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Understanding Investing 简体中文网页 Members section

- Publications

On 27 April 2018, ALFI published issue 1 of its Q&A document on the General Data Protection Regulation (GDPR), which will apply from 25 May 2018.

The document contains the working group's answers to questions about EU data protection, which are written from a perspective of investment funds. It is available here to the members of ALFI via the association’s member section.

Updated on 27/04/18
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Stockholm & Copenhagen
Updated on 24/05/18  
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The Hong Kong Bankers Club
Updated on 25/04/18  
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- ALFI statements

Following the publication of a new Double Tax Treaty between France and Luxembourg (the “DTT”), ALFI would like to comment on the features that have an impact on Luxembourg investment funds and the Luxembourg investment fund industry. ALFI appreciates that the DTT is however the product of a bilateral negotiation dealing with issues across a number of industries

Click here to read more.

Updated on 25/04/18
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- ALFI statements

On 29 March 2018, ALFI responded to the survey for the European Commission on the Alternative Investment Fund Managers Directive (AIFMD).

Questions raised to trade associations in the survey concerned the objectives of the AIFMD, market and commercial impacts and the impact of and interplay with other legislation. Click here to read the response.

Updated on 03/04/18
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- Press releases

ALFI wishes “Happy Birthday” to one of the EU’s strongest brands and the only globally distributed investment fund product Two out of three UCITS funds distributed internationally are based in Luxembourg

n 30 March 1988, 30 years ago, Luxembourg implemented the European UCITS1 Directive into national law. It was the first country to take this important step.


Since then, Luxembourg has become the global leader for cross-border distribution of investment funds, and today 65% of UCITS funds distributed internationally are based in Luxembourg. The first-mover advantage proved to be significant: international asset managers, notably from the US, Germany and Switzerland, recognized the arising opportunities of UCITS early on, choosing Luxembourg as a hub from which to develop their EU business. Today, asset managers from these markets are still amongst the top initiators of Luxembourg UCITS.


Luxembourg UCITS are held by investors resident in over 70 countries worldwide, including markets in Europe, Asia, Africa, the Middle East and Latin America and Luxembourg now has over EUR 3500 billion assets under management in UCITS investment funds.


A growing number of countries in Asia and Latin America have accepted UCITS as a stable, high quality, well-regulated investment product with significant levels of investor protection. Fund initiators choose to set up UCITS in Luxembourg to benefit from the country’s unequalled know-how and expertise, regulatory framework, and political and economic stability. A comprehensive ecosystem of fund administrators, compliance and risk management specialists, lawyers and service providers, more recently joined by a number of ‘fintechs’ dedicated to investment funds, has developed over the past 3 decades, transforming Luxembourg into a true centre of excellence.


Looking forward and based on the same fund ‘passporting’ concept as for UCITS, the European Union’s Alternative Investment Fund Managers Directive (AIFMD) that entered into force in 2013, also benefits from the Luxembourg know-how and is set to become the next success story, with Luxembourg private equity and real estate investment products managed under AIFMD experiencing impressive growth rates.


Over the years, the UCITS regulation has undergone a series of improvements and updates and Luxembourg has always been among the first to implement each UCITS directive into national law.


Denise Voss, Chairman of ALFI comments: “Since the very beginning, ALFI has been one of the most fervent promoters of UCITS funds and we continue to promote the benefits of UCITS and Alternative Investment Funds through our busy programme of roadshows and events that cover five continents. Wherever we go, we are pleased to see how well known and appreciated Luxembourg is in this context.


“ALFI is committed to remaining at the forefront of all changes and improvements to the European investment fund regulatory and operational framework, and to offering state-of-the-art solutions for the evolving needs of the asset management industry and investors worldwide. We wish “long life and prosperity” to the global brand that is UCITS which, with the increasing need for investors to take responsibility for their own long-term financial security, will have an increasingly important role to play going forward.”


[1] UCITS stands for ‘Undertakings for Collective Investment in Transferable Securities’. The directive provides for a harmonised UCITS framework across the European Union for open-ended funds investing in transferable securities such as shares and bonds.


Statistics on UCITS can be found here.


Download the press release in English, French and German.

Updated on 29/03/18
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- Press releases

L’ALFI a pris connaissance d’une version non-officielle de la nouvelle convention fiscale franco-luxembourgeoise. Une analyse préliminaire soulève en effet quelques interrogations pour ce qui est du domaine des fonds d’investissement. 


L’ALFI ne se prononcera pas avant l’accomplissement d’une analyse détaillée basée sur une version officielle de la convention.

Updated on 21/03/18
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- ALFI statements

On 14 March 2018, ALFI responded to the European Commission consultation on fitness check on supervisory reporting.

Download the document here.

Updated on 20/03/18
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- ALFI statements

On 16 March 2018, ALFI responded to the ESMA consultation on their draft RTS on “Disclosure and operational standards”. The Securitisation Regulation has been published in the Official Journal of the European Union and will enter into force 20 days after its publication. 

The Regulation requires the European Commission to adopt delegated acts in a number of areas. 
ESMA was mandated to draft Regulatory Technical Standards covering securitisation disclosure requirements, operational standards for handling disclosures, and the terms and conditions of access for users of securitisation disclosures. Please find ALFI’s comments on the ESMA draft RTS on “Disclosure and operational standards” here
Updated on 19/03/18
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- Press releases

ALFI, the Association of the Luxembourg Fund Industry, has been engaged in the Capital Markets Union initiative from the outset and has actively responded to the European Commission’s 2016 consultation on barriers to the cross-border distribution of investment funds. 

ALFI, as Europe’s largest investment fund hub, with a wide and long standing experience in cross-border distribution, acknowledges the intention and efforts of the European Commission in its recently published proposal amending Directive 2009/65/EC and Directive 2011/61/EU to remove barriers to cross-border distribution of collective investment funds while ensuring the requirement for a high level of investor protection.

ALFI however, takes the view that the Proposal could have been given greater scope and effectiveness in particular with regards to the notions of marketing and pre-marketing which have not been extended beyond the AIFM Directive context. ALFI supports an approach where ESMA would provide guidelines and examples to ensure a common understanding and implementation in the EU.

ALFI also considers that the text as proposed does not provide for the level of harmonization required to effectively achieve the removal of practices that have been identified as barriers to cross-border distribution of investment funds in the EU. ALFI notes that the framework outlined for pre-marketing, the conditions set for the de-registration of investment funds and the requirements for local administrative agents remain too restrictive in the context of actual practice.

ALFI intends to pursue its commitment towards the removal of barriers to cross-border distribution of investment funds and towards the Capital Markets Union initiative as a whole and will provide the European Commission with detailed feedback on its proposal and accompanying impact assessment in due course.


Download the press release in English here.


Updated on 16/03/18
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