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    ALFI Newsdigest february 3, 2012    
          in this edition      
    1. Headlines
2. News from the Asian representative office in Hong Kong
3. ALFI past events
4. ALFI 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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CSSF Regulation n° 11-04 concerning master-feeder structures

On 13th January 2012, the Luxembourg CSSF published Regulation N° 11-04 amending CSSF Regulation N° 10-5 transposing Commission Directive 2010/44/EU of 1st July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure (only available in French so far).

The circular provides certain changes to the references included in article 23rd and 27th of Regulation N° 10-05 concerning procedures in the event of a merger or division, and information-sharing agreements between approved statutory auditors (or, as the case may be, between the approved statutory auditor and the independent auditor).

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CSSF signs co-operation agreement with the Securities and Commodities Authority of the United Arab Emirates

The Securities and Commodities Authority of the United Arab Emirates and the CSSF signed on January 18, 2012, a co-operation agreement on mutual assistance and exchange of information for the regulation of financial asset markets. The agreement authorises the exchange of information of a regulatory and technical nature as well as co-operation in investigations relating to their respective markets. The agreement came into force on the day of its signature.

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Danish Presidency: 2012 work programme

At a press conference hosted by Prime Minister Helle Thorning-Schmidt, Minister for Economics and the Interior Margrethe Vestager, Minister for Foreign Affairs Villy Søvndal and Minister for European Affairs Nicolai Wammen on Friday 6th January, the Danish Government presented the programme of the Danish EU Presidency.

Read more

Work programme


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Supervision: EU financial regulatory reform agenda

Various trade associations have sent an industry letter to the European Commission, the European Parliament and the Danish Presidency of the Council of the EU regarding the European Supervisory Authorities’ task of drafting technical and implementing legislative measures.

Although the associations welcome the EU financial regulatory reform agenda, as the reforms move into a phase of drafting detailed technical and implementing measures, concerns are growing as to how the ESAs will be able to cope with the task of drafting such measures. The ESAs currently have limited resources as they were recently established and are still in the process of building staffing levels.

The associations make the following recommendations in their letter:

  • The ESAs should be given sufficient time to draft the measures to ensure that the quality of the legislation is not compromised leading to the international credibility of the ESAs being questioned. The target dates for the finalisation of the drafting standards by the ESAs should also be adjusted to reflect the delays which occurred during the European Parliament and Council phases due to the complexity of the task.
  • Level 2 implementation should not be defined in absolute date specific terms but by specifying periods for ESA drafting by reference to the introduction of the Level 1 measures.
  • To the extent that it is considered impracticable for the ESAs to complete all the proposed mandates to a high quality within the given timeframe, a principle of prioritisation should be incorporated in the Level 1 mandates and a phased approach adopted.

Read more.

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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.

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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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IOSCO publishes principles on suspension of CIS redemptions

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published its final report, Principles on Suspensions of Redemptions in Collective Investment Schemes, which contains principles regarding the suspension of redemptions for open-ended collective investment schemes (CIS).

The principles reflect a common level of approach and provide standards against which both regulators and the industry can assess the quality of regulation and industry practices concerning suspensions of redemptions.

Read more.

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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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LuxFLAG Environment Label – Application deadline

The Luxembourg Fund Labelling Agency (LuxFLAG) is pleased to announce that the second application process for the LuxFLAG Environment Label is open now.

The deadline for introducing applications is 20th February 2012.

An Applicant Investment Fund should begin the process by completing a pre-questionnaire that is available on the LuxFLAG website.

Click here for the press release.

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IFBL certifications and open trainings 2012

IFBL has the pleasure to present you the ALFI-OPC trainings programme.

Subscription form

Dates and fees

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LFF Mediawatch

Please find the new LFF Mediawatch, covering the period from 16th to 31st December 2011 and from 1st to 15th January 2012.

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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 past events

19 January: ALFI press conference

On 19th February, ALFI organised a press conference for the Luxembourgish press to present results of year 2011 and to highlight projects in 2012.


Marc Saluzzi, ALFI Chairman, underlined that:

  • In 2011, Luxembourg funds industry has continued to maintain jobs amid crisis
  • Stability and reputation of Grand Duchy helps employee numbers to rise and net sales to remain positive
  • ALFI continues to raise concerns over regulations which adversely impact the funds industry and its end users (notably Volcker rule and FTT).

Please download the press release in English, French and German.

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ALFI events

ALFI confirmed events

ALFI events calendar

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13 & 14 March 2012: ALFI Spring Conference


Now online: Conference agenda: Click here for the latest version of the programme brochure. The printed version will be available by the end of the month.

Registration & fees: Click here.

Exhibition & Sponsorship:

Already 41 exhibitors confirmed! Click here for the list of confirmed sponsors/exhibitors and for the opportunities available.

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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ALFI Leading Edge Conferences

Save the Dates!

It is our pleasure to announce a special series of Leading Edge Conferences that will put the spotlight on each of the three alternative fund categories, Private Equity, Real Estate and Hedge Funds and how they will be impacted by the AIFMD.

Each one-day conference will combine thorough legal and regulatory analysis, highly topical market research and practical insights, to provide a perfect platform for all industry stakeholders willing to align their alternative investment strategies with leading edge industry developments.


29 March 2012: Impact of the AIFMD on Private Equity Funds – in association with LPEA

Premises of RBC Dexia, Esch/Alzette

Programme highlights click here!

Open for sponsorship – deadline 16 February - click here!

Registration fee from only €250 – open soon.


3 May 2012: Impact of the AIFMD on Real Estate Funds – in association with INREV

Premises of RBC Dexia, Esch/Alzette

Draft programme and Sponsorship opportunity coming soon! Click here

Registration fee from only €250 – open soon.


3 or 4 July 2012: date tbc: Impact of the AIFMD on Hedge Funds – in association with AIMA

Venue tbc

Draft programme and Sponsorship opportunity coming soon! Click here

Registration fee from only €250 – open soon.


Further details on each conference will be available on the conference section of the ALFI website www.alfi.lu, or you may contact events@alfi.lu for assistance.

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18 April 2012: ALFI & PRiM Risk Management Conference

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 Conference webpage.

Sponsorship opportunity available until the deadline date of 3rd February 2012.

Please click here for details and the agreement form.

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

Save the NEW date!

ALFI has the pleasure of announcing that the 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 highlights:

  • Keynote speech: Responsible Investing, can it be done?
  • Quantitive Overview (outlook, data, analysis, trends)
  • Investor Perspective 
  • The Value of Reporting – is there a special need for in in Responsible Investing
  • Social Impact and performance of MF and SRI
  • Ethical Investment Funds
  • Microfinance 2.0
  • Impact of the changing regulatory environment on this sector

Sponsorship opportunity available. Click here for details.

Conference webpage: Click here

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23 May 2012: ALFI Conference London

Save the date!

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

Further details will be published on ALFI’s website once available, please click here.

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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, click here.

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Other events

6-8 February: City Week 2012

Luxembourg for Finance would like to inform you that the agency has been offered a promotional booth at City Week 2012 which takes place from February 6 – 8, 2012. LFF would like to invite the Luxembourg financial community to attend City Week 2012 and to be present at the booth.

LFF invitation.

To participate, please download the registration form here.

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13 February: BEST - Brazil: Excellence in Securities Transactions Roadshow in Luxembourg

Best Brazil is delighted to you invite to its upcoming roadshow in Luxembourg which offers you a unique opportunity for an in-depth look into Brazil's capital and financial markets.

13 February 2012, 2.30- 6.00 pm

Hotel Royal, 12 Boulevard Royal, Luxembourg

Read more.

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