New EU Rules on Derivatives Trading

The Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories (called European Market Infrastructure Regulation) (EMIR) came into force on 16th August 2012 and contains provisions regarding centrally cleared and non-centrally cleared transactions as well as reporting requirements.

On 23rd January 2013, the Commission de Surveillance du Secteur Financier (CSSF) issued the CSSF circular 13/557, which contains some information in relation to the requirements of the EMIR regulation.

The ALFI working group EMIR/OTC Derivatives has decided to issue a Q&A document, which will contain the working group’s answers to questions about EMIR.

ALFI’s members are welcome to submit questions to the working group, which will discuss them and consider whether to include them in the future Q&A document, as appropriate. The Q&A document will be available on the ALFI website in the first half of 2013.

Read more.

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U.S. FATCA legislation: release of final regulations

On 17th January 2013, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). These regulations provide additional guidance for financial institutions and government counterparts by finalising the step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions (FFIs), other foreign entities, and U.S. withholding agents.

Read more.

Press release.

Background information:
ALFI newsflash of 17th December 2012.
 

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U.S. FATCA final regulations: treatment of bearer shares

It is worth to note that the FATCA final regulations address the issue of bearer shares. Many funds had issued bearer shares in the past and, thus, would not be in a position to identify accounts within the prescribed time limits.

The final regulations provide that the account identification procedures for a pre-existing obligation in bearer form will be performed at the time the share is presented for payment. Notwithstanding the fact that the obligation is pre-existing, however, the participating foreign financial institution (PFFI) must perform the new account identification procedures at that time. Moreover, an otherwise qualifying fund that issued bearer shares in the past can nevertheless qualify as a registered deemed compliant qualified collective investment vehicle or restricted fund if it:

  • Ceased issuing interests in bearer form after 31st December 2012
  • Retires all such interests upon surrender
  • Implements policies and procedures to redeem or immobilize all such interests prior to 1st January 2017; and
  • Identifies the account prior to payment (under the new account procedures) and agrees to withhold and report as if it were a PFFI.
     

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Financial transaction tax: Council agrees to enhanced cooperation

On 22nd January 2013, the Council of the EU adopted a decision authorising 11 Member States to proceed with the introduction of a financial transaction tax (FTT) through "enhanced cooperation". The 11 countries are Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia.

The Commission will now make a proposal defining the substance of the enhanced cooperation, which will have to be adopted by unanimous agreement of the participating Member States. All members of the Council may participate in its deliberations, but only participating Member States shall take part in the vote.

Press release.
 

Background information:
ALFI newsflash of 17th December 2012.
 

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AIFMD: EU and Brazilian regulators to co-operate on cross-border supervision of alternative investment funds

The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Brazilian Comissão de Valores Mobiliários (CVM) and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. ESMA has negotiated the agreement with the CVM on behalf of all 27 EU national competent authorities for securities markets regulation.

Read more.

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Express, the ALFI podcast: Adaptability, expertise and infrastructure are key to Luxembourg remaining a centre of excellence

Watch the latest episode 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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2.

ALFI past events

31 January 2013: AIFM Directive level 2 Implementation measures - A leading edge conference

More than 300 industry professionals attended this one-day event entirely dedicated to analysing the latest developments in the implementation of the AIFM directive and their consequences for the industry.
The conference combined 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 morning  covered dedicated focus sessions on the implications of the new delegation rules, AIFMD opportunities and challenges and the evolving role of the depositary function under the AIFMD.
In the afternoon, sessions tackled the major technical implications for the implementation of AIFMD and the challenges and opportunities of the transposition of the Directive for Luxembourg.

Photo gallery.

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3.

ALFI 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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New! 1-6 March 2013: ALFI Roadshow to the US

Friday 1st March: San Francisco seminar: Le Meridien: 9.00 - 12.00 followed by lunch
Monday 4th March: Boston seminar: Mandarin Oriental: 12.30 lunch, seminar 1.30 - 4.00 pm
Wednesday 6th March: New York seminar: Grand Hyatt New York: 8.30 - 12.00 followed by lunch

Seminar programme and registration details can be found on the roadshow webpage.
 

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19-20 March 2013: ALFI Spring Conference and ALFI Gala Dinner

Click here to access the event webpage.


This two-day conference attracts the biggest names in the fund industry from Europe, the US, Asia and the Middle East. It brings together in a single venue the world's most innovative and best-known fund managers with the most knowledgeable service providers.

With more than 850 professionals from 23 countries last year, the conference continues to grow alongside Luxembourg's reputation as one of the world's premier financial hubs. The Grand Duchy's reputation as a stable and innovative jurisdiction has been enhanced during the financial and sovereign crises thanks to a strong regulator, a forward-thinking government and experienced service providers.

A compelling programme: Evolution or Revolution - Click here.

  • Fund product innovation
  • Non-funds regulation impacting the funds industry
  • The impact of PRIPS on the Fund Industry
  • The progress and likely impact of AIFMD
  •  Interviews with high-profile CEOs
  • The growth of sustainable investment

Exhibition space: only a few places left  click here.

To register: click here - early bird deadline 22nd February!
 

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9 April 2013: ALFI Conference London - save the date!

Sponsorship open to ALFI members - contact events@alfi.lu.

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10 April 2013: ALFI Roadshow to Edinburgh - save the date!

Sponsorship open to ALFI members - contact events@alfi.lu.

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17 April 2013: ALFI & ALRiM Risk Management Conference – sponsorship deadline 4th February!

Click here to access the event webpage.

Over the past years the conference has become an industry platform for exchanging information between practitioners. In 2012, the conference attracted over 200 participants.

2013 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.

Programme and registration coming soon!

 

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15 May 2013: ALFI Responsible Investing Conference – Save the Date!

Click here for the event webpage.

Sponsorship and event details coming soon!
 

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4.

Other events

20-21 February 2013: Roles and Responsibilities of Fund Directors

On the 20th and 21st February, 2013 ILA (Luxembourg Institute of Directors), ALFI and the IFBL will be offering the course "M’ Roles and Responsibilities of Fund Directors". This 2-day seminar held in English at the IFBL/LSC Training Center (Chambre de Commerce) has been completely reviewed, focusing in particular, upon the regulatory changes (CSSF Circular 12/546, AIFMD…) and their consequences upon the obligations and practices of Fund Directors.

Further details about the programme are available from the IFBL Customer Service directly (email : customer@ifbl.lu or by phone (+352 46 50 16).

Programme.

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21 February 2013: “Finance & Technology: Two pillars of the Luxembourg economy”

Sacred Heart University invites you to a discussion of Luxembourg’s success and visions for the future at a time of dramatic uncertainties on 21st February 2013 from 6:30pm to 8:00 pm.

Programme.

To attend, please register with Rachel Niebeling, rniebeling@shu.lu.

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

The IOSCO 2013 Luxembourg organisational committee is intensively working on the details of an exciting programme to show our international guests that, although small in size, the Grand Duchy has a lot to offer and will hopefully surprise them with its professionalism, diversity and quite unique character.

The event will be open for the public starting with the official Opening Ceremony on Wednesday, 18th September noon and ending on Thursday, 19th September evening with a dinner and show full of culinary delicacies and emotions. During the day there will be public panel sessions to stimulate debate and share the latest news with the industry. (Click here for the programme overview incl. panel topics.)

Registration will open shortly!

As the success of an event always depends on its participants, we kindly ask for your support by spreading the word and to come as numerously as possible. There are also still sponsorship opportunities available (click here for details).

Do not hesitate to ask for more information and/or to refer any interested contacts to the Event coordination team at iosco2013@globalconf.lu or visit the event's website www.iosco2013.lu.
 

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