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    ALFI Newsflash july 10, 2013    
          in this edition      
    1. Headlines
2. News from ALFI Hong Kong representative office
3. Past events
4. ALFI upcoming events
5. Other events



Luxembourg Parliament adopts law implementing AIFMD

On 10 July 2013, the Luxembourg Parliament adopted the law transposing the Alternative Investment Fund Manager Directive (AIFMD) into Luxembourg law.

Marc Saluzzi, Chairman of ALFI, comments: “With the legislative process now complete, the regulated alternative investment fund industry in Luxembourg is ready to take off.”

He continued: “AIFMD pushed the alternative fund management industry towards a model which is based on the compromise of more regulation in exchange for a passport. This is the same as the UCITS model which we know so well in Luxembourg, and, combined with the fact that we already have a well-established ‘alternatives’ industry, the lawputs the Luxembourg financial centre in a strong competitive position to develop our hedge, real estate and private equity activities even further.”

Download the press release in English. French and German will be available on our website later this afternoon.

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Le Pilier: video launched to highlight contribution to Luxembourg economy

At the occasion of its 25th anniversary, ALFI launched a video campaign in Luxembourg cinemas to demonstrate the benefits the fund industry brings to the Luxembourg economy, and the opportunities that a career in the fund industry offers.

“In this milestone year we wanted to let a wide audience in Luxembourg know more about the Luxembourg fund industry,” said Marc Saluzzi, Chairman of ALFI.
Press release (French, German).
Watch the video here !
ALFI also produced a video showing the evolution of the Luxembourg fund industry since 1988.
Watch the video here!

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EU translations of the Guidelines on sound remuneration policies under the AIFMD

ESMA has published the EU translations of the Guidelines on sound remuneration policies under the AIFMD which were originally published in English in February 2013.

You will find all available languages by following the link here. These guidelines apply from 22 July 2013, subject to the transitional provisions of the AIFMD.

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Long Term Financing of the European Economy: ALFI's response to the European Comission green paper

On 25th June 2013, ALFI responded to the European Commission green paper on long term financing of the European economy.

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Guidelines on reporting obligations: ALFI's and EFAMA's responses to ESMA consultation paper

On 1st July 2013, ALFI responded to ESMA consultation paper on guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD.
On 4th July 2013, EFAMA also released its response on this website.

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CSSF relaxes risk-diversification requirements for SIFs and Part II funds investing in infrastructure assets

Following an initiative by ALFI, the CSSF has confirmed to ALFI that it will relax the risk-diversification requirement for SIFs and Part II funds which invest in infrastructure assets.

Read more.

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Luxembourg Ministry of Finance publications

Factsheet on Luxembourg financial center.
Frequently Asked Questions (FAQ) regarding tax competition (information is only available in French).

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FTT: Report adopted by the European Parliament

On 3rd July 2013, the European Parliament adopted a non-binding report on the Commission proposal implementing enhanced cooperation in the area of financial transaction tax (FTT).

Moreover, the European Commission updated its website on FTT by providing non-technical answers and technical answers to questions raised on the functioning and impacts of the proposal.

Read more.

Press release of the European Parliament.

Background information:
ALFI newsflash of 13th June 2013.

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PRIPs: Council Presidency compromise proposal

On 24th June 2013, the Irish Presidency of the Council of the European Union published another compromise proposal for a regulation on packaged retail investment products (PRIPs). It is uncertain whether the Council will agree on a text before all pending files are handed over to the Lithuanian Presidency at the beginning of July 2013.
Background information:
Newsflash of 13th June 2013

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Master-feeder structures: CSSF's FAQ document

On 24th June 2013, the Luxembourg supervisory authority CSSF published Frequently Asked Questions (FAQ) on master-feeder structures, pertaining in particular to the reports to be produced in the context of these structures under the applicable provisions.
Chapter 9 of the law of 17th December 2010 on undertakings for collective investment and chapter III of CSSF Regulation n° 10-5 transpose the provisions pertaining to master-feeder structures under the UCITS IV Directive 2009/65/EC of 13th July 2009, respectively the Commission Directive 2010/44/EU of 1st July 2010, into Luxembourg law.
Background information:

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News from ALFI Hong Kong representative office

Hong Kong : Amendment to the Code on Unit Trusts and Mutual Funds

On June 14th 2013, the Securities and Futures Commission (SFC) released a circular to management companies of SFC-authorised funds aiming to streamline the measures to enhance the process of application for scheme changes and revision of offering documents of SFC-authorised funds.

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Past events

17 June 2013: ALFI Amsterdam Roadshow

On 17th June 2013, 170 experts from the industry registered to this event to discuss AIFMD and techniques that will help asset managers and service providers to succeed in this new environment.
The event also featured an interactive session on the continuing opportunities provided by UCITS.

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18 June 2013: ALFI meets with students to discuss the importance of the Luxembourg fund industry and job opportunities

On 18th June 2013, ALFI representatives met with Luxembourgish students to present the Luxembourg fund industry and job opportunities offered within this dynamic sector.
The event was organised in collaboration with two students associations: Association nationale des étudiants luxembourgeois en droit (ANELD) and Association nationale des étudiants en sciences économiques et commerciales (ANESEC).
Press release (available only in French).

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2nd July 2013: ALFI 25th anniversary

On 2nd July, members and experts from the industry gathered to celebrate ALFI's 25th anniversary at the Grand Théâtre in Luxembourg.

The event which opened with a speech delivered by Luc Frieden, Minister of Finance was followed by a discussion panel with present and past ALFI Chairmen.

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AIFMD implementation Leading Edge conference

On 9th July 2013, ALFI organised its 9th edition of its Leading Edge Conference series - entitled "Implementation of the AIMF Directive".

More than 350 participants attended this event and followed legal and regulatory analysis, highly topical research and practical insights. In the afternoon, three workshops were organised regarding the following topics:

Depository, Risk managament/Governance and Remuneration/reporting.


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ALFI upcoming events

ALFI confirmed events 2013

ALFI calendar of events.
Check out all upcoming 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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11 July 2013: ALFI Member breakfast seminar on the new Anti-Money Laundering Practices and Recommendations

ALFI, in association with ABBL, ALCO and ALRiM  has the honour to invite you to a conference aimed at reducing the risk of money laundering and terrorist financing in the Luxembourg Fund Industry.

The event will take place on  Thursday, 11th July 2013 from 9.00 to 10.30 a.m. (registration open at 8:30) at Chambre de Commerce (7, rue Alcide de Gasperi, L-2981 Luxembourg-Kirchberg).
The registration details will be sent to you by email.

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11 September 2013: ALFI Golf Tournament

Save the date!
At Kikuoka Country Club, Canach, Luxembourg
Sponsorship available to ALFI members! Contact events@alfi.lu.

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12-13 September 2013: ALFI Global Distribution Conference

Exhibition space still available! Click here.
Programme online and registration open! Early bird deadline 19th July ! Click here

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30 September - 1 October: ALFI Roadshow to Switzerland

Change of dates! ALFI Roadshow to Switzerland will take place in Geneva on 30th September 2013 and in Zurich on 1st October 2013 (instead of 8th and 9th October 2013 as previously announced).
Sponsorship open to ALFI members! Contact events@alfi.lu.

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12 November 2013: ALFI Roadshow to Frankfurt

Save the date!
Sponsorship open to ALFI members! Contact events@alfi.lu.

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19-20 November 2013 : ALFI European Alternative Investment Funds Conference

Sponsorship and exhibition opportunities available! Deadline 2nd August 2013: Click here

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Other events

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


Only 68 days left until the conference !
IOSCO members from over 110 jurisdictions around the world will attend, so don't miss the unique opportunity to meet high-level experts, decision-makers and practitioners in one place!

The public panel discussions on Wednesday, 18th and Thursday, 19th September 2013 are open to the public and we invite you to reserve your place at this unique event and to register before your summer holidays!
Attention: Hotel room release date: 15th July! After this date, availability cannot be guaranteed anymore.
Register now! (Click here for fees and conditions)
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).
The Event Coordination Team remains at your disposal for any further information or assistance that you may need (iosco2013@globalconf.lu).
We look forward to welcoming you.

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