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



ALFI‘s and EFAMA’s reply to ESMA’s consultation on technical standards for the Regulation on OTC Derivatives

The European Securities and Markets Authority (ESMA) launched on June 25th a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which is aimed at improving the functioning of OTC derivatives markets in the European Union. 

ALFI's comments.

EFAMA's comments.

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Draft law transposing the AIFMD submitted to Parliament

On 24th August, Luxembourg submitted a draft law to Parliament to transpose the AIFMD. 

The draft law 6471 can be read by clicking here (in French only).

ALFI’s press release (English, French and German).

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UCITS V – indicative date for European Parliament plenary session

An indicative date for the European Parliament plenary sitting to consider the proposed Directive amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions has been set for 12th March 2013.

Read more.

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ECON reports on shadow banking

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a draft report on shadow banking.

Read more.

Draft Report on Shadow Report.

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Publication of final versions and translations of the legislative proposals on UCITS V, PRIPs KID and IMD

On 3rd, July 2012, the EU Commission proposed legislation to improve consumer protection in financial services and published provisional versions of two directives and one regulation.

The final versions and translations of the three legislative proposals are now available and are accompanied by summaries.

Read more.

Background information:

ALFI newsflash of 13th July 2012


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European Commission: consultation on tax problems linked to cross-border venture capital investment

The European Commission launched a public consultation in order to collect factual evidence of the direct tax problems that arise when venture capital is invested across borders.

Read more.

Press release.


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European Commission's consultation on a future framework for investment funds

On 26th, July 2012, the Commission has released a consultation on a future framework for investment funds, namely UCITS.

Read more.

Responses to this wide-ranging consultation have to be submitted by 18th, October 2012 at the latest.

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ECJ decision case C-44/11 "Deutsche Bank AG": VAT treatment of discretionary portfolio management services

On 19th, July 2012, the European Court of Justice decided on the value added tax treatment of discretionary portfolio management services. The Court decided that the services at stake were to be seen as one single supply, which is subject to VAT and not exempt. This decision could have an impact for all the asset managers (and their clients) providing such kind of services.

Judgement of the Court.

Background information:
ALFI newsflash of 19th September 2011.

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FATCA: US Treasury releases model intergovernmental agreement

On 26th, July 2012, the U.S. Department of the Treasury published a model intergovernmental agreement (model agreement) to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA).

Read more.

Related information:

Joint communiqué by France, Germany, Italy, Spain, the UK and the US.

Model intergovernmental agreement to improve Tax Compliance and to implement FATCA (reciprocal version).

Model intergovernmental agreement to improve Tax Compliance and to Implement FATCA (non-reciprocal version)

ALFI newsflash of 11th May 2012.

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EFAMA replies to IOSCO principles on liquidity management in collective investment schemes

On 2nd, August 2012, EFAMA published its position paper on IOSCO principles on liquidity management in collective investment schemes.

EFAMA's position paper.

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EFAMA: Letter to Indian authorities on draft GAAR guidelines

Following a representation letter to the Indian Minister of Finance in June 2012, the European Fund and Asset Management Association (EFAMA) submitted the perspective of the European investment fund industry also to the expert committee on General Anti Avoidance Rules (GAAR) whose mission is to “vet and rework” the proposed guidelines.

Read more.

Related information:

Indian Finance Bill 2012.

Letter to the expert committee.

ALFI newsflash of 5th June 2012.

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ESMA responds on shadow banking

ESMA published its response to the Commission’s consultation on shadow banking. It broadly agrees with many of the views and opinions the Commission expresses in the consultation.

Read more.

Reply of ESMA to the European Commission’s Green Paper on Shadow Banking.

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ESMA publishes guidelines on ETFs and other UCITS issues

On 25th, July 2012, the European Securities and Markets Authority (ESMA) published guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues.  These guidelines will apply to national securities markets regulators and UCITS management companies.

Read more.

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ESMA consultation paper on the treatment of repurchase and reverse repurchase agreements

On 25th, July 2012, the European Securities and Markets Authority (ESMA) launched a consultation on repo and reverse repo arrangements when used by UCITS.  The draft guidelines provide some flexibility in the type of arrangements into which UCITS may enter but provide adequate safeguards to ensure that UCITS can continue meeting investors’ redemption requests.

Read more.

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CPSS-IOSCO issue consultative report on the recovery and resolution of financial market infrastructures

The Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) published for public comment a consultative report on the recovery and resolution of financial market infrastructures.

Press release.

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CEP study on investor compensation schemes

The CEP (Centrum für Europäische Politik) is one of Germany's leading think-tanks on EU affairs. Upon request from the European Parliament (ECON Committee), the CEP is currently conducting a study on investor compensation schemes (ICS).
Investment firms have received a questionnaire which aims to gather input and feedback on the question of whether the insurance cover of clients of investment firms by ICS can be replaced  -  by cover arranged through private insurance policies taken out by investment firms.

The deadline to respond to this consultation is 30th, September 2012. ALFI encourages its members to fill in the questionnaire in order to help the European Parliament make the right choices.


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New Investment Funds Regulations in the United Arab Emirates

ESCA (Emirates Securities & Commodities Authority) issued Resolution No. 37 of 2012 on Investment Funds on 22nd, July 2012. These new rules will have an impact on the distribution of foreign funds in the UAE as detailed in the third chapter of the Regulation.

Press release (English version).

English version of the law.

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News from ALFI Asia office

People’s Republic of China: amendment to the Securities Investment Funds Law

On 6th, July 2012 the National's People Congress (NPC) published a draft amended Securities Investment Funds Law.
The changes affect the regulation and treatment of private funds, and include the creation of a new fund structure and the expansion of the scope of investments.

The consultation period terminated on 5th, August 2012.

Draft amended Securities Investment Funds Law.

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Singapore: Implementation of enhanced regulatory regime for fund management companies

On 6th, August 2012, the Monetary Authority of Singapore (MAS) announced the implementation of an enhanced regulatory regime for fund management companies (FMCs).

The implementation took effect on 7th, August 2012.

Read more.

MAS press releases.

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ALFI events

ALFI confirmed events


New! ALFI Calendar of Events.

Our brand new events calendar offers you the possibility to have events listed either chronologically or by event category. Check out all up-coming events including the confirmed dates in 2013. We hope you like it!

New! ALFI endorsed events calendar.

Click on the name of the event to get your ALFI member discount code. For information on the endorsed event itself, please refer to the general calendar above.

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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 ALFI's choice. Places are reserved for conference participants and ALFI members.

Click here for the invitation and registration form.

Contact: events@alfi.lu

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18-19 September 2012: ALFI Global Distribution Conference

Already more than 500 people registered and 41 exhibitors confirmed as of today!

Last chance to have your name on the delegates list! Click here to register. 


Event's webpage.

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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: 09.00 am - 12.30 pm  - Tokyo  – Capitol Hotel
  •     Tuesday 25th September: 2.00 pm - 5.30 pm -  Hong Kong  – Grand Hyatt Hotel
  •     Thursday 27th September: 09.00 am - 12.30 pm -  Singapore – Four Seasons Hotel

Click here for the programme and registration. Please note that entry is free of charge.

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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. Please note that entry is free of charge.

Click here for the event webpage.

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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 H.E Minister Luc 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: 10.00 am-1.00 pm: LFF financial seminar in Mexico
  •     Wednesday 17th October: 9.30 am-12.30 pm: LFF financial seminar São Paolo
  •     Thursday 18th October: 9.30 am-12.30 pm: LFF financial seminar Rio de Janeiro

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

  •     Friday 19th October: 09.00 am -12.30 pm: ALFI Investment Fund Seminar, Santiago de Chile

Participation: If you are interested in joining the Santiago de Chile seminar, kindly email us at events@alfi.lu. Please note that entry is free of charge.

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12 November 2012: Frankfurt Roadshow

Hotel Hilton Frankfurt

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

Click here for the event webpage.

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16 November 2012: ALFI Breakfast Seminar in New York Save the date!

ALFI would like to inform you that we are organising this breakfast seminar which will focus on the AIFMD and the related Level II measures. 

In addition, we will cover two other major features of the Luxembourg Bill transposing the AIFMD: the creation of a Limited Partnership structure and clarifications regarding the taxation regime of carried interest. ALFI believes that this will be of particular interest to the Alternative Investment Fund community.
The seminar programme will be put together by ALFI in the coming weeks. Please note that entry is free of charge.
If you would like to sponsor this roadshow, kindly complete the agreement form and return it to events@alfi.lu at your earliest convenience, latest by Friday 21st September 2012 (Please note that entry is free of charge).

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

Full programme online! Click here.

To register, click here.

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12-13 September 2013: ALFI Global Distribution Conference

New days and date! The Conference will take place earlier in 2013, on Thursday 12th & Friday 13th of September, in order to accommodate the IOSCO Annual Conference that CSSF has the honour of hosting in 2013 (details below).

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LFF events

8 october 2012: Luxembourg, Real Estate Investment Fund Vehicles at Expo Real 2012

The Agency Luxembourg for Finance has the pleasure to invite you to its conference "Luxembourg, Real Estate Investment Fund Vehicles", held on Monday, 8th October 2012 at Expo Real 2012.

More information will be available soon.

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8-10 October 2012: ACG European Capital Tour

The Agency Luxembourg for Finance has pleasure to inform you about its participation in the 1st edition of ACG European Capital Tour which will take place from October 8th to 10th, 2012.

If you are interested in participating, we invite you to visit the official website of the event for further information or to contact directly Luxembourg for Finance.

LLF invitation.

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Other events

26-29 September 2012: Official trade mission to the Republic of Tatarstan

We have the pleasure to inform you that the Chamber of Commerce will organise a multi-sectoral trade mission to the city of Kazan in the Republic of Tatarstan. The delegation will be led by H.E. Mr. Jean-Claude Juncker, Prime Minister, and the mission will take place on September 26th-29th, 2012.
If you are interested in participating in the official trade mission to Tatarstan, please contact Mrs. Diana Rutledge/Mr. Niels Dickens at international@cc.lu; fax: +352 43 83 26; tel: +352 42 39 39–335/371.

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28 September 2012: ECFR Conference

On behalf of the editors of the European Company and Financial Law Review (ECFR), the editors of the Revue des sociétés (Dalloz), and the University of Luxemburg, we would kindly like to invite you to the 7th ECFR Symposium, which will take place
in Luxemburg, on 28th September, 2012.


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26 October 2012: T2S and regulations are shaping a new post-trade world - "Seizing the Opportunity"!

ABBL and Deloitte are pleased to invite you to the conference "T2S and regulations are shaping a new post-trade world - “Seizing the Opportunity”!" which will take place on Wednesday, 26th September 2012 at 4.30 p.m. in the Auditorium, BGL BNP Paribas Centre.


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29 October 2012: HKIFA 6th Annual Conference

Hong Kong Investment Funds Association (HKIFA) will be hosting its 6th annual conference on Monday, 29th October 2012 at JW Marriott Hotel Hong Kong. This will be a full day event from 8:50 am to 5:00 pm. 

Under the China's 12th Five-Year Plan, Hong Kong’s fund industry has to innovate rapidly, particularly to further develop itself as the leading offshore renminbi product market and the asset management hub so as to fully capture the potentials. With the theme of "Building Synergy – the Next Phase for the Hong Kong Fund Industry", the HKIFA 6th annual conference looks at how Hong Kong can maintain its vibrancy and maximize the synergistic effect by working closely with the Mainland, especially the fast-growing Shanghai. Also, the potentials provided by the growing product innovations and increasing cross-border activities between the Mainland and Hong Kong's fund industry will be highlighted. 

Members of ALFI can enjoy the member rate to attend the event: HK$3,800 per enrollee
Standard rate: HK$5,000 per enrollee

Registration: Please click here.

Enquiries: Barbara Law of Plus Concepts, T: (852) 8203 6091 or E: hkifa@plus-concepts.com.

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15 November 2012: 4th European Microfinance Award, Luxembourg

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 on 15th November 2012.

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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 Organisation 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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