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    ALFI NewsFlash february 13, 2012    
          in this edition      
    1. Headlines
2. News from ALFI's Representative Office in Asia
3. ALFI events
4. Other event
     
 
 

1.

Headlines

Distribution of foreign funds to Germany: consistent investor information

The German regulator BaFin has stated that foreign funds which are distributed to Germany by way of private placement will have to provide a Key Investor Information Document (KIID) to its potential investors, and not a so called Produktinformationsblatt (PIB, product information sheet). It would be confusing for a client if he received a KIID according to the Investmentgesetz (InvG, investment act) for a foreign, publicly distributed investment fund, but a PIB according to the Wertpapierhandelsgesetz (WpHG, securities trading act) for a foreign, non-publicly distributed investment fund. This would be contrary to the aim of consistent investor information for structurally similar products.

However, investment funds which, pursuant to their domestic law, do not yet have to produce a KIID, can continue to use the simplified prospectus until 1st July 2012.

For more information:

ALFI Newsflash of 16th February 2011

ALFI Newsflash of 14th April 2011

ALFI Newsflash of 30th June 2011

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FATCA: Release of proposed regulations

On 8th February 2012, the US Treasury Department and the Internal Revenue Service issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA).

The regulations lay out a 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.

The proposed regulations implement FATCA’s obligations in stages to minimize burdens and costs consistent with achieving the statute’s compliance objectives. The rules and implementation schedule are also adjusted to allow time for resolving local law limitations to which some FFIs may be subject.

Read more.

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ESMA consults on guidelines for UCITS ETFs and other UCITS issues

In the summer of 2010 the European Securities and Markets Authority (ESMA) started looking into the operation of UCITS making use of the new investment freedoms introduced by the UCITS III Directive and the Eligible Assets Directive (2007/16/EC) in order to identify the possible impact on investor protection and market integrity. As part of this work, ESMA published a discussion paper on policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS on 22nd July 2011 (ESMA/2011/220), responses to which were due by 22nd September 2011.

On 30th January 2012, following the consultation in summer, ESMA has published a consultation paper entitled “ESMA’s guidelines on ETFs and other UCITS issues”. The proposals cover both synthetic and physical undertaking for collective investment in transferable securities (UCITS) exchange-traded funds (ETFs) and outline future obligations to apply to UCITS ETFs, index tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS.

The proposals cover areas such as the use of total return swaps by any UCITS, for which ESMA envisages additional obligations in connection with collateral to be provided, or a UCITS investing in strategy indices, where the requirements on eligibility of such indices have been tightened. The proposals also include obligations on UCITS ETFs to use identifiers and facilitate the ability of investors to redeem their shares (whether in the secondary market or directly with the ETF provider).

Click here to read the consultation paper.

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EFAMA: recommendations of topics to be included in the UCITS V review

The European Fund and Asset Management Association (EFAMA) sent a letter to the European Commission (Mr. Tilman Lueder) concerning its recommendations of topics to be included in the UCITS V review. These recommendations aim, in particular, at ensuring the effectiveness of some of the key measures adopted under UCITS IV:

-  Enabling UCITS investments in feeder funds - 10% rule to be amended

-  Merger notifications (notice to be given in writing to unit holders in the receiving UCITS is extremely costly)

-  Need to clarify the framework for merging contractual funds

-  Regulator-to-regulator notification should apply also to changes to the initial notification letter

-  There should be no obligation to provide a KIID to professional investors

-  Exemption from the need to appoint a paying agent where a UCITS is being marketed solely to professionals - alignment with AIFMD

-  Alignment of UCITS Management Companies services with AIFMD standards

-  KIID - compliance with the Distance Marketing Directive

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LFF request for feedback on activity in Asia and Latin America

LFF will produce a series of special editions of the LFF Newsletter that will be tailored to particuliar economic and LFF road shows. The first two editions will target the  Asian and Latin American markets. In order to identify the companies that are already active in these regions, please complete the following  questionnaires: Asia, Latin America

Please return these questionnaires to Jean-Jacques Picard by email (jean-jacques.picard@lff.lu) or by fax (27 20 21 399) by 29th February 2012.

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LFF Mediawatch

Please find the latest LFF Mediawatch, covering the period from 16th to 31th January 2012.

In this issue:

  • Luxembourg expecting strong investment flows from Gulf
  • LFF study on the financial sector contribution to GDP
  • Mitt Romney avoiding taxes in Luxembourg?

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2.

News from ALFI's Representative Office in Asia

Hong Kong: Consultation Conclusions on Guidelines concerning Anti-Money Laundering & Counter-Terrorist Financing

The Securities and Futures Commission (SFC) in Hong Kong published, in September last year, a consultation paper over anti-money laundering and counter-terrorist financing and the prevention of money laundering and terrorist financing.

The consultation conclusions were published in January 2012, and can be found by following this link.

The new guideline on Anti-Money Laundering and Counter-Terrorist Financing, which appears in Appendix 2, will take effect on 1st April 2012. The prevention of Money Laundering and Terrorist Financing Guideline is defined in Appendix 3, and also applicable from 1st April 2012 onwards.

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3.

ALFI events

ALFI confirmed events

ALFI events calendar

ALFI endorsed 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.

Registration & fees: Click here. Early bird deadline 17th February!

Exhibition & Sponsorship: Already 47 exhibitors and 27 sponsors confirmed! Click here to see the list and for the exhibition 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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New Series of ALFI Leading Edge Conferences

ALFI is planning a series of three Leading Edge Conferences focused on the AIFM Directive and the impact on the three alternative fund categories.

1st conference – 29th March – impact on Private Equity Funds – in association with LPEA

Programme highlights – click here!

Open for sponsorship – deadline 16th February - click here!

Registration fee from only €250 – open soon.

 

2nd conference – 3rd April -  impact on Real Estate Funds – in association with INREV

Draft programme coming soon! Click here!

Open for sponsorship – deadline 13th March - click here!

Registration fee from only €250 – open soon

 

3rd conference - 3rd July – impact on Hedge Funds – in association with AIMA

Draft programme coming soon! Click here!

Open for sponsorship – deadline 8th May - click here!

Registration fee from only €250 – open soon

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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.

Please click here for details and the agreement form.

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

Two 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: Luxembourg’s role in Responsible Investing
  • 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
  • Regulation in the spotlight - EuSEF
  • Ethical Investment Funds
  • Microfinance 2.0
  • Impact of the changing regulatory environment on this sector

If you would like to provide any input to the committee please email your comments to events@alfi.lu.

Sponsorship opportunity available. Click here for details – deadline 17th February!

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

Programme: ALFI will begin working on the programme. If you would like to provide any input please email your suggestions to events@alfi.lu

Sponsorship opportunity available to ALFI members until the deadline date of 9th March 2012. Click here for the agreement form.

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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4.

Other event

2 March 2012: ABIAL (formerly CCAB) Investment Fund Industry Professional Practice Update

ABIAL, the Association of British and Irish Accountants in Luxembourg, (formerly CCAB), is organising a Professional Practice Update, which will take place at the Chamber of Commerce, 7, rue Alcide de Gasperi, Luxembourg on Friday, 2nd March 2012 from 8.30 am to 1.30 pm.

ABIAL has created an extensive program that provides a unique opportunity for attendees to hear the views of Claude Kremer of EFAMA and other experienced practitioners on the state of the investment fund industry, legal and regulatory matters, the impact of AIFMD on the fund industry and the views of an independent director on relationships with auditors.

To register, please return the registration form to Karin Ewertz (e-mail: abial.luxembourg@lu.pwc.com or fax to: 49 48 48-2900) by 24th February 2012 at the latest.

Invitation letter

Registration form

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15 March 2012: "Luxembourg and Denmark: Finance and IT Across Borders"

The Danish Embassy in Luxembourg, the Luxembourg Bankers’ Association (ABBL), the Public Research Centre Henri Tudor and Copenhagen Finance IT Region (CFIR) are pleased to invite you to the "Luxembourg and Denmark: Finance and IT Across Borders" conference which will take place at Public Research Centre Henri Tudor on Thursday 15th March 2012.

Invitation letter

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