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    ALFI Newsflash november 17, 2012    
          in this edition      
    1. Headlines
2. News from ALFI Asia Representative Office
3. ALFI upcoming events
4. LFF events
5. Other events



ALFI Code of Conduct

ALFI introduced a CODE OF CONDUCT in 2009, which provides boards of directors with a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.
ALFI has set up a working group to amend this code in its current version. ALFI Members are invited to submit any comments they may have in relation thereto to the attention of the ALFI coordinator of the Forum 2.2 - ALFI Code of Conduct - David Zackenfels (david.zackenfels@alfi.lu).

ALFI Code of Conduct.

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Service Provider Rankings 2012: Luxembourg elected as the most favourite domicile in Europe

The "Service Provider Rankings 2012" unveiled on 31st October by Hedge Funds Review elected  Luxembourg as the most favourite domicile in Europe.

Full results of the 2012 rankings.

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Debate in the European Parliament on Key Information Documents

The Commission proposal for a regulation on key information documents (KID regulation) is currently debated in the European Parliament. A draft report from the Economic and Monetary Affairs (ECON) Committee will probably be presented at the end of November. A vote in the Committee responsible is currently scheduled to take place in March, and a plenary vote in May 2013.

On 6th November 2012, the ECON Committee held a first exchange of views on the KID regulation. MEP Pervenche Bérès has been appointed as the European Parliament's Rapporteur. She presented her preliminary views and the shadow rapporteurs responded to these.

European Commission proposal for a regulation on key information documents (KID regulation).

EFAMA summary.

Background information:
ALFI newsflash of 6th September 2012.


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VAT treatment of investment advisory services performed by a third party

The Court of Justice of the European Union (CJEU) will in a few months decide about the VAT treatment of investment advisory services performed by a third party (Case C-275/11 "GfBk"). On 8th November 2012, the Advocate General Cruz Villalón delivered his opinion, which is not binding but provides a guide to the arguments that the Court might consider in making its judgment.

Click here for the text of the opinion.

Background information:
ALFI newsflash of 19th September 2011.

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EFAMA position paper on crisis management

On 6th June 2012, the European Commission published a proposal for EU-wide rules for recovery and resolution of credit institutions and investment firms. The proposed rules aim to ensure that in the future authorities will have the means to intervene decisively both before problems occur and early on in the process if they do. Furthermore, if the financial situation of a bank deteriorates beyond repair, the proposal seeks to ensure that a bank's critical functions can be rescued while the costs of restructuring and resolving failing banks fall upon the bank's owners and creditors and not on taxpayers.

The European Fund and Asset Management Association (EFAMA) submitted a position paper on the so called Crisis Management Directive to the concerned EU authorities.

Read more.

European Commission proposal.

EFAMA position paper on crisis management.


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Discussion on Financial Transaction Tax (FTT) in the ECOFIN Council

On 13th November 2012, the ECOFIN Council (EU-27 Finance Ministers) took stock of developments regarding the introduction of an FTT in a number of EU member states wishing to participate in enhanced cooperation and discussed how to proceed with the dossier. The Commission presented its proposal for a decision to authorize enhanced cooperation on the FTT.

Read more.

Provisional version of the Council's press release.

Background information:

ALFI newsflash of 25th October 2012.

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FATCA: publication of Model 2 Agreement

On 14th November 2012, the U.S. Treasury published the Model 2 Intergovernmental Agreement for Cooperation to Facilitate the Implementation of FATCA.

Please click here for the document.

Background information:
ALFI newsflash of 31st October 2012 and of 6th September 2012.

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New requirements imposed on non-Korean CIVs seeking to claim treaty benefits

The European Fund and Asset Management Association (EFAMA) has sent a letter to the Korean tax authorities on the new requirements imposed on non-Korean collective investment vehicles (CIVs) seeking to claim treaty benefits.

EFAMA seeks confirmation that certain UCITS funds should claim at source treaty relief by completing the "Application for Entitlement to Reduced Tax Rate on Domestic Sourced Income (for Foreign Corporation)" form.

EFAMA submission.

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International investment funds industry calls for closer interaction with regulators

Investment experts from around the globe converged on Cape Town, South Africa, at the end of October to discuss the future of the international investment funds industry in an environment of burgeoning regulation with implications across jurisdictions. 

Hosted by the Association for Savings and Investment South Africa (ASISA), the 26th Annual Conference of the International Investment Funds Association (IIFA) attracted representatives from some 36 countries. The more than 40 IIFA member associations represent assets under management of around US$25 trillion.

Press release.

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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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News from ALFI Asia Representative Office

Philippines: New rules on exchange traded funds


On October 19th 2012 the Philippines' Securities and Exchange Commission (SEC) issued a memorandum circular allowing the launch of exchange traded funds in the Philippines.

The new rules include a minimum paid-up capital of Ps250 million (US$6.1 million) and an all-Filipino ETF board of directors. Also, ETF managers must have minimum of 5 years of experience in fund management. The new rules also allow securities lending as well as new provisions on direct redemptions.

The rules described in the circular shall take effect 15 days after the date of last publication in 2 newspapers of general circulation in the Philippines.


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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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Annual Sponsorship Packages 2013 – Conferences and Roadshows

  • 2013 CONFERENCE Sponsorship Packages with/without Exhibition space (11% or 14% discount!) – click here.
  • 2013 ALFI ROADSHOWS Sponsorship Package (10% discount!) – click here.

Please note that the deadline 7th December 2012.

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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 230people 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 500 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:

  • Exploring the implications of the new delegation rules
  • Raising Capital from European Investors – AIFMD Opportunities and Challenges
  • The evolving role of the Depositary function under the AIFMD
  • Major technical implications for the implementation of AIFMD
  • Transposition / Challenges and Opportunities for Luxembourg

Programme: coming soon!

Registration/sponsorship: click here.

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LFF events

14-18 January 2013: LFF Asia Tour

We would like to inform you that the Agency Luxembourg for Finance will organise a financial mission to Hong Kong, Beijing and Shanghai from 14th to 18th January 2013 led by Mr Luc Frieden, Minister of Finance and Chairman of Luxembourg for Finance.

LFF Invitation letter.

Asia Tour 2013.

LFF Registration Form.

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Other events

Sacred Heart University: “Luxembourg: where we came from; where we are; where lies our possible future?”

Sacred Heart University Luxembourg supported by paperJam, the Chamber of Commerce of Luxembourg, M(a)G solutions and the American Chamber of Commerce invite you to join the cycle of conference of this year: "Luxembourg: where we came from; where we are; where lies our possible future?" starting in October 2012 and finishing with the final panel roundup in June 2013.

The next conference “Statistics do not always lie” will take place on 15th November from 6.30 to 8.00 pm.

“Statistics do not always lie”conference.

Full Conference Cycle Program.

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