Luxembourg
 

Cross-Border Regulation – ALFI Response to IOSCO’s Consultation

On 23 February 2015, ALFI responded to the consultation on cross-border regulation, published by the International Organization of Securities Commissions (IOSCO) in November 2014.

The consultation report describes cross-border regulatory tools, more specifically (i) passporting (ii) national treatment and (iii) unilateral and mutual recognition. The report also outlines challenges from a regulator’s and stakeholders’ perspective, and lists suggestions on IOSCO’s role regarding cross-border issues.

Read "Response to IOSCO consultation on cross-border regulation" (PDF)

KIDs for PRIIPs – ALFI Response to ESA Discussion Paper 

The Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation was enacted on 9 December 2014 and came into force on 29 December 2014, with the aim of improving the transparency of pre-contractual information to retail investors seeking to invest in PRIIPs.

On 17 February 2015, ALFI responded to the discussion paper on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs), which was published in November 2014 by the European Supervisory Authorities (ESAs).

Read "Response to the ESA’s discussion paper on key information documents for packaged retail and insurance-based investment products (PRIIPs)" (PDF)

Review of Technical Standards on Reporting under Article 9 of EMIR – ALFI Response to ESMA Consultation Paper

ALFI responded to the ESMA consultation paper on the review of the technical standards on reporting under Article 9 of European Market Infrastructure Regulations (EMIR) on 10 February 2015.

Read "ALFI’s response to the ESMA Consultation Paper. Review of the technical standards on reporting under Article 9 of EMIR" (PDF)

Asset Segregation Under AIFMD – ALFI Response to ESMA Consultation

A depositary has an obligation to comply with the asset segregation and delegation rules set out in AIFMD and AIFM-Commission Delegated Regulation. AIFMs, depositaries and national competent authorities have experienced some issues on the interpretation and proper application of these rules. On 3 February 2015, ALFI published its response to the ESMA Consultation Paper - Guidelines on asset segregation under the AIFMD.

Read "Reply form for the Guidelines on asset segregation under the AIFMD" (PDF)

2014 - A Good Year for Luxembourg – ALFI Press Release

ALFI issued a press release on 3 February 2015 stating that 2014 was a historical year for the Luxembourg fund centre. For the first time in its history, assets under management exceeded the EUR 3,000bn threshold in September. After 12 months of uninterrupted growth, this figure stood at EUR 3,095bn (USD 3,758bn) at the end of December 2014. More than half of the growth (52%) was driven by net sales. “The fund industry plays a key role in economic growth and, after a period of focusing on regulation, 2015 should be a year where asset management companies can not only implement the regulation that has been introduced, but also grow their businesses and focus exclusively on serving investor needs.”

Read "2014: a good year for Luxembourg" (PDF)