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    ALFI Newsdigest july 1, 2013    
          in this edition      
    1. Headlines
2. ALFI brochures
3. ALFI past events
4. ALFI upcoming events
5. Other events
     
 
 

1.

Headlines

New ALFI's Board of Directors renews the mandate of Marc Saluzzi as its Chairman

At its General Annual Meeting held today 19th June 2013, the Association of the Luxembourg Fund Industry (ALFI) elected a new Board of Directors for a period of two years.

The new Board of Directors renewed the mandate of Marc Saluzzi as Chairman for two more years.

The new Board of Directors is composed as follows:

Saluzzi Marc, PWC Luxembourg, Chairman
 
Arntz Jean-Christoph, Allianz Global Investors Luxembourg S.A.
Bock Georges, KPMG Luxembourg S.à r.l.
Brausch Freddy, Linklaters LLP
Brunet Stéphane, BNP Paribas Investment Partners Luxembourg S.A.
Chauvaux Pascal, Pictet & Cie (Europe) S.A.
Cimino Pierre, Caceis Bank Luxembourg S.A.
Elvinger Jacques, Elvinger, Hoss & Prussen
Ferguson Michael, Ernst & Young S.A.
Fessey Noel, Schroder Investment Management (Luxembourg) S.A.
Fischer Rafik, KBL European Private Bankers S.A.
Griffin Jonathan P., JPMorgan Asset Management (Europe) S.à r.l.
Hamlescher Ewald, Swiss & Global Asset Management (Luxembourg) S.A.
Kessel Rudolf, Union Investment Luxembourg S.A.
Kiesch Lou, Deloitte
Kömen Rudolf, Credit Suisse Fund Management S.A.
Kremer Claude, Arendt & Medernach
Marx Doris, DWS Investment S.A.
Radcliffe Geoff, Blackrock (Luxembourg) S.A.
Schintgen Gilbert, UBS Fund Management (Luxembourg) S.A.
Seale Thomas, European Fund Administration S.A.
Voss Denise, Franklin Templeton International Services S.A.
Wathelet Marc, FIL (Luxembourg) S.A.
Zimmer Julien, DZ Privatbank S.A.

(Persons missing on the picture are: Bock Georges, KPMG S.A.; Brausch Freddy, Linklaters LLP; Brunet Stéphane, BNP Paribas Investment Partners Luxembourg S.A.; Griffin Jonathan P., JPMorgan Asset Management (Europe) S.à r.l.; Kömen Rudolf, Credit Suisse Fund Management S.A.; Kremer Claude, Arendt & Medernach).

Press release (English, German).
 

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ALFI’s second European Responsible Investing Survey sets out five action points for the industry

At the occasion of the ALFI Responsible Investing Conference, organised on 15th May 2013,  a study by KPMG and commissioned by ALFI was presented, which draws a picture of the current state of the industry.

The survey, which covers the responsible investment fund market as at 31st December 2012, looks at the size of the market, investment categories and the domicile of funds. The RI fund universe in Europe identified in this study comprises 1,775 funds.

Press release (English, German).

The European Responsible Investing Fund Survey.

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Exclusive video of Mr Barnier, European Commissioner for the ALFI Responsible Investing Conference

On 15th May 2013, European Commissioner for Internal Market and Services, Michel Barnier addressed the ALFI Responsible Investment Conference in Luxembourg via video message.

Read more.

Watch the video here.

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FTT: Luxembourg Government publishes FAQ document

The Luxembourg Ministry of Finance published Frequently Asked Questions (FAQ) on the Financial Transaction Tax (FTT).

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Luxembourg calls for effective taxation which is necessary for a healthy and transparent tax competition in the EU and worldwide

The Luxembourg Ministry of Finance published Frequently Asked Questions (FAQ) regarding tax competition (information is only available in French).

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The strong presence of Luxembourg in the global world of finance

The Ministry of Finance published a factsheet on Luxembourg financial center.

View the document by clicking here.

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Automatic exchange of information for all interest payments: Ministry of Finance's press release

Ministry of Finance released a press statement regarding automatic exchange of information for all interest payments.

The Luxembourg financial center is a prime asset of the country's economy. Key factors of success are the dynamism of its actors, the diversity of its financial products, its international character as well as its regulatory framework which ensures the solidity of its financial operators and the compliance with international standards to fight money laundering and tax fraud and tax evasion, established by the European Union, the Organization for Economic Cooperation and Development (OECD), the Global Forum on transparency and exchange of information for tax purposes as well as the International Monetary Fund (IMF).

Full press release.

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VAT: new circular concerning the deduction right

On 15th May 2013, Luxembourg's VAT authorities issued circular n° 765 on the VAT deduction right. As of 2013, taxable persons performing both activities allowing the recovery of VAT and other activities will be obliged to compute their VAT deduction right based on key allocations other than that of the turnover key. This latest method is currently the most popular method used by taxable persons and will, as from 2013, become the residual one. This major change in the Luxembourg practice will also impact management companies of funds, implying a review of their VAT deduction methodology and careful monitoring over the years.

Press release of the Luxembourg VAT authorities (only available in French).
 

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AIFMD: CSSF publishes FAQs on AIFMD and authorisation forms for AIFMs

On 18th June, the CSSF published on their website the FAQs concerning the Luxembourg draft law N° 6471 on alternative investment fund managers  as well as the Commission Delegated Regulation (EU) N° 231/2013 dated 19th December 2012 supplementing Directive 2011/61/EU. Applications for the authorisation as alternative investment fund manager can be submitted to the CSSF by following the procedure outlined under the section “authorisation file”.

Press release.
FAQs.
Authorisation file.

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AIFMD: implementing regulations published in Official Journal

The European Commission adopted two regulations implementing the AIFMD on 15th May 2013:

Both regulations published in the Official Journal, will enter into force on the twentieth day following the publication and shall apply from 22nd July 2013.

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AIFMD: ESMA press release regarding the co-operation arrangements under the AIFMD

On 30th May, ESMA published a press release regarding the co-operation arrangements under the AIFMD.
ESMA's Board of Supervisors, at its 22nd May meeting, approved Memoranda of Understanding (MoUs) with 34 regulators, including jurisdictions such as the Cayman, USA (SEC, Federal Reserve, Office of Comptroller of the Currency), Canada, Brazil, India, Switzerland, Australia, Hong Kong and Singapore. ESMA continues to negotiate MoUs with further third-countries in order to meet the 22nd July deadline.

While ESMA has negotiated the MoUs centrally, they are bilateral agreements that must be signed between each EU securities regulator and the non-EU authorities. The actual supervision of AIFMs lies with the national securities regulators, therefore each authority decides with which non-EU authorities it will sign an MoU.

Press release.
 

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Prospectus Directive liability regimes: ESMA report

ESMA published its report on the comparison of Prospectus Directive liability regimes in EEA Member States. The report aims to provide clarity for market participants regarding the different regimes in place across the EEA and contains an overview of the various frameworks in place to address liability under the Prospectus Directive.

Report.
 

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FATCA: Luxembourg Government chooses IGA Model 1

On 21st May 2013, Luxembourg’s Finance Minister Luc Frieden announced that Luxembourg had decided to choose model 1 of the different intergovernmental agreements (IGA) that are published on the website of the U.S. Department of the Treasury. This means that information in the context of FATCA will be exchanged between national tax authorities.

Read more.

Press release.
 

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FATCA: Information provided by the IRS on the registration process

Under FATCA, withholding agents must withhold tax on certain payments to foreign financial institutions (FFIs) that do not agree to report certain information to the U.S. Internal Revenue Service (IRS) about their U.S. accounts or accounts of certain foreign entities with substantial U.S. owners. An FFI may agree to report certain information about its account holders by registering to be FATCA compliant. An FFI that has registered to be FATCA compliant and that has been issued a global intermediary identification number (GIIN) will appear on a published FFI List. Withholding agents may rely on an FFI’s claim of FATCA status based on checking the payee’s GIIN against the published FFI List.

Read more.

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Money Market Funds: ESMA finds divergence in national supervision of money market funds

ESMA published a peer review report examining whether EU securities supervisors correctly apply ESMA’s guidelines on money market funds (MMFs). The review compared supervisory and enforcement practices for MMFs of 30 supervisory authorities across the European Economic Area (EEA). ESMA reviewed those 20 jurisdictions that had transposed the guidelines into their national rules.

Press release.
Peer Review - Money Market Fund Guidelines.
 

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PRIPs: second Presidency compromise proposal

The Irish Presidency of the Council of the European Union published a second compromise proposal for a regulation on packaged retail investment products (PRIPs) dated 28th May 2013.

The amendments tabled in the European Parliament will be subject to a vote in the ECON committee on 17th June 2013. The vote of the European Parliament during a plenary session was postponed to 23rd October 2013.

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CRAs: Adoption of a directive and regulation amending existing legislation

On 13th May 2013, the Council adopted a regulation amending Regulation 1060/2009 on credit rating agencies (CRAs), and a directive amending Directive 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (UCITS IV) and the Alternative Investment Fund Managers Directive (AIFMD).

Read more.

Press release.
 

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2.

ALFI brochures

Annnual report 2012-2013

ALFI is pleased to announce the publication of its annual report for 2012-2013, with facts and figures on the development of the Luxembourg investment fund industry and the activities of our association.

Please click here to see ALFI's annual report 2012-2013.
 

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ALFI Code of Conduct

Numerous developments in fund regulations and governance have led ALFI to review and update the ALFI Code of Conduct initially published in 2009. According to the most recent survey on fund governance in Luxembourg, 85% of the UCITS surveyed reported that they had adopted the ALFI Code of Conduct.

Marc Saluzzi comments: "We encourage all participants in the Luxembourg fund industry to carefully consider and adopt the contents of the revised Code of Conduct."

The Code of Conduct can be downloaded here.
 

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10 reasons to choose Luxembourg as a hub for AIFs or AIFMs

The 10 reasons flyer for Luxembourg to be a unique hub for Alternative Investment Funds (AIF) and Alternative Investment Fund Managers (AIFM) sets out, in a short and comprehensive way, the obvious reasons why Luxembourg is the perfect hub to set up  your AIF and AIFM.

Download the document here.
 

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3.

ALFI past events

15 May 2013: ALFI Responsible Investing Conference

On 15th May 2013, ALFI, in association with LuxFLAG, organised its second Responsible Investing Conference in the presence of HHRRHH the Grand Duke and the Grand Duchess of Luxembourg and Luc  Frieden, Minister of Finance.

170 attendees joined the event to hear about the lastest regulatory changes and trends in Responsible Investing and Microfinance.

During the conference, a study by KPMG and commissioned by ALFI was presented, which draws a picture of the current state of the industry.

Photo gallery.

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17 June 2013: ALFI Amsterdam Roadshow

On 17th June 2013, 170 experts from the industry gathered to discuss AIFMD and techniques that will help asset managers and service providers to succeed in this new environment.

The event also featured an interactive session on the continuing opportunities provided by UCITS.

Photo gallery.

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18 June 2013: ALFI meets with students to discuss the importance of the Luxembourg fund industry and job opportunities

On 18th June 2013, ALFI representatives met with Luxembourgish students to present the Luxembourg fund industry and job opportunities offered within this dynamic sector.

The event took place in Chamber of Commerce of Luxembourg and was organised in collaboration with two students associations: Association nationale des étudiants luxembourgeois en droit (ANELD) and Association nationale des étudiants en sciences économiques et commerciales (ANESEC).

Press release (available only in French).

Photo gallery.

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4.

ALFI upcoming events

9 July 2013: AIFMD Implementation - An ALFI Leading Edge Conference

Programme online and registration: click here.

 
 

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11 September 2013: ALFI Golf Tournament

At Kikuoka Country Club, Canach, Luxembourg

Save the date!

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12-13 September 2013: ALFI Global Distribution Conference

Sponsorship and exhibition opportunities available! Click here.

Programme online and registration open! Click here.


 

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8-9 October 2013: ALFI Roadshow to Switzerland (Zurich & Geneva)

Save the dates!

Programme and registration details will be available soon!

 


 

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12 November 2013: ALFI Roadshow to Frankfurt

Save the date!

Programme and registration details will be available soon!

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5.

Other events

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

We have the pleasure of informing you that a first draft meeting agenda for the IOSCO member sessions at the 38th Annual Conference of the International Organization of Securities Commissions is now available under this link !

As the honoured host of the event, the CSSF kindly invites you to visit the conference website www.iosco2013.lu where you will find information and details regarding the programme with touristic and cultural highlights, evenings full of culinary delicaciesand emotions and last but not least an appealing conference agenda.

The event is open for the public starting with the official Opening Ceremony on Wednesday, 18th September noon and ending on Thursday, 19th September evening with a dinner and highlight show. During the day there will be public panel sessions to stimulate debate and share the latest news with the industry.

Register now! (Click here for fees and conditions)

As the success of an event always depends on its participants, we kindly ask for your support by spreading the word and to come as numerously as possible.There are also still sponsorship opportunities available (click here for details).

The Event Coordination Team remains at your disposal for any further information or assistance that you may need (iosco2013@globalconf.lu).

We look forward to welcoming you in Luxembourg in September.

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