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    ALFI Newsflash october 25, 2012    
          in this edition      
    1. Headlines
2. ALFI upcoming events
3. ALFI past events
4. ALFI brochures
5. LFF events
6. Other events



ALFI replies to the EC Consultation Document on UCITS product rules, liquidity management, depositary, money market funds

Please click here to read the document.

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UCITS Simplified Notification Procedure – practical issues

The ALFI UCITS IV Simplified Notification Procedure sub-working group has been monitoring the implementation of the UCITS IV Directive’s notification provisions since 2009 and has established a list of  practical questions related to both the outward passporting and the inward passporting of UCITS to and from Luxembourg.

Latest version of this inventory.

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European Commission: enhanced cooperation on financial transaction tax

On 23rd October 2012, the European Commission adopted a proposal for a Council Decision, confirming that the ten Member States (DE, FR, AU, BE, PT, SI, EL, IT, ESP, SK) that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met. The proposal aims to outline how a common FTT applied by a core group of Member States would be both timely and beneficial.

Council Decision.

Press release.

Q&A document on enhanced cooperation.

On 9th October 2012, the ECOFIN Council was informed that eleven Member States had either already submitted requests to the Commission for a proposal to introduce a financial transaction tax via enhanced cooperation (Belgium, Germany, Greece, France, Austria, Portugal and Slovenia), or were planning to do so shortly (Estonia, Spain, Italy and Slovakia).

Press release.

Background information:
ALFI newsflash of 5th June 2012.

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EU Commission adopted Single Market Act II: Twelve priority actions for new growth

On 3rd October 2012, the European Commission adopted the Single Market Act II: a set of twelve priority actions for new growth. The new set of actions focuses on integrated networks, the cross border mobility of citizens and businesses, the digital economy and actions that reinforce social entrepreneurship as well as cohesion and consumer confidence.

One of its key actions is to boost long-term investment in the real economy by facilitating access to long-term investment funds. The Single Market Act II follows in the footsteps the first set of measures adopted by the Commission in April 2011 – the “Single Market Act I” – and represents a new chapter in a process towards a deeper, and better integrated single market. Adoption of Single Market Act II marks the 20th anniversary of the EU’s single market and kicks off the Single Market Week (15th-20th October 2012).

The Single Market Act

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IOSCO Publishes Principles for Oil Price Reporting Agencies

The Board of the International Organization of Securities Commissions published its final report on Principles for Oil Price Reporting Agencies (PRAs), which sets out principles intended to enhance the reliability of oil price assessments that are referenced in derivative contracts subject to regulation by IOSCO members.

Read more.

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The State of Microfinance Investment 2012: MicroRate's 7th annual survey and analysis on MIVs

MicroRate's 7th annual survey and analysis of microfinance investment vehicles (MIVs) is based on interviews with MIV managers and a survey of the 102 active MIVs with total assets under management of $7.5 billion (as of December 2011).

The report was sponsored by Citi Microfinance, the European Investment Bank, LuxFLAG, and the Luxembourg government.

Read more.


Press release.

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ALFI supports Luxembourg Students’ Annual Meeting REEL

The 28th edition of the Réunion Européenne des Étudiants Luxembourgeois (REEL) took place this year in Aachen, Germany from 11th to 14th October 2012.

Each year, this annual event gathers over 150 Luxembourg students currently spread in universities all across Europe and aims at discussing common issues facing Luxembourg students as well as relations between universities and the political and economic world.

For further information, please visit www.reel.lu.

Picture gallery.

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Express, the ALFI podcast

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

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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LuxFLAG now labels thirty funds

LuxFLAG is pleased to announce that two new Environment Funds have been granted the LuxFLAG Environment Label. These are the Living Planet Fund - Global Environment and Parvest Global Environment.

Five Environment Funds have been granted the LuxFLAG Environment Label as of October 2012, representing approximately USD 478 million in Assets under Management.

Press release.

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ALFI upcoming 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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12 November 2012: Frankfurt Roadshow

Monday 12th November:  08.00 am - 12.30 pm - Hotel Hilton Frankfurt

Investment Fund Seminar with 3 parallel workshops in German language, covering the following topics:

  • News from Luxembourg
  • Notes on the implementation of the Directive on Alternative Investment Fund Managers (AIFMD)


  • Practical implications of the new rules on UCITS and alternative investment funds (AIF)
  • Solutions under the AIFMD for private equity, real estate and hedge funds
  • Real estate fund structures 2012

We kindly request your support in informing your colleagues and contacts in Germany that may be interested in attending. Participation is free of charge.

Click here for the event webpage with programme and registration details.

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14 November 2012: ALFI TA Forum

The key theme of the ALFI TA & Distribution Forum 2012 edition will be: Getting back to basics in a sea of regulatory and industry developments.
This free one-day event (for ALFI members only) will allow us all to share the key subject matters that continuously transform and enhance Luxembourg's Global TA and the evolving Global Distribution Support Services operating models.
This year, we will consider the influence that key regulatory and industry events have on the way we conduct TA and Distribution Support Services' business and how we are shaping and developing capabilities to be ready and aligned with the ever changing face of the global fund industry.

We will discuss how Luxembourg fund industry players are dedicated to ensure the ease of doing business in Luxembourg-domiciled funds amidst the sea of regulatory impacts and industry developments affecting us all today.

Programme online! click here.

To Register: you should have received a personal email invitation from ALFI on 25th October with your registration access. If not please email us at events@alfi.lu.

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16 November 2012: ALFI Breakfast Seminar on AIFMD in New York

An ALFI breakfast seminar focusing on the Alternative Investment Managers Directive (AIFMD), which will transform the way that the global hedge fund industry operates.

This interactive session which will provide valuable insights into the latest developments on AIFMD, examining issues such as: how can US managers continue to raise capital in Europe? and what are the operational solutions for implementing the Directive effectively? AIMFD, a European Union Directive, changes the landscape for how alternatives firms attract and manage their assets, and managers face a number of challenges to succeed in the new environment.  An experienced panel of experts assembled for the ALFI seminar will outline these challenges and demonstrate how they can be addressed to the benefit of fund managers.

Programme/Invitation: click here.

To Register: click here (participation is free of charge).

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

The conference will offer two days of presentations and panel discussions on the latest news and trends in the alternative investment industry and specialised workshops on Hedge Funds, Real Estate and Private Equity.

Full programme online! Click here.
Click here for more details including registration.

Exclusive discussions and update about the conference will also be posted on ALFI's Twitter account, ALFI's blog and ALFI's LinkedIn Group.

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11 December 2012: AIFM Directive level 2 conference – Implementation measures - A leading edge conference

With Level 2 technical guidance due imminently and Luxembourg transposition bill of law submitted to the Chamber of Representatives on August 24th 2012, ALFI is pleased to host a new Leading Edge Conference fully dedicated to analysing the latest developments in the implementation of the AIFM directive and their consequences for the industry.

This one day conference will combine thorough legal and regulatory analysis, highly topical research and practical insights, to provide a perfect platform for all industry stakeholders willing to align their strategies and practice with leading edge industry developments.

The conference will be a unique opportunity to hear from and exchange views with industry leading experts on:

  • Latest update on level 2 measures and national transpositions
  • Exploring the implications of the new delegation rules
  • How to structure your business or your products
  • The evolving role of the Depositary function under the AIFMD
  • Addressing the challenges of remunerations guidelines
  • Examining leverage and transparency requirements
  • Challenges and opportunities for Luxembourg

Programme: coming soon!

Registration/sponsorship: click here.

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ALFI past events

24-27 September 2012: Asia Roadshow

A delegation of industry specialists from Luxembourg led by ALFI General Director, Camille Thommes, travelled to Tokyo, Hong Kong and Singapore to present the most recent developments on the Luxembourg scene to a total of 800 industry players.

The seminars focused on the latest regulatory changes in the UCITS Directive and the AIFMD, as well as featuring the most recent trends in terms of global distribution in a regulated environment. The seminars also included the testimonials of high-level local experts: Eriko Sakata, Counsel, Linklaters in Tokyo, Siu-chan Kwan, Co-Head of Client Sales Management at Citi Transaction Services Asia Pacific in Hong Kong, and Diana Senanayake, Managing Director at RBC Investor in Singapore.

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4-5 October 2012: Switzerland Roadshow

This year, 249 attendees in Zurich and 200 in Geneva followed the presentations with great interest and in a very interactive way.

Each seminar began with an update on regulatory changes in Luxembourg followed by a session on the implementation of the AIFMD and its impact on existing Alternative Investment Fund structures.

After a networking break the seminars split into three workshops:

  • practical implications of the AIFMD on UCITS and Alternative Investment Funds
  • Structuring Solutions within the AIFMD for PE, RE and Hedge Funds
  • Responsible Investing Structures

The seminars finished with a networking buffet lunch.

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19 October 2012: Santiago de Chile Roadshow

At the end of the week of the LFF roadshow to Latin America (Mexico and Brazil), ALFI organised its first seminar in Santiago. This seminar attracted more than 100 attendees.

After introductions by both ALFI's chairman and a representative of the Chilean mutual fund association, a first panel focused on UCITS, the recent trends global distribution as well as the Luxembourg fund center market infrastructure. This panel featured José Manuel Silva, Partner & CIO of LarrainVial as guest speaker. A second panel gave an update on the latest European and International regulatory development. This panel featured a local lawyer, Carolina Philipps, from Guerrero Olivos Novoa Errázuriz, who gave an regulatory update on Chile and commented on the European developments.

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ALFI brochures

"Faire carrière dans les fonds d’investissement" brochure

Luxembourg investment funds are distributed in more than 70 countries and regions around the world. This makes Luxembourg the leading global centre for the cross-border distribution of investment funds. The sector employs some 13,000 professionals and accounts for 10% of the government's tax revenues.

The rapid growth the fund industry sector has seen in recent years has given rise to a broad range of service providers specialising in investment funds.

In this context, ALFI is pleased to publish its brochure "Faire carrière dans les fonds d’investissement" aimed at presenting the wide range of carreers in the sector.

"Faire carrière dans les fonds d’investissement" brochure (available in English soon).

To order copies, please contact info@alfi.lu.

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Investment Management: Setting-up an investment fund in Luxembourg

ALFI is pleased to publish its updated brochure Investment Management: Setting-up an investment fund in Luxembourg.

To order copies, please contact info@alfi.lu

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LFF events

14 November 2012: Paris - Luxembourg: relancer ensemble la croissance européenne

Luxembourg for Finance, in collaboration with Paris Europlace, would like to invite you to its seminar organised on 14th November 2012 in Paris.

If you would like to participate, please contact Violaine Mathurin (violaine.mathurin@lff.lu).

Invitation (morning seminar)

Invitation (afternoon seminar)

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5 December 2012: LFF Roadshow to Milan

The Agency Luxembourg for Finance, in cooperation with the Camera di Commercio Italo-Lussemburghese, would like to invite you to its financial seminar in Milan on 5th December 2012.

Invitation letter.

LFF registration form.

Hotel reservation form.

If you are interested, please return the registration form directly to Luxembourg for Finance before 26th October  2012 (Ms Sophie Henry, fax: 27 20 21 399 or sophie.henry@lff.lu ).

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14-18 January 2013: LFF Asia Tour 2013

The Agency Luxembourg for Finance will organise a financial mission to Hong Kong, Beijing and Shanghai led by H.E. Luc Frieden, Minister of Finance and Chairman of Luxembourg for Finance.

The mission programme will be as follows:

  •     14th-15th January 2013 : Asia Financial Forum, Hong Kong with LFF workshop
  •     16th January 2013 : Seminar in Beijing
  •     18th January 2013: Seminar in Shanghai


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Other events

7 November 2012: EFAMA Investor Education Day

EFAMA is pleased to invite you to its first Investor Education Day on 7th November 2012 in Brussels.

The overall objective of this free of charge event is to raise awareness about investor education by sharing best practices in investor and financial education in the European Union.


Registration form.

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23 November 2012: IIA Luxembourg Conference: "The State of Internal Audit - A 360 degree Review"

The Institute of Internal Auditors Luxembourg is delighted to invite you to the official invitation to the one-day conference "The State of Internal Audit – A 360 degree Review", which will be held on 23rd November 2012 in Luxembourg (Novotel Kirchberg).

This conference will be an unique opportunity for internal auditors to hear the views, perspectives and expectations from key stakeholders from outside the auditing profession.


Registration form.

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


As you may know, Luxembourg has been selected to host the 38th Annual Conference of the International Organization of Securities Commissions (IOSCO) in 2013.  We think you should not miss this unique event that offers exceptional opportunities to gain exposure to an international high level audience.

IOSCO Annual Conferences generally attract between 700 and 850 participants from around the world with some 60% regulators or self-regulatory organisations and the rest being other industry professionals, such as fund managers, banks, law firms, auditors, governments, finance associations, academics, national and international press.

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 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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