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    ALFI Newsflash september 4, 2013    
          in this edition      
    1. Headlines
2. News from ALFI Hong Kong Representative Office
3. Publications
4. Past events
5. ALFI upcoming events
6. Other events
     
 
 

1.

Headlines

ALFI monthly statistical summary - June 2013

ALFI is pleased to send you the new edition of ALFI's monthly statistical summary for June 2013.

This global overview of the financial sector offers the latest relevant data regarding Luxembourg/Europe/World UCIs, the Luxembourg financial centre and economic data. The objective of this document is to have at your disposal the maximum quantity of data/information in minimum of space.

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

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AIFMD: ESMA publishes its final Guidelines on key concepts of the AIFMD

On 13 August, ESMA published its final Guidelines on key concepts of the AIFMD.

The guidelines have been translated into the official languages of the EU and they apply from two months after the date of publication.

In accordance with Article 16(3) of the ESMA Regulation, competent authorities and financial market participants must make every effort to comply with the guidelines. Competent authorities to whom the guidelines apply should comply by incorporating them into their supervisory practices.

Competent authorities to which these guidelines apply must notify ESMA whether they comply or intend to comply with the guidelines, with reasons for non-compliance, within two months of the date of publication by ESMA.

ESMA Guidelines.

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AIFMD: ESMA Opinion on draft Regulatory Technical Standards on types of AIFMs

On 21 August, ESMA published its formal opinion to the European Commission, in response to the letter received on 8th July, where the Commission rejected ESMA’s draft Regulatory Technical Standards on the types of AIFMs.

The opinion can be found here.

Read more.

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AIFMD: ESMA finalises further Memoranda of Understanding

ESMA published an update to its negotiations on Memoranda of Understanding (MoUs) regarding AIFMD. At its July meeting, ESMA’s Board of Supervisors, approved MoUs with authorities from the Bahamas, Japan, Malaysia, Mexico and the United States, including the Commodity Futures Trading Commission (CFTC).

Read more.

ESMA press release.

ESMA “Guidelines on the model MoU”.

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AIFMD: ESMA opinion on arrangements for late transposition of AIFMD

ESMA published an opinion on practical arrangements for Member States that failed to transpose fully the Alternative Investment Fund Managers Directive by 22 July 2013.

In particular, the opinion covers the following two issues:

  • The management of alternative investment funds (AIFs); and
  • Notifying competent authorities of the marketing of EU AIFs.

ESMA Opinion.
 

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ESFS: EFAMA reply to Commission consultation on the review of the European System of Financial Supervision

On 31 July 2013, the European Fund and Asset Management Association (EFAMA) responded to the Commission consultation on the review of the European System of Financial Supervision.

Consultation paper.

EFAMA’s response.
 

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German Investment Tax Act - current regime remains in force

The German Federal Ministry of Finance declared in an Ordinance dated 18 July 2013 that the scope of the German Investment Tax Act will continue to apply to domestic and foreign investment funds within the meaning of the German Investment Act even though said Act was repealed as per 21 July 2013. This provisional rule is necessary because the legislative process regarding the Act Amending the German Investment Tax Act and Other Acts (AIFM Tax Amendment Act) is still not finalized.

Ordinance (only in German).

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FATCA registration portal and draft form 8966

On 19 August 2013, the US Internal Revenue Service (IRS) unveiled a portal providing information relating to the FATCA registration process.

Click on the following links to get more information:

Moreover, the IRS has released draft form 8966 (FATCA Report for review and comments. The draft is intended to be first used to report U.S. accounts under the Final Regulations identified by 31st December 2014, and reported by 31 March 2015.
 

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BCBS and IOSCO publish final report on Margin requirements for non-centrally cleared derivatives

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) released today the final framework for margin requirements for non-centrally cleared derivatives. The framework is available on the websites of the Bank for International Settlements and IOSCO.

Press release.

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LFF published FAQ on the automatic exchange of information and the taxation of savings

Luxembourg for Finance published a FAQ on Banking secrecy, (automatic) exchange of information and the taxation of savings.

FAQ.
 

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2.

News from ALFI Hong Kong Representative Office

India: amendment of the Securities and Exchange Board of India’s regulations over mutual funds

On 19 August, the Securities and Exchange Board of India (SEBI) further amended the regulation over mutual funds from 1996, allowing direct debt investment. More specifically,

  • Regulation 24, clause (b): "Provided further that the asset management company may become a proprietary trading member for carrying out trades in the debt segment of a recognized stock exchange, on behalf of a mutual fund."
  • Regulation 26, sub-regulation (2): Under certain conditions, "Provided that where the sponsor or its associates hold 50 per cent or more of the voting rights of the share capital of the custodian, such custodian may act as custodian for a mutual fund constituted by the same sponsor or any of its associates or subsidiary company…”

The official press release can be found here.
 

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3.

Publications

ABBL and ALFI Guidelines and Recommendations for Depositaries - Oversight Duties and Cash Monitoring for AIFs

Because of the comprehensiveness of the AIFMD rules and the need to provide further clarifications on certain key aspects, the Depositary Bank Forum (DBF), the joint platform created by the ABBL and ALFI to represent the interests of depositary institutions, is  pleased to release its “Depositary guidelines and recommendations on oversight duties and cash monitoring for AIFs”. These guidelines shall help depositaries defining its oversight programs and procedures.

Guidelines.

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Global Fund Distribution Poster

ALFI is pleased to present its annual “Global Fund Distribution Poster”, which presents key facts and statistics on the global cross-border investment fund market.

The statistics show i.e.:
• In 2012, there were 9436 cross-border funds, an increase of 11% on 2011
• On average, a true cross-border fund is registered for distribution in 7.7 countries
• Luxembourg is the domicile for 68% of cross-border funds

It is encouraging to see that the cross-border market has grown steadily over the last 10 years and to note how widely funds domiciled in Luxembourg are being distributed around the world.

Global Fund Distribution 2013 (Poster)
Global Fund Distribution Poster 2013 (Printer-friendly version)

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4.

Past events

9 July 2013: AIFM directive - implementation Leading Edge Conference

On 9 July 2013, ALFI held the 9th edition of the Leading Edge conference series. This conference dedicated to alternative asset classes, and endorsed by AIMA and LPEA, focused on analyzing how best to implement the AIFMD into national law. With 350 participants, a new record in terms of attendance to the Leading Edge conferences was achieved.

Read more.

Have a look at the photos here.

 

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5.

ALFI upcoming events

ALFI confirmed events 2013-2014

 

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 September 2013: ALFI Golf Tournament

Kikuoka Country Club, Canach, Luxembourg

Contact events@alfi.lu.

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12-13 September 2013: ALFI Global Distribution Conference

Already 550 people registered! Still time to join the conference! Click here.
 

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30 September - 1 October: ALFI Roadshow to Switzerland

ALFI Roadshow to Switzerland will take place in Geneva on 30 September 2013 and in Zurich on 1 October 2013.

Programmes and Registration: click here.

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23 October: ALFI Leading Edge Conference in London on AIFMD Implementation

Programme & Registration click here (coming soon!).

Sponsorship opportunity to ALFI members until 13 September 2013 – contact events@alfi.lu

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4-6 November: ALFI Roadshow to US (Boston & New York)

sponsorship opportunity open to ALFI members - kindly complete this agreement form and return it to events@alfi.lu by Friday 13th September 2013.

Programmes and Registration: click here (available soon).

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12 November 2013: ALFI Roadshow to Frankfurt

Programme & Registration click here.

Sponsorship opportunity open to ALFI members, kindly complete the agreement form and return it to ALFI.

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14 November: ALFI TA & Distribution Forum

Save the date! More details coming soon!

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19-20 November: ALFI European Alternative Investment Funds Conference

Programme online and registration open ! Click here.

Early bird booking deadline: 11 October.

Exhibition opportunities available!  Click here.

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3-5 December: ALFI Roadshow to Asia (Tokyo, Kuala Lumpur, Taipei, Singapore, Beijing, Hong Kong)

The programmes are in progress and will be available on the website in mid-September. ALFI members will be offered the opportunity to sponsor these roadshows and a separate mail in this regard will be sent out in the coming weeks.

Contact events@alfi.lu

Programmes and registration: click here (coming soon).
 

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6.

Other events

18-22 November: State visit to Turkey

Luxembourg for Finance is pleased to inform you that the association will take part in the official mission organised by the Chamber of Commerce within the framework of the Official visit to Turkey. At this occasion, LFF will organise a financial seminar on 21 November 2013 in Istambul.

Should you be interested in joining the mission, kindly send the registration form to the Chamber of Commerce by 23 September 2013 (turquie2013@cc.lu).

Invitation letter

Registration form

Programme

Reservation form

 

 

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

Join the more than 600 persons that have registered to attend this unique event! Click here for online registration, which will be open until shortly before the conference.

Remember, for the first time in Luxembourg you can have access to:

  • IOSCO members from over 110 jurisdictions around the world
  • High level experts, decision-makers, practitioners in one place
  • Public panel discussions

The public panel discussions on Wednesday, 18th and Thursday, 19th September 2013 are open to the public, click here for the latest programme.

Visit www.iosco2013.lu for more details.

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IFBL: full range of ALFI/IFBL fund industry courses

As from September the IFBL will be offering its full range of ALFI/IFBL fund industry courses for which full details can be found on their website (www.ifbl.lu). In particular, the IFBL would like to draw your attention to the following important upcoming items: 

  • New! Risk Management for Fund Directors and Conducting officers – this new module will provide fund directors and conducting officers, who are not necessarily risk managers, but are nonetheless responsible for risk management in a fund, with a good understanding of the principles, methods and tools of risk management and governance and how they apply to UCITS funds and alternative investment funds. This module will be taking place on 25 September.
  • AIFMD – In this series there are four modules, starting with “Understanding AIFMD” on 27 September. This will then be followed by three function specific courses: “AIFMD for Fund Administrators” on 14 October, “AIFMD for AIF managers” on 18 October, and “AIFMD for Depositaries” (date to be confirmed).
  • Real Estate & Private Equity – Full certifying programmes for both disciplines will commence in September with M1  REIF Fundamentals (19 September) and M1 PE Fundamentals (26 September).

Additional information is available on the IFBL website or from the IFBL Customer Service team either by phone on 46 50 16-1 or by e-mail at customer@ifbl.lu.

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