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ALFI's response to EIOPA's call for advice on the revision of the IORP DirectiveOn 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. Back to top ALFI UCITS IV implementation project - Issue 11 of KID Q&A DocumentALFI’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. Back to top CSSF Regulation n° 11-04 concerning master-feeder structuresOn 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). Back to top CSSF signs co-operation agreement with the Securities and Commodities Authority of the United Arab EmiratesThe 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. Back to top 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 Factsheet Back to top Supervision: EU financial regulatory reform agendaVarious 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. Back to top FATCA timeline: proposed regulations will likely be released in mid-JanuaryOn 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. Back to top Dodd-Frank: new proposed rulesOn 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. Back to top Consultative paper on principles for the supervision of financial conglomeratesOn 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. Back to top IOSCO publishes principles on suspension of CIS redemptionsThe 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. Back to top ESMA: future automated trading regime for trading platforms, investment firms and competent authoritiesOn 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. Back to top ESMA 2012 work programmeOn 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. Back to top Three environment funds receive first LuxFLAG environment accreditation and additional recognition for microfinance fundsLuxFLAG, 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. Back to top LuxFLAG Environment Label – Application deadlineThe 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. Back to top IFBL certifications and open trainings 2012IFBL has the pleasure to present you the ALFI-OPC trainings programme. Subscription form Dates and fees Back to top LFF MediawatchPlease find the new LFF Mediawatch, covering the period from 16th to 31st December 2011 and from 1st to 15th January 2012. Back to top
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