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    ALFI Newsflash october 31, 2012    
          in this edition      
    1. Headlines
2. ALFI upcoming events



Valuation and treatment of units in open-end real estate funds where unit redemption is suspended or which are in liquidation

Please find attached some practical aspects on the valuation and treatment of units in open-ended real estate funds for which redemption is suspended or which are in liquidation.

Click here for the German and English text.


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ALFI publishes Hedge Fund Survey - results for June 2012

In June 2012, net assets in Hedge Funds and Funds of Hedge Funds domiciled in Luxembourg decreased by 7.55% compared to June 2011, while net assets in Hedge Funds and Funds of Hedge Funds non-domiciled in Luxembourg increased by 6.38%. Finally, the overall net assets decreased by 1.63% during the last 12 months.

Read more.

The Luxembourg Hedge Fund Sector - June 2012.

The Luxembourg Funds of Hedge Funds Sector - June 2012.

Global Overview: Luxembourg Hedge Funds and Fund of Hedge Funds - June 2012.

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CSSF publishes circular 12/546

The Commission de Surveillance du Secteur Financier (CSSF) published Circular 12/546 concerning the authorisation and organisation of Luxembourg management companies subject to Chapter 15 of the Law of 17th December 2010 relating to undertakings for collective investment as well as to investment companies which have not designated a management company within the meaning of Article 27 of the Law of 17th December 2010 relating to undertakings for collective investment.

CSSF circular (presently only available in French).

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FATCA: IRS provides revised due diligence timelines and clarifies the scope of grandfathered obligations

On 24th October 2012, the U.S. Internal Revenue Service (IRS) released Announcement 2012-42 entitled “Timelines for Due Diligence and Other Requirements under FATCA”.

The text outlines:

  • certain timelines for withholding agents and foreign financial institutions (FFIs) to complete due diligence and other requirements; and
  •  certain additional guidance concerning gross proceeds withholding and the status of certain instruments as grandfathered obligations under sections 1471 through 1474 of the Internal Revenue Code.

Read more.

FATCA Announcement 2012-42.

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European Commission Programme

On 23rd October, the European Commission published its working programme for the forthcoming year. The Commission template ambitions to proceed with the reform of the economic regulatory framework of the Monetary Union and of the System of Financial Supervisors in order to enhance stability, transparency and consumer protection in the financial sector.

Read more.

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ESMA work programme 2013

The work Programme for 2013 published by the ESMA authority at the beginning of October, is characterized by a major increase of the Authority’s workload. The actions forecast in the programme are naturally in line with the current focus of restoring confidence in European financial markets.

Read more.

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ALFI upcoming events

ALFI confirmed events

ALFI Calendar of Events.
 Check out all up-coming events including the confirmed dates in 2013.

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

Over 320 people registered !

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

Over 180 people registered !

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

Over 430 people registered !

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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