Alternative UCITS

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Begrüßung & Einführung
Marc-André Bechet
Director Legal & Tax
ALFI
FACTS & FIGURES – 31. AUGUST 2015
SCHWEIZER FONDSPROMOTOREN


EUR 487 MILLIARDEN
4. PLATZ ALS HERKUNFSLAND
2014


EUROPA + EUR 634 MILLIARDEN
LUXEMBURG + EUR 248 MILLIARDEN (40%)
2015 - LUXEMBURG



+ EUR 328 MILLIARDEN
DAVON 77% NETTOZUFLÜSSE
EUR 3.400 MILLIARDEN
HERAUSFORDERUNGEN

PRODUKTE:
 FINANZIERUNG DER WIRTSCHAFT
 SPAREINLAGE
 PENSIONSFONDS

DIGITALISIERUNG

NEUE REGELUNGEN

INTERNATIONALES BESTEUERUNGSSYSTEM
ENTWICKLUNGEN IM REGELUNGSBEREICHEN
UCITS 5




3 WESENTLICHE ÄNDERUNGEN
CSSF RUNDSCHREIBEN 2014/ 587
GESETZESENTWURF
DURCHFÜHRUNGSMASSNAHMEN
AIFMD




POSITIONIERUNG
LIMITED PARTNERSHIPS/ SPECIAL LIMITED PARTNERSHIPS
VERGÜTUNGSREGELN
EU PASS FÜR DRITTLÄNDER
GELDMARKFONDS
INTERNATIONALE BESTEUERUNG

FINANZTRANSAKTIONSSTEUER

ZUGANG ZU DBAs FÜR INVESTMENTFONDS
VERTRIEBSMÄRKTE
MAINLAND CHINA


QFII, QDII, STOCK CONNECT, RQFII, LUXEMBOURG QUOTE
MARKTÖFFNUNG?
ANDERE MÄRKTE

CHILE, BRASILIEN, MEXICO, AUSTRALIEN
FINANZBILDUNG

WWW.UNDERSTANDINGINVESTING.ORG
Thank you.
Marc-André Bechet
[email protected]
ALFI in den sozialen Netzwerken
Luxemburg - Ein führendes
internationales Finanzzentrum
Tom Theobald
Deputy CEO
Luxembourg for Finance
WHY LUXEMBOURG ?
LUXEMBOURG, A LEADING INTERNATIONAL FINANCIAL CENTRE
Welcome to Luxembourg
•
Strategic location in the heart of Europe
•
Highly skilled, multicultural and multilingual
workforce
•
AAA-rated by the three major rating agencies
•
Safest capital in Europe (Mercer)
•
High quality of life attracting professionals from
around the world
•
Home to European institutions: Court of Justice,
Court of Auditors, European Parliament, European
Investment Bank, European Investment Fund,
European Stability Mechanism
•
Top 3 financial centre in the European Union
(GFCI ranking: #19)
The stable, efficient and business oriented government is the key to
Luxembourg’s success.
Wang Hongzhang, Chairman of China Construction Bank
16
Countries resized by cross-border financial
transactions
Source: International Monetary Fund (IMF)
17
The European Single Market
Free movement for 500 million customers in the EU of:
18
Strengths of the financial centre
Diversified
International
Innovative
Stable
19
Diversified
Main and other activities
Capital market
operations
No 1 bond listing
centre in Europe
Premier Wealth
Management
Centre in the
Eurozone –
over EUR
300bn AuM
Corporate
banking centre
2nd largest fund
centre in the world
– over EUR 3.5
trillion AuM
Depositary
banking & fund
services
1st in cross-border
fund distribution
Top 3 financial centre in the
European Union
(GFCI ranking: #19)
Premier centre
for crossborder
distribution of
insurance
products
20
Diversified
Financial centre ecosystem
21
International
Cross-border scope
• 143 banks from 27 countries, 12 from Switzerland
• Private Banking clients from all over the world
• Luxembourg investment funds distributed
in around 70 countries
• Internationally recognised standards
“Luxembourg’s
financial centre
is robust,
efficient and
well supervised.”
International
Monetary Fund
Sources: ABBL, ALFI, CSSF
22
Stable
Economy & politics
Strong macro-economic fundamentals:
•
•
•
Consistently above EU average growth rate
Low public debt: 23.2 % of GDP (< 60%)
Low government deficit: 0.6 % of GDP (< 3 %)
Diversified economy:
•
Steel industry, car components, logistics, digital economy, satellites, media, audiovisual
production, research & innovation
Political stability:
•
Since the end of WW2: 8 Prime Ministers and 8 Ministers of Finance
High solvency ratios
•
Average 17% ratio over recent years
23
Conclusion
Finance is our trade
What can we do for you?
For more information: www.luxembourgforfinance.com
24
Diskussionsrunde: Vermögensverwaltung Ausblick 2020
Modérateur:
Lou Kiesch, Partner, Deloitte
Panelisten:
Michael Kehl, Managing Director, UBS AG, Global
Asset Management
Sven Kasper, Senior Vice President, Director
EMEA, State Street Corporation
Hernri Hackenberg, Managing Director, Brown
Brothers Harriman
Dominik Rutishauser, Executive Director,
GAM Investment Management (Switzerland) Ltd
“Drivers in Wealth Management” im Hinblick auf das Jahr
2020
Moderator: Lou Kiesch
Speakers: Michael Kehl
Sven Kasper
Henri Hackenberg
Dominik Rutishauser
Regulatorische Evolution oder Revolution ?

SFAMA bestätigt die Einführung des KIID
in der Schweiz

FINMA ändert die Bedingungen bezüglich
der Einreichung von Prospektänderungen
und der Registrierung von Teilfonds

Überarbeitung des KAG und der KKV
(CISA und CISO)

SFAMA veröffentlicht Richtlinien für den
Vertrieb kollektiver Kapitalanlagen

SFAMA veröffentlicht den Musteranhang
« Informationen für Anleger in der
Schweiz » zum Verkaufsprospekt einer
ausländischen kollektiven Kapitalanlage
Die Beziehung zwischen der Schweiz und Luxemburg im
Überblick

Die AUM in Luxemburg stiegen auf Jahressicht um 23,6%,
während die AUM in der Schweiz um 29,7% stiegen (auf
EUR Basis), währungsbereinigt allerdings nur um 10,8%

Fondsinitiatoren mit dem Ursprungsland Schweiz belegen
den 4. Platz unter den Fondsinitiatoren in Luxemburg

Schweizer Initiatoren von Luxemburger
Verwaltungsgesellschaften befinden sich auf dem 2. Platz
unter den Herkunftsländern

Unter den Ursprungsländern von AIFM mit Sitz in Luxemburg
belegt die Schweiz den 2. Platz

Die Schweiz ist der zweitwichtigste Vertriebsmarkt für
Luxemburger Investmentfonds
Unter der Lupe: Einflussfaktoren im Hinblick auf 2020

Produktkonzeption und Strategie

Neuerfindung der aktuellen
Dienstleistungen ?
Unter der Lupe: Einflussfaktoren im Hinblick auf 2020

Produktkonzeption und Strategie
Unter der Lupe: Einflussfaktoren im Hinblick auf 2020

Neuerfindung der aktuellen Dienstleistungen ?
Die regulatorische Dimension

Auswirkungen auf die Vertriebsmodelle durch
 Die MIFID Überarbeitung
 AIFMD
 UCITS V
 FATCA
Vorteile des Geschäftsmodells Schweiz - Luxemburg ?
Danke.
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Aktuelle Markttrends für den globalen Vertrieb
Moderator:
Olivier Carré, Partner, PwC
Panelisten:
Hermann Beythan, Partner, Linklaters LLP
Mario Geniale, CIO, Bank CIC (Schweiz) AG
Daniel Häfele, CEO, Acolin Fund Services AG
Julien Zimmer, General Manager, Investment
Funds, DZ Privatbank S.A.
Sponsoren
Medienpartner
Das 1x1 der Fondsstrukturierung
Moderator:
Germain Birgen, Directeur, Head of Business
Development, Banque de Luxembourg
Panelisten:
Giuliano Bidoli, Director, International Tax, KPMG
Kai Braun, Associé, EY
Martin Vogel, CEO, MDO Management Company
S.A.
Michael Wietzorek, Associate, Baker & McKenzie
Luxembourg
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Strukturierung Private Funds/Wealth
Management
Moderator:
Gilles Dusemon, Partner, Arendt & Medernach
Panelisten:
Timothé Fuchs, CEO, Fuchs Asset Management,
Dr. Jörg Kopp, Director, Wealth Management,
Rothschild Bank
Stefan Flachsmann, Managing Director, Head
Asset Servicing Wealth Management, UBS Fund
Management (Luxembourg) S.A.
Herholdt Albrecht, Product Management Private
Funds & Offering Management, Bank Julius Baer &
Co, KG
Toolbox Luxemburg
Toolbox Luxemburg

OGAW
 Vorteile für die Vermögensverwaltung
 Markt Trends

Alternative Fonds Strategien
 Regulierte und nicht-regulierte Fondsstrukturen (z.B.
Kommanditgesellschaften)
 Strukturbeispiele für Privatkunden / Vermögensverwalter
(Gemeinsame) Vermögensverwaltung
(Gemeinsame) Vermögensverwaltung

Übersicht der Verwaltungsvarianten
 Diskretionäre Vermögensverwaltung
 Vermögensberatung
 Investitionsplatform
 Massgeschneiderte Struktur

“SuperManCo” Lösungen

Auflegung und Verwaltung ausserhalb der AIFM-R
Vertrieb
Vertrieb

Neue Vertriebsstrategien für und aus der Schweiz

Private Placement und Reverse Solicitation

24 Monate AIFM-R Vertriebspass: Erfahrungswerte
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Hedge Fonds & alternative UCITS
Moderator:
Gast Juncker, Partner, Elvinger, Hoss & Prussen
Panelisten:
Arne Bolch, Counsel, Allen & Overy
Serge Weyland, Head of Financial Institutions,
Banque Internationale à Luxembourg S.A.
Dirk Wieringa, Alternative Investment Advisor,
Credit Suisse Asset Management
Hedge Funds & UCITS Alternatifs
Agenda:




Structuring
Client demand
Hedge funds vs. Alternative UCITS
Distribution
 Interactive
Hedge Funds & UCITS Alternatifs
Product regulation - Toolbox
UCITS
Applicable
regime
CSSF
Supervision
Eligible
assets/
Strategies
Part I UCI Act 2010
Yes
Investment in
i.
transferable
securities
ii.
money market
instruments
iii. bank deposits
iv. funds
v.
derivatives
Part II funds
SIFs
Unregulated LPs
Part II UCI Act 2010
AIFM Act 2013
SIF Act 2007
potentially AIFM Act
2013
Companies Act 1915
potentially AIFM Act
2013
Yes
Yes
No “product”
supervision (but
potentially in scope of
AIFM Act 2013)
Unrestricted (subject
to CSSF approval)
Unrestricted (subject
to CSSF approval)
Unrestricted
60
Product regulation - Toolbox
UCITS
Risk
diversification
requirements
Entity type
Stringent risk
diversification
requirements
 SICAV (SA)
 FCP
Part II funds
SIFs
Unregulated LPs
Yes (in principle,
investment in any
underlying asset
may not exceed
20% of NAV)
Yes (in principle,
investment in any
underlying asset
may not exceed
30% of NAV)
No
 SICAV (SA)
 SICAF (SA, SCA,
Sàrl, SCS or
SCSp)
 FCP
 SICAV/F (SA,
SCA, Sàrl, SCS
or SCSp)
 FCP
SCS, SCSp
Eligible
investors
Unrestricted
Unrestricted
Well-informed
investors
Limited circle of
investors only?
Segregated
sub-funds
Yes
Yes
Yes
No
61
Offer and Demand
Decreasing popularity of traditional hedge funds after GFC
 Investors’ expectations
 Liquidity
 Custody of the assets
 Transparency
 Information
 Managers’ expectations
 Client base diversification
 Cross-border distribution
 Umbrella structures
Mismatch between perception and reality
for alternative UCITS?
Perception
Reality
Alternative UCITS offer liquidity
We will get the answer during the next
financial crisis
UCITS are designed for retail
investors
Sure – then do retail investors
understand alternative UCITS?
Alternative UCITS are better than
traditional hedge funds
Not all strategies can be replicated
UCITS are easy to register in Asia
Regulators can have different
authorization processes when it
comes to UCITS using derivatives
Alternative UCITS have an edge vs
AIFs
AIFs target the right segment
From Newcits to Alternative UCITS to…UCITS & AIFs?
Fonds d’investissement alternatif réservé
(FIAR)

The FIAR regime will basically replicate the FIS regime, except that
 the FIAR will not be subject to CSSF supervision
 the FIAR will have to appoint a duly authorised (Lux or EU) external AIFM
Great flexibility and reduced time to market as compared to FIS

Optional regime (tax and regulatory) if investment in risk capital

Simultaneous restriction of the definition of eligible assets (valeurs) for FIS?
64
Fonds d’investissement alternatif réservé
(FIAR)

FIAR /sub-funds subject to risk diversification requirements
 Application of CSSF circular 07/309 ?
 FIAR /sub-funds investing exclusively in risk capital are not subject to any risk
diversification requirements and may opt in for the SICAR tax regime

FIAR must be managed by an authorised and external AIFM

FIAR must draw up an offering memorandum

Establishment in front of a public notary

Mention of FIAR establishment must be published in the Mémorial with an indication
of the AIFM

Registration on an official list held by the Luxembourg trade and companies register
65
Marketing under AIFMD
Marketing of AIFs in the EU
With passport
‒ Authorised EU AIFM/EU AIFs
‒ Marketing to professional
investors only
Without passport/ Notification
‒ Non-EU AIFMs (Art 42 AIFMD)
Non-EU AIFs (Art 36 AIFMD)
‒ EU registered AIFMs
(Sub-threshold AIFMs)
‒ Marketing to retail investors (Art
43 AIFMD)
66
EU AIFM marketing passport –
Notification process
5
Marketing of the Lux AIF
can start upon confirmation
of transmission of
notification file

Prof. Investors
AIFM
‒ Notification to be filed with
the home country regulator
of the AIFM (not of the AIF)
AIF
1
4
AIFM transmits
notification
file re. Lux AIF to
the CSSF
CSSF informs
AIFM of
transmission of
notification file
(without any
delay)
notification file
‒ Notification file per AIF
(per country)
‒ Annex IV AIFMD incl. Art.
23(1)
3
CSSF
No
‒ Process and content of the
notification not as
standardised as in the
UCITS world
Yes
CSSF adds AIFM
compliance attestation and
submits notification file to
the FCA
2
CSSF checks
compliance of
the AIFM/AIF
management
No later than 20
business days after
receipt of
notification file
FCA
‒ Procedures with
distributor(s) to prevent
distribution to
non-professionals
67
EU AIFM marketing passport - Notification
of material change
‒ Different from the process
followed in the UCITS world, the
notification must be made to the
home country regulator of the
AIFM (and not to the regulator of
the countries of distribution)
AIFM
AIF
‒ Written notice of material
change to be filed
1
AIFM transmits
written notice of
material changes
to the CSSF
3
CSSF
No
2
CSSF checks compliance of
the AIFM/AIF management
further to changes notified
Yes
CSSF submits written notice
to the FCA
FCA
‒ “Changes are material if there is
a substantial likelihood that a
reasonable investor, becoming
aware of such change, would
reconsider its investment in the
AIF” (Art. 106 AIFMD-CDR)
‒ 1 month before implementation
of a planned change
‒ Immediately after an unplanned
change
68
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Diskussionsrunde: Nachhaltige Geld – und
Kapitalanlagen
Moderator:
Annemarie Arens, General Manager, LuxFlag
S.A.
Panelisten:
Joëlle Hauser, Partner, Clifford Chance,
Luxembourg
Sabine Döbeli, CEO, Swiss Sustainable Finance
Rochus Mommartz, Member of the Management
Board, responsAbility Investments AG
Dr. René Nicolodi, Zürcher Kantonalbank, Head
of Equities & Themes, Asset Management
Responsible Investing - Categories
European Responsible Investing trends 2015
European Responsible Investing trends 2015
Diskussionsrunde - Nachhaltige Geld- und Kapitalanlagen
Definition „Nachhaltige Geld- und Kapitalanlagen“
Quelle : Swiss Sustainable Finance
Jegliche Form von Finanzdienstleistungen, welche ESG-Kriterien in die Investitionund Business-Entscheidungen integriert, um insgesamt einen nachhaltigen Nutzen
für Kunden und Gesellschaft zu schaffen;
Aktivitäten, welche als „nachhaltige Geldanlagen“ zu verstehen sind, umfassen z.B.
Nachhaltige Investmentfonds, „Green bonds“, „Impact Investing“, Mikrofinanz,
aktive Beteiligungen, Kredite für nachhaltige Projekte und für die allgemeine
nachhaltige Entwicklung des gesamten Finanzsystems;
Die gewählte Terminologie „nachhaltiger Geldanlagen“ kann sich je nach Land und
Unternehmen unterscheiden, da es mehrdeutige Standard-Definitionen und
Ausdrücke gibt.
Case Study - Financing
Public and
Private
Investors
NOTES
Class C Shares
SICAV
Investment
subsidiary
Diversified portfolio
Class B Shares
Subordinatio
n
Class A Shares
(First Loss)
Public
Investors
Available Luxembourg Fund Structures
UCITS
Part II UCIs
SIF
SICAR
Risk diversification
requirements
Risk diversification
requirements
Risk diversification
requirements
Risk capital
Mainly in equities
All asset classes
All asset classes are open
Investment policies
Primary lending is possible
Strategies
All eligible assets
All assets
All assets
Risk capital
EU passport if AIF
EU passport if AIF
EU passport if AIF
Passporting
EU Passport for professional
and retail investors
EuSEF
label
Investment policies and strategies
Passporting
All eligible assets
EU Passport for “Qualifying”
investors
Case Study – Microfinance structuring
Private and Public Investors
SICAV
MFI
MFI
Microfinance Beneficiaries
MFI
Thank you.
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