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    ALFI NewsFlash june 5, 2012    
          in this edition      
    1. Headlines
2. News from ALFI Asia office
3. ALFI brochures
4. ALFI past events
5. ALFI events
6. Other events
     
 
 

1.

Headlines

CSSF: publication of frequently asked questions on the KIID

On 15th May 2012, the Luxembourg supervisory authority, the CSSF, published Key Investor Information Document - Frequently Asked Questions.

The FAQs cover areas such as which regulatory documents are to be taken into consideration when drafting a KIID. Moreover, they provide practical insights into how the regulator will handle certain aspects, for example, regarding the question of how the CSSF will handle the implementation of the KIID during the transitional period until 1st July 2012.

Stakeholders are invited to send further questions to the CSSF, as specified at the end of the document.

Background information: ALFI newsflash of 3th April 2011 and of 18th April 2012.

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ALFI Comments to the IOSCO Consultation Report on Suitability Requirements

On 18th May ALFI commented on the IOSCO Consultation Report on Suitability Requirements with Respect to the Distribution of Complex Financial Products. Topics covered in this paper are among others the classification of retail and non-retail investors, disclosure methods, investor protection means in case of sale of complex products on an unsolicited basis, and  information on the basis of the advice provided by the intermediary.

Read ALFI comments.

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ALFI Comments to the IOSCO Consultation Principles for the Valuation of Collective Investment Schemes

On 18th May ALFI commented on the IOSCO Consultation Principles for the Valuation of Collective Investment Schemes. The consultation report sets out principles which can be utilised in order to assess the quality of regulation and industry practices regarding the valuation of CIS with a view to ensuring the fair treatment of investors.

Read more.

Read ALFI comments.

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Express, the ALFI podcast

Watch the lastest episodes of Express, focused on Responsible Investing.

To subscribe to Express, please send an email to registrations@alfi.lu.

View ALFI’s podcasts and other videos also on ALFI Youtube channel!

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European Parliament: opinion on the proposed Financial Transaction Tax

On 23rd May 2012, the European Parliament adopted its (non-binding) opinion on the proposed financial transaction tax (FTT).

The tax rates proposed by the Commission (0.1% for shares and bonds and 0.01% for derivatives) are considered suitable and pension funds should be the only sector exempted from the tax.

Read more.

Background information: ALFI Newsflash of 11 May 2012
 

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EFAMA: Letter to Indian Government on provisions of the Finance Bill

The European Fund and Asset Management Association (EFAMA) sent a representation letter to the Indian Minister of Finance expressing its concerns regarding the potential impact of the provisions in the Indian Finance Bill 2012 relating to the (retroactive) taxation of indirect transfer over Indian shares. As changed, the Tax Act would deem any capital gains arising from the transfer of shares or interest in an offshore company as a taxable transfer within India if the shares or interest derived, directly or indirectly, its value “substantially” from the assets located in India. This new rule would reach back to all transactions that have occurred in the past 50 years.
 

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EFAMA publishes Annual Asset Management Report: Facts & Figures in Europe

The European Fund and Asset Management Association (EFAMA) has today published EFAMA’s Fifth Annual Review Asset Management in Europe: Facts & Figures, using data as at end 2010. This review provides a snapshot of the industry looking at its overall size, general structure, asset allocation and client base.

Press release.

Asset Management Report 2012.

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ESMA 2012 regulatory work programme

ESMA’s annual regulatory programme aims to provide information on the planned technical standards, technical advice and guidelines & recommendations to be issued by ESMA in 2012.

Read more.

Background information: ALFI newsflash of 6th January 2012

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IOSCO consultation on certain internal controls and procedures of credit rating agencies

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a consultation report entitled “Credit Rating Agencies: Internal Controls Designed to Ensure the Integrity of the Credit Rating Process and Procedures to Manage Conflicts of Interest”. This Consultation Report describes certain internal controls and procedures that credit rating agencies (CRAs) use to promote the integrity of the credit rating process and address conflicts of interest, with a view to promoting a better understanding of these practices. The views of stakeholders and CRAs on these questions will assist the IOSCO with further analysis of the internal controls and procedures used by CRAs.

Read more.

Code of Conduct Fundamentals for Credit Rating agencies.

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13-17 May 2012: IOSCO's 37th Annual Conference

During its 37th Annual Conference in Beijing, IOSCO further progressed its contribution to the international regulatory reform agenda. 

The meeting also marked important changes to IOSCO's structure intended to stream-line its organisation and decision-making, and bring about greater effectiveness and inclusiveness.

Press release.
 

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LFF Mediawatch

Please find the new LFF Mediawatch, covering the period from 1-15 May, 2012.

In this issue:

  • Luc Frieden on the latest France 2 and BBC reports
  • Luxembourg and Austria against EU effort to open savings tax talks
  • IMF Luxembourg Country Report.
     

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2.

News from ALFI Asia office

Mainland China: CSRC amends the securities investment fund management approach

On May 4th the China Securities Regulatory Commission (CSRC) announced its decision to amend two articles of the “securities investment fund management approach”.

Suggested changes include: relaxing investment restrictions (asset allocation, type of investment, etc.), easing the process of QFII applications & quotas, allowing new funds, under certain conditions, to raise only RMB 50 million instead of RMB 200 million, or allowing multiple fund applications at a time.

The decision can be found on the CSRC website and is open to the public for comment.
 

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Singapore: MAS amends the regulatory requirements governing the marketing & sales of listed & unlisted investment products

On May 9th the Monetary Authority of Singapore announced its decision to revise the regulatory requirements governing the marketing & sale of listed & unlisted investment products.

One proposal is that marketing & sales rules will be relaxed when Singaporean intermediaries are able to determine that an investment product, listed on a foreign exchange, or a foreign collective investment scheme does not present complex features (e.g. use financial derivatives or securities lending).

The MAS announcement can be found on the official website and is open to the public for comment. Final changes will take effect in October 2012.

Press release.
 

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Singapore: MAS draft for an Asian fund passport

The Monetary Authority of Singapore (MAS) has issued a draft proposal for a "mutual recognition framework" for retail collective investment schemes under the initiative of the Association of South-East Asian Nations (ASEAN).

Consultation Paper.
 

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3.

ALFI brochures

European Responsible Investing Fund Survey

     

The “European Responsible Investing Fund Survey” was presented on the occasion of the ALFI Responsible Investing Conference - Making a difference on 10th May. This survey gives a snap shot of the European Responsible Investing Fund universe, including the size of the market, category of investments and the domicile of such funds. The study was designed by members of the ALFI Responsible Investing Technical Committee and carried out by KPMG Luxembourg.

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4.

ALFI past events

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

HHRRHH the Grand Duke and the Grand Duchess of Luxembourg with Luc Frieden, Minister of Finance, Luxembourg.

On 10th May 2012, the Association of the Luxembourg Fund Industry (ALFI), together with LuxFLAG, organised its first Responsible Investing Conference in the presence of HHRRHH the Grand Duke and the Grand Duchess of Luxembourg and the Minister of Finance, Mr. Luc Frieden. The conference, which results from the merger of ALFI’s former Microfinance and Socially Responsible Investment conferences, was the first of its kind in Luxembourg and addressed all the dimensions of responsible investing.

More than 200 delegates from 14 countries participated. The Chairman of ALFI, Marc Saluzzi, explained that the objective of ALFI in organising this conference was to “further increase the market attention and momentum around the concept of responsible investing”.
HRH the Grand Duchess opened the event with a keynote speech. She assured the audience of her personal support to the development of responsible investment in Luxembourg and worldwide. Numerous renowned panellists participated in the event to highlight the opportunities that responsible investments offer. During the conference, there was a presentation of a study, which ALFI had commissioned from KPMG, to illustrate the current state of the industry. (Please refer to the section ALFI brochures).
 

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23 May 2012: ALFI Conference London

Luc Frieden, Minister of Finance, Luxembourg.

Almost 800 fund industry professionals registered for the eighth edition of the conference that was opened by H.E. Luc Frieden, the Luxembourg Minister of Finance. Mr. Frieden confirmed that “the implementation of the AIFMD into Luxembourg law was imminent. He added: “In order to exploit the full potential of the directive, we are going to implement not only the directive, but have added a number of provisions to facilitate and frame the development of the alternative industry as a whole”. While the Grand-Duchy aimed to be the first European country to transpose the directive, it is now going one step further and plans to adopt a ‘legal package’, including tax provisions and reforms of Luxembourg company law, to accommodate a very diversified and international alternative investment fund community. ALFI was an active contributor to the legal and regulatory efforts that have been made on this over the past few months.

The programme, presentations and pictures of the day can be seen here.
 

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5.

ALFI events

ALFI confirmed events

ALFI events calendar.

ALFI endorsed events calendar.

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13-15 June 2012: ALFI Roadshow to the US (Boston & New York)

Please inform your clients and contacts in the US!

13th June – half day afternoon seminar at the Mandarin Oriental Hotel, Boston

15th June – half day morning seminar at the Pierre Hotel, New York

Programme & Registration: click here.

Participation is free of charge.

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3 July 2012: ALFI Leading Edge Conference – the impact of the AIFMD on Hedge Funds – endorsed by AIMA

Programme on line: click here.

To register: click here - only £250 for ALFI & AIMA members for registrations made and paid by 8th June!

Sponsorship opportunity: click here.

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17 September 2012: ALFI Golf Tournament

This annual event, at Kikuoka Country Club, takes place on the day before the ALFI Global Distribution Conference and profits are donated to a charity of ALFIs choice. Places are reserved for conference participants and ALFI members.
 

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18-19 September 2012: ALFI Global Distribution Conference

The programme for the 21st edition of this conference is now online! Click here.

Registration – special early bird discount for registrations made and paid by 13th July! Click here.

Click here to see the sponsorship and exhibition opportunities available!

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6.

Other events

7 June 2012: ILA Conference" Board performance & Board review "

The Institut Luxembourgeois des Administrateurs (ILA) and the Luxembourg Stock Exchange are pleased to invite you to the conference « Board performance and Board review » which will take place on Thursday 7th June 2012 at the Chambre de Commerce, Luxembourg.

Invitation.

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10-12 June 2012: 8th Annual ACAMS AML/CTF Conference

The 8th Annual ACAMS European AML/CTF Conference will take place in the Netherlands on 10-12 June at the Hotel Okura Amsterdam.

ALFI members are entitled to a EUR 200 discount off the standard conference price.

Invitation.

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20 June 2012: Breakfast seminar: What future for the Euro and the Investment Fund Industry

The European Chamber of Commerce in Hong Kong, thanks to EU funding (EU Business Information Programme) and the Association of the Luxembourg Fund Industry are delighted to invite you to a breakfast seminar on “EU Investment Funds: What future for the Euro and the Investment Fund Industry? Latest update from the regulatory landscape" which will take place on 20th June 2012 in Hong Kong.

Invitation.

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

The Luxembourg supervisory authority of the financial sector (CSSF) will have the honour of officially hosting the Annual Conference of the International Organisation of Securities Commissions (IOSCO) from Sunday, 15th to Thursday, 19th September 2013.

For more information, such as the preliminary programme, sponsorship opportunities or subscription to regular news updates please visit the events  website www.iosco2013.lu.

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