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Understanding Investing 简体中文网页 Members section

- Press releases

Luxembourg is the second largest European domicile for ETFs with 465 funds units and some 82 bn EUR of AUM (end of June 2015). Luxembourg notably continues to attract ETFs sold on an international basis, gathering around 35% of the total authorisations in Europe for cross-border distribution of ETFs.

ALFI has set out ten reasons for managers to make Luxembourg their ETF domicile. Reasons include:

  • Outstanding distribution support, with Luxembourg-domiciled investment funds being sold into more than 70 countries.
  • A state-of-the-art legal and regulatory framework, allowing for all types of traditional and alternative funds, including all types of ETFs.
  • The quality of Luxembourg’s market infrastructure, as it is home to one of the largest ETF settlement infrastructures.
  • An efficient tax environment for ETFs.
  • Strong expertise, with a strong concentration of investment fund experts who are specialised in all aspects of product development, administration and distribution.

Many investors find ETFs attractive as they’re listed on stock exchanges and can be traded easily, and offer investors diversification, liquidity and transparency, all at a low cost. ALFI expects to see continued growth and further innovation when it comes to this kind of products, such as the development of ETFs investing in China or in RMB, in Islamic finance, or in socially responsible projects. Luxembourg is already ideally placed to domicile these funds.

Download the press announcement here.

Updated on 10/09/15
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- Press releases

Send your tweet to @ALFIfunds using the hashtag #askALFI!

The ALFI communications team will suggest the subjects which will be related to the latest industry trends or topics discussed at specific ALFI events.

ALFI will answer selected questions via short video messages taking into account that we are limited to six per event.

Updated on 07/09/15
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-

Send your tweet to @ALFIfunds using the hashtag #askALFI!

The ALFI communications team will suggest the subjects which will be related to the latest industry trends or topics discussed at specific ALFI events.

ALFI will answer selected questions via short video messages taking into account that we are limited to six per event.

Updated on 07/09/15  
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- ALFI statements

On 17 August 2015, ALFI responded to the technical discussion paper on packaged retail and insurance-based investment products (PRIIPs), which was published end of June 2015 by the European Supervisory Authorities (ESAs).

The ESAs are mandated by the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products to develop draft Regulatory Technical Standards (RTS) on the content and presentation of the Key Information Documents (KIDs) for PRIIPs. The aim of the latter is to provide EU retail investors with consumer-friendly information about investment products with the ultimate aim of improving transparency in the investment market.

The technical discussion paper aimed to collect views on the possible methodologies to determine and display risks, performance and costs in the KID for PRIIPs.

Click here for ALFI’s response.

Updated on 18/08/15
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- ALFI statements

ALFI responded to the EC consultation on regulation EU No 648/2012 on OTC derivatives, central counterparties and trade repositories.

Download the document here.

Updated on 14/08/15
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- Press releases

The Board of Directors of the Association of the Luxembourg Fund Industry (ALFI), has appointed Freddy Brausch, Partner at Linklaters LLP in Luxembourg, as Vice-Chairman focusing on National Affairs and Michael Ferguson, Partner at EY Luxembourg, as Vice-Chairman focusing on International Affairs. The Board of Directors furthermore renewed the mandate of Julien Zimmer, General Manager Investment Funds at DZ Privatbank S.A., as Treasurer of the association.

The Chairman, the Vice-Chairmen, the Treasurer and the Director General form ALFI’s Executive Committee. 

Freddy Brausch is the Managing Partner of Linklaters LLP in Luxembourg and has been a partner in the Investment Management Group since 1988.

Michael Ferguson is the EY EMEIA Regulated Funds Practice and Luxembourg Wealth & Asset Management Leader. He has an experience of more than 30 years in the investment fund industry in Luxembourg, Ireland, the UK and the US.

Julien Zimmer is the General Manager Investment Funds in charge of coordinating the DZ PRIVATBANK S.A.’s Investment Fund Business and has been actively involved in the industry since 1983.

Updated on 17/07/15
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- ALFI statements

ALFI responded to the OECD Public Revised Discussion Draft “BEPS Action 6: Preventing Treaty Abuse” dated 22 May 2015.

ALFI has taken note of the OECD Revised Discussion Draft “BEPS Action 6: Prevent Treaty Abuse” dated 22 May 2015. This follows a previous consultation “Follow up Work on BEPS Action 6: Preventing Treaty Abuse” to which ALFI responded on 9 January 2015 (click here to access the previous response). These two consultations must be read in conjunction with the report “BEPS Action 6: Preventing the Granting of Treaty Benefits in Inappropriate Circumstances”.

ALFI’s response addresses the situation of collective investment vehicles (“CIVs”) being widely-held, diversified, and subject to investor-protection regulation in the country of establishment of the CIV, as previously defined by the 2010 OECD report on treaty eligibility for investors in CIVs and section A of the Follow-up Discussion Draft relating to the limitation-on-benefits (LOB) provision and treaty entitlement.

ALFI again takes the view that CIVs set-up as UCITS or non-CIVS with similar characteristics should automatically qualify as resident under article 1 of the OECD Model Tax Convention as well as for the LOB rule. CIVs and UCITS are principally set up for genuine commercial reasons and given their economic characteristics it is reasonable to conclude that CIVs cannot, in principle, be effectively used for treaty shopping.

Finally, ALFI also suggests to include a statement that Contracting States are encouraged to consider that UCITS and comparable non-CIVs will not be considered as creating opportunities for treaty shopping.

You may access ALFI’s response here.

Updated on 07/07/15
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- Publications

It is a regulatory requirement that the board of a Fund, the Management Company or the Alternative Investment Fund Manager (AIFM) remain responsible for the activities delegated to third parties and the need to oversee their activities and performance. With a view to simplify and facilitate initial and ongoing due diligence reviews, an ALFI working group under the aegis of the ALFI Fund Governance Forum was created to consider whether the different approaches taken to due diligence on delegates by the boards of Luxembourg funds, management companies, and AIFMs could be more consistent.

The ALFI working group has now finalised a Framework for Due Diligence Information Packs for service providers acting as central administrators and/or depositary/custodian.

This framework seeks to provide a table of contents upon which service providers (delegates) to which a fund Board, Management Company or AIFM has delegated activities and services can base their preparation of documentation required to support the initial and ongoing due diligence reviews of a fund and/ or its Management Company under Luxembourg regulations. The document should not be considered as an exhaustive list of areas for delegates to cover, nor a prescriptive guide on the approach to a due diligence process. It is intended to facilitate an effective due diligence process for the delegates as well as those undertaking due diligence.

Download the document here.

Updated on 09/07/15
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- ALFI statements

On 27 March 2015, the Luxembourg draft law on FATCA was submitted to Parliament. The law will ratify the execution of the Intergovernmental Agreement (IGA) signed between Luxembourg and the United States of America on 28 March 2014 as well as the related Appendices and Memorandum of Understanding. It is expected that the law will be passed in the coming days. In this context, ALFI's implementation working groups for FATCA prepared a Q&A document to deal specifically with reporting and withholding issues in the context of FATCA.

It should be read in conjunction with a first Q&A prepared by ALFI on the implementation of FATCA in the context of Luxembourg domiciled investment funds, which you may download here. The Q&A does not aim to address all existing cases. Click here to access the Q&A.

The working groups comprise representatives of asset managers, management companies, securities service providers, audit firms, law firms, the Luxembourg Pension Funds Association and document and information management firms. ALFI hopes that this document will serve its members as a reference document when implementing FATCA. It represents the view of a group of market participants and is not binding for the Luxembourg Tax Authorities or the national regulator. The Q&A has been submitted to and discussed with them, but it has not been validated by anyone. The document does not diminish the responsibility of management companies or investment companies to comply with national law or regulation. It must not be relied upon as advice and is provided without any warranty of any kind and neither ALFI nor its members who contributed to this document accept any liability whatsoever for any action taken in reliance upon it. The answers are not necessarily definitive and they might not be suitable for every circumstance.

The document may be amended without prior notice to incorporate new material and to amend previously published material where the working group considers it appropriate. ALFI will publish amended copies of this document to its members, showing marked-up changes from the immediately preceding copy. ALFI's members are welcome to submit a question to the working group, who will review it and consider whether to respond to it in a future copy of this document. Please send your questions to info@alfi.lu. ALFI will acknowledge receipt of each question but we regret that we may be unable to reply individually to each one.

The working groups have deliberately decided to issue this Q&A document ahead of the publication of the Luxembourg FATCA Law. Users of this Q&A document are advised to supplement this document with the legal texts (law, decree and/or circulars) once published. This document will be updated as deemed appropriate and if the need arises.

The Luxembourg Tax Authorities have confirmed that the reporting deadline is exceptionally postponed to 31 July 2015 instead of 30 June 2015 for the first reporting year 2014. Reporting financial institutions are also reminded that as per article 3 paragraph 4 of the draft law, they must inform any individual on behalf of whom they will report.

Updated on 06/07/15
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- ALFI statements

On 19 June 2015 ALFI responded to the EBA consultation paper on draft guidelines on limits on exposures to shadow banking entities. The EBA proposes, in the absence of a definition of “shadow banking entities”, to include alternative investment funds and money market funds under the definition of shadow banking entities which carry out banking activites outside a regulated framework. To read the full response please click here.

Updated on 19/06/15
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