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    ALFI NewsFlash july 13, 2012    
          in this edition      
    1. Headlines
2. Past events
3. ALFI events
4. Other events
     
 
 

1.

Headlines

Express, the ALFI podcast

Watch the latest episodes of "Express, the ALFI podcast":

Episode 32:  AIFMD will create opportunities for service providers to private equity and real estate funds, by Gilles Dusemon  of Arendt & Medenach.

Episode 31:  impact of AIFMD on depositories and hedge funds, by Michael Ferguson of Ernst & Young.

Episode 30: The KIID introduces transparency and comparability to the fund-buying process for the first time, by Mr. Noel Fessey of Schroders Investment Management.

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

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

Please note that during summer holidays, ALFI will not produce podcasts. Next podcast is scheduled on 25th September 2012.
 

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ALFI’s and EFAMA's comments to the IOSCO consultation report on principles for the regulation of exchange traded funds

On 27th June 2012, ALFI responded to IOSCO’s Consultation report on principles for the regulation of Exchange Traded Funds.

ALFI's response.

EFAMA's response.

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CSSF Circular 12/540 on unlaunched sub-funds, sub-funds waiting to be reactivated and sub-funds in liquidation

On 9th July 2012, the CSSF published Circular 12/540 on un-launched sub-funds, sub-funds waiting to be reactivated and sub-funds in liquidation. This Circular applies to UCIs subject to the law of 17th December 2010 and specialized investment funds subject to the law of 13th February 2007.

Read more.

The CSSF circular can be accessed here.
 
 

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European Commission issues proposed legislation on UCITS V

On 3rd July 2012, the European Commission published a revision of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS V).

Read more.

Proposal for a directive amending Directive 2009/65/EC (Provisional version).

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European Commission issues proposal for a regulation on key information documents for investment products

On 3rd July 2012, the European Commission presented a proposal for a regulation of the European Parliament and of the Council of the EU on key information documents (KID) for investment products. These products – which include investment funds, structured products and certain types of insurance contracts used for investment purposes – are usually offered to retail investors by their bank when they want to make an investment. They are often complicated and information about them is written in a quite technical way or presented so it is difficult to compare different investments. The Commission fears that consumers can fail to properly appreciate the risks, costs or features of these products. The rationale behind this initiative is therefore to avoid financial losses for the investor, and a wider loss of confidence in the retail investment markets.

Together with other associations, the European Fund and Asset Management Association signed a press release titled “PRIPs regulation must put the interests of investors first, say European investors, users of financial services, financial advisers, asset managers and life insurance companies operating cross-border”.

-    Press release
-    Text of the proposal (provisional version)
-    Impact assessment (full text)
-    Impact assessment (summary)
-    FAQ document

Read more.

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European Commission sets up VAT Expert Group

The European Commission has decided to set up a group of experts on value added tax, the VAT Expert Group.

The new Expert Group will:

  • advise the Commission on the preparation of legislative acts and other policy initiatives in the field of VAT;
  • provide insight concerning the practical implementation of legislative acts and other EU policy initiatives in the field of VAT.

Read more.

Communication on the future of VAT.

Call for applications.

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Final European Market Infrastructure Regulation (EMIR) text adopted by Council

The EU Council published the final text of the Regulation on over-the-counter derivatives, CCPs and Trade Repositories (also known as the European Market Infrastructure Regulation (EMIR)) which was adopted on 4th July 2012.

Read more.

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ESMA publishes its first Annual Report

The European Securities and Markets Authority (ESMA) has published its Annual Report 2011. The report provides an overview of the first year of ESMA’s operations since its creation on 1st January 2011. Additionally, it sets out ESMA’s Work Programme for 2012.

Some of the main areas for work in 2012 include:

  • Short selling;
  • European Market Infrastructure Regulation;
  • Alternative Investment Fund Managers Directive;
  • Directive and Regulation on Markets in Financial Instruments; and
  • Credit ratings agencies.

Annual report.

Press Release.

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ESMA's feedback statement concerning empty voting

In September 2011, ESMA launched a call for evidence on empty voting to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action.

An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence at present to justify any regulatory action at the European level at present.

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ESMA proposes remuneration guidelines for alternative investment fund managers

On 28th June 2012, ESMA published a consultation paper on proposed Guidelines on remuneration of alternative investment fund managers (AIFMs).

ESMA’s future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds. These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.

Read more.

Consultation paper.
 

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ESMA publishes MiFID guidelines

Following earlier consultations ESMA has published two final reports setting out guidelines on the suitability of investment advice under the Markets in Financial Instruments Directive (MiFID) and guidelines on certain aspects of compliance function requirements under MiFID.

Read more.

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ESMA publishes Q&A on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS

ESMA has published a Q&A on "Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS" (ESMA/2012/429) in order to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures.

The content of this document is aimed at competent authorities under UCITS to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, the answers are also intended to help UCITS management companies by providing clarity as to the content of the UCITS rules, rather than creating an extra layer of requirements.

ESMA intends to edit and update the Q&A document on a continual basis as and when new questions are received.
Questions on the practical application of any of the requirements of the guidelines on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS (Ref. CESR/10-788) may be sent to the following email address at ESMA: riskmeasurement@esma.europa.eu

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ESMA publishes Q&A on the notification of UCITS and exchange of information between competent authorities

On 9th July 2012, ESMA published a Q&A on the notification of UCITS and exchange of information between competent authorities. The purpose of this document is to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the UCITS framework.

Read more.

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EFAMA's reply to ESMA's discussion paper on Proxy Advisors

Please find EFAMA’s reply to ESMA Discussion Paper "An overview of the Proxy advisory Industry. Considerations on Possible Policy Options".

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EFAMA and other European associations' joint high level letter on the VAT treatment of financial services

In May 2012, EFAMA and other European associations drafted a joint high level letter focusing on the debate on the VAT treatment of financial services. This joint letter was submitted to the Danish Ministers for Taxation, and for Economic Affairs and the Interior (as well as to some representatives of the Cypriot Government). 

On 18th June 2012, EFAMA received a response from Margrethe Vestager, the Danish Minister for Economics and the Interior.

Background information:
ALFI Newsflash of 11th May 2012.

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BCBS-IOSCO consult on margin requirements for non-centrally-cleared derivatives

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) have published a consultative paper on "Margin requirements for non-centrally-cleared derivatives".

Press Release.

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IRE Council technical note: tableau synoptique amendé - Mission des Réviseurs d'entreprises agréés

Please find IRE Council updated technical note "tableau synoptique amendé - Mission des Réviseurs d'entreprises agréés".

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LFF Mediawatch

Please find the latest LFF Mediawatch, covering the period from 16-30 June 2012.

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2.

Past events

3 July 2012: ALFI Leading Edge Conference – Impact of the AIFMD on Hedge Funds

The 3rd conference in a special series examining the impact of the AIFMD on the different asset classes, endorsed by AIMA, welcomed over 150 participants to a full-day event. This one-day conference was entirely dedicated to the Hedge Funds arena and combined thorough legal and regulatory analysis, highly topical market research and practical insights. Hence it provided a perfect platform for all industry stakeholders willing to align their Hedge Fund strategies with leading-edge, industry developments.

View pictures from the event here.

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3.

ALFI events

ALFI confirmed events

ALFI events calendar.

ALFI endorsed events calendar.

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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.

How to register to play: an electronic invitation will be sent out to all ALFI members and ALFI Global Distribution Conference registrants by the end of July. The cost is EUR 250 per player and EUR 200 per beginner.

Contact: events@alfi.lu
 

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18-19 September 2012: ALFI Global Distribution Conference

Click here to see the updated version of the programme.

Last day to benefit from the special early bird discount! Click here for more information.

You still have time to become an exhibitor! Click here to see the sponsorship and exhibition opportunities available!

 

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New! 24-27 September 2012: Asia Roadshow (Tokyo, Hong Kong, Singapore)

Fund industry seminars organised by ALFI will take place as follows:

  • Monday 24th September: 09.00am – 12.30pm  - Tokyo seminar
  • Tuesday 25th September: 2.00pm – 5.30pm -  Hong Kong seminar
  • Thursday 27th September: 09.00am – 12.30pm -  Singapore seminar

If you are interested in participating in this roadshow please let us know at events@alfi.lu before the end of July.
ALFI is offering sponsorship – click here for details – deadline Friday 3rd August!
 

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4-5 October 2012: Swiss Roadshow (Zurich & Geneva)

  • Zurich 4th October - Zurich Marriott Hotel
  • Geneva 5th October - Grand Hotel Kempinski

Presentations will be in German & French respectively and entry is free of charge.

Sponsorship open to ALFI members for a cost of between EUR 4,500 minimum and EUR 6,000 maximum +VAT. The final cost of sponsorship depends on the final number of sponsors and participants.
If you would like to sponsor this roadshow, kindly complete the agreement form and return it to ALFI by Tuesday 17th July 2012.
 

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New! 19 October 2012: ALFI Investment Fund Seminar in Santiago de Chile

On the occasion of the official mission to Latin America led by Minister Frieden (organised by Luxembourg for Finance) during the week of October 15th-18th, ALFI will organise a specific fund industry seminar in Santiago de Chile on 19th October.

Provisional Mission Programme

  • Monday 15th October: 10.00am-1.00pm: LFF financial seminar in Mexico
  • Wednesday 17th October: 9.30am-12.30pm: LFF financial seminar São Paolo
  • Thursday 18thOctober: 9.30am-12.30pm: LFF financial seminar Rio de Janeiro

(Each of the seminars above will include a 45 minute panel on investment funds organised by ALFI)

  • Friday 19th October: 09.00am -12.30pm: ALFI Investment Fund Seminar, Santiago de Chile  (this seminar will include two panels organised by ALFI - programme to be defined)

ALFI is offering sponsorship to members for the seminar in Chile at a cost of between EUR 2500 and EUR 3500. The final amount is based on the final number of participants and sponsors.

Click here  for the agreement form and return it to events@alfi.lu by the deadline date of Friday 3rd August.
Participation: If you are interested in joining the Santiago de Chile seminar, kindly email us at events@alfi.lu before the end of July.

 

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12 November 2012: Frankfurt Roadshow

Hotel Hilton Frankfurt

Presentations will be in German and entry is free of charge.

Sponsorship open to ALFI members for a cost of between EUR 4,000 minimum and EUR 5,000 maximum +VAT. The final cost of sponsorship depends on the final number of sponsors and participants.
If you would like to sponsor this roadshow, kindly complete the agreement form and return it to ALFI by Monday, 31st August 2012.
 

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14 November 2012: TA Forum

Save the date! More information will be provided in due course.

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20 & 21 November 2012: ALFI European Alternative Investment Funds Conference

Open for sponsorship & exhibition! Click here for the opportunities available! Sponsorship deadline is 10th August 2012!

For more information, please click here.
 

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4.

Other events

6 September 2012: Forum on "How do financial centres contribute to the wider economy?“

The Forum "How do financial centers contribute to the wider economy" will take place in the Netherlands on 10th-12th June at the Hotel Okura Amsterdam.
 
Please confirm your participation by email (registration@financialcentres.eu), fax (+49 89 54 90 45 31) or via our website by Monday, 3rd September 2012.

Invitation.
 

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13 Septembre 2012: meeting with Turkish compagnies & Economic Forum

The Chamber of Commerce of the Grand-Duchy of Luxembourg is delighted to inform you that a Turkish delegation led by Mr. Zafer Çaglayan, Republic of Turkey Ministry of Economy, will visit Luxembourg on September, 17th 2012. 

On this occasion, Luxembourgish compagnies are invited to join meetings with Turkish compagnies and to an economic forum.

For more information, please e-mail: international@cc.lu

Subscription form.

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15 November 2012: 4th European Microfinance Award Ceremony

The European Microfinance Platform, the Luxembourg Round Table on Microfinance and the Ministry of Foreign Affairs of the Grand-Duchy of Luxembourg are very pleased to invite you to the 4th European Microfinance Award Ceremony.

A formal invitation will be sent to you in October upon registration at www.lrtm.lu.

Save the Date.
 

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

As you may have heard, Luxembourg has been selected to host the 38th Annual Conference of the International Organization of Securities Commissions (IOSCO) in 2013. The event will take place from 15th to 19th September 2013 at the Nouveau Centre de Conférence at Kirchberg and it is considered a great opportunity for Luxembourg not only to reflect its position as a globally important international financial centre, but also as a small but attractive country in the heart of Europe.

As the host regulator, the Commission de Surveillance du Secteur Financier (CSSF), would like to ask for your support to make this high-level conference a success. The event is now open for sponsorship, which offers the exclusive opportunity to meet the international regulatory community during the conference days reserved for IOSCO members.

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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