Georg Kiefer is Head of the Division “Risk International” in the UCI department - Prudential Supervision and Risk Management of the Commission de Surveillance du Secteur Financier (CSSF). He is representing the CSSF in various international fora (e.g. ESMA’s Investment Management Standing Committee, IOSCO’s Committee 5 on Investment Management, FSB technical expert group on open-ended funds) covering in particular risk management/ financial stability related topics of investment funds. In this context, he has, amongst other, been contributing to the development of liquidity risk management and particularly liquidity stress testing guidance, leverage-related work as well as to risk management aspects of the ongoing European AIFMD/ UCITS review.
Since 1996, he has held various functions in Luxembourg’s financial sector, including Private Banking and Portfolio Management within various German/ international banks, as well as Head of risk management and member of the management committee of a double-licenced investment fund manager focusing on alternative investments, before joining the CSSF in 2014. He is a CFA charterholder, FRM and holds a Master Degree in Finance (“Diplom-Kaufmann”) from the University of Trier, including studies at the University of Manchester Institute of Science and Technology (UMIST).
The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) each issued global consultation reports in July 2023 for response by 4 September 2023. The policymakers' perspective is that open-ended funds can collectively generate systemic risk to financial stability via liquidity mismatch. Recommendations include liquidity bucketing and greater inclusion and more consistent use of liquidity management tools (LMT) in both normal and stressed market conditions. This panel will consider how we have arrived at the present position and what impacts could follow for global fund regulation and business practice going forward.
Managing Director
Chief Counsel, Investment Management.
Head of Division
Head of Asset Management Policy