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2 sponsoren Media partner

3 Begrüßung & Einführung Marc-André Bechet Director Legal & Tax ALFI

4 FACTS & FIGURES 31. AUGUST 2015 SCHWEIZER FONDSPROMOTOREN EUR 487 MILLIARDEN 4. PLATZ ALS HERKUNFSLAND 2014 EUROPA + EUR 634 MILLIARDEN LUXEMBURG + EUR 248 MILLIARDEN (40%) LUXEMBURG + EUR 328 MILLIARDEN DAVON 77% NETTOZUFLÜSSE EUR MILLIARDEN

5 HERAUSFORDERUNGEN PRODUKTE: FINANZIERUNG DER WIRTSCHAFT SPAREINLAGE PENSIONSFONDS DIGITALISIERUNG NEUE REGELUNGEN INTERNATIONALES BESTEUERUNGSSYSTEM

6 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

7 INTERNATIONALE BESTEUERUNG FINANZTRANSAKTIONSSTEUER ZUGANG ZU DBAs FÜR INVESTMENTFONDS

8 VERTRIEBSMÄRKTE MAINLAND CHINA QFII, QDII, STOCK CONNECT, RQFII, LUXEMBOURG QUOTE MARKTÖFFNUNG? ANDERE MÄRKTE CHILE, BRASILIEN, MEXICO, AUSTRALIEN FINANZBILDUNG

9 Thank you. Marc-André Bechet

10 ALFI in den sozialen Netzwerken

11 Luxemburg - Ein führendes internationales Finanzzentrum Tom Theobald Deputy CEO Luxembourg for Finance

12 WHY LUXEMBOURG? LUXEMBOURG, A LEADING INTERNATIONAL FINANCIAL CENTRE

13 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

14 Countries resized by cross-border financial transactions Source: International Monetary Fund (IMF) 17

15 The European Single Market Free movement for 500 million customers in the EU of: 18

16 Strengths of the financial centre Diversified International Innovative Stable 19

17 Diversified Main and other activities Capital market operations No 1 bond listing centre in Europe Top 3 financial centre in the European Union (GFCI ranking: #19) Premier Wealth Management Centre in the Eurozone over EUR 300bn AuM Corporate banking centre Depositary banking & fund services 2 nd largest fund centre in the world over EUR 3.5 trillion AuM 1 st in cross-border fund distribution Premier centre for crossborder distribution of insurance products 20

18 Diversified Financial centre ecosystem 21

19 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

20 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

21 Conclusion Finance is our trade What can we do for you? For more information: 24

22 Diskussionsrunde: Vermögensverwaltung - Ausblick 2020 Modérateur: Panelisten: Lou Kiesch, Partner, Deloitte 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

23 Drivers in Wealth Management im Hinblick auf das Jahr 2020 Moderator: Lou Kiesch Speakers: Michael Kehl Sven Kasper Henri Hackenberg Dominik Rutishauser

24 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

25 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

26 Unter der Lupe: Einflussfaktoren im Hinblick auf 2020 Produktkonzeption und Strategie Neuerfindung der aktuellen Dienstleistungen?

27 Unter der Lupe: Einflussfaktoren im Hinblick auf 2020 Produktkonzeption und Strategie

28 Unter der Lupe: Einflussfaktoren im Hinblick auf 2020 Neuerfindung der aktuellen Dienstleistungen?

29 Die regulatorische Dimension Auswirkungen auf die Vertriebsmodelle durch Die MIFID Überarbeitung AIFMD UCITS V FATCA

30 Vorteile des Geschäftsmodells Schweiz - Luxemburg?

31 Danke.

33 Aktuelle Markttrends für den globalen Vertrieb Moderator: Panelisten: Olivier Carré, Partner, PwC 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.

34 Sponsoren Medienpartner

35 Das 1x1 der Fondsstrukturierung Moderator: Panelisten: Germain Birgen, Directeur, Head of Business Development, Banque de Luxembourg Giuliano Bidoli, Director, International Tax, KPMG Kai Braun, Associé, EY Martin Vogel, CEO, MDO Management Company S.A. Michael Wietzorek, Associate, Baker & McKenzie Luxembourg

37 Strukturierung Private Funds/Wealth Management Moderator: Panelisten: Gilles Dusemon, Partner, Arendt & Medernach 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

38 Toolbox Luxemburg

39 Toolbox Luxemburg OGAW Vorteile für die Vermögensverwaltung Markt Trends Alternative Fonds Strategien Regulierte und nicht-regulierte Fondsstrukturen (z.b. Kommanditgesellschaften) Strukturbeispiele für Privatkunden / Vermögensverwalter

40 (Gemeinsame) Vermögensverwaltung

41 (Gemeinsame) Vermögensverwaltung Übersicht der Verwaltungsvarianten Diskretionäre Vermögensverwaltung Vermögensberatung Investitionsplatform Massgeschneiderte Struktur SuperManCo Lösungen Auflegung und Verwaltung ausserhalb der AIFM-R

42 Vertrieb

43 Vertrieb Neue Vertriebsstrategien für und aus der Schweiz Private Placement und Reverse Solicitation 24 Monate AIFM-R Vertriebspass: Erfahrungswerte

44 Thank you.

46 Hedge Fonds & alternative UCITS Moderator: Panelisten: Gast Juncker, Partner, Elvinger, Hoss & Prussen 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

47 Hedge Funds & UCITS Alternatifs Agenda: Structuring Client demand Hedge funds vs. Alternative UCITS Distribution Interactive

48 Hedge Funds & UCITS Alternatifs

49 Product regulation - Toolbox UCITS Part II funds SIFs Unregulated LPs Applicable regime Part I UCI Act 2010 Part II UCI Act 2010 AIFM Act 2013 SIF Act 2007 potentially AIFM Act 2013 Companies Act 1915 potentially AIFM Act 2013 CSSF Supervision Yes Yes Yes No product supervision (but potentially in scope of AIFM Act 2013) Eligible assets/ Strategies Investment in i. transferable securities ii. money market instruments iii. bank deposits iv. funds v. derivatives Unrestricted (subject to CSSF approval) Unrestricted (subject to CSSF approval) Unrestricted 60

50 Product regulation - Toolbox UCITS Part II funds SIFs Unregulated LPs Risk diversification requirements Stringent risk diversification requirements 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 Entity type SICAV (SA) FCP 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

51 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

52 Mismatch between perception and reality for alternative UCITS? Perception Alternative UCITS offer liquidity UCITS are designed for retail investors Alternative UCITS are better than traditional hedge funds UCITS are easy to register in Asia Alternative UCITS have an edge vs AIFs Reality We will get the answer during the next financial crisis Sure then do retail investors understand alternative UCITS? Not all strategies can be replicated Regulators can have different authorization processes when it comes to UCITS using derivatives AIFs target the right segment From Newcits to Alternative UCITS to UCITS & AIFs?

53 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

54 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

55 Marketing under AIFMD Marketing of AIFs in the EU With passport Without passport/ Notification Authorised EU AIFM/EU AIFs Marketing to professional investors only 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

56 EU AIFM marketing passport Notification process 1 AIFM AIFM transmits notification file re. Lux AIF to the CSSF CSSF informs AIFM of transmission of notification file (without any delay) notification file 3 No CSSF Yes CSSF adds AIFM compliance attestation and submits notification file to the FCA FCA 2 AIF CSSF checks compliance of the AIFM/AIF management 4 5 No later than 20 business days after receipt of notification file Marketing of the Lux AIF can start upon confirmation of transmission of notification file Prof. Investors Process and content of the notification not as standardised as in the UCITS world Notification to be filed with the home country regulator of the AIFM (not of the AIF) Notification file per AIF (per country) Annex IV AIFMD incl. Art. 23(1) Procedures with distributor(s) to prevent distribution to non-professionals 67

57 EU AIFM marketing passport - Notification of material change 1 CSSF submits written notice No CSSF Yes to the FCA FCA 2 AIFM AIF AIFM transmits written notice of material changes to the CSSF CSSF checks compliance of the AIFM/AIF management further to changes notified 3 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) Written notice of material change to be filed 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

58 Thank you.

60 Diskussionsrunde: Nachhaltige Geld und Kapitalanlagen Moderator: Panelisten: Annemarie Arens, General Manager, LuxFlag S.A. 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

61 Responsible Investing - Categories

62 European Responsible Investing trends 2015

63 European Responsible Investing trends 2015

64 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.

65 Case Study - Financing Public and Private Investors NOTES Class C Shares SICAV Investment subsidiary Class B Shares Class A Shares (First Loss) Subordinatio n Public Investors Diversified portfolio

66 Available Luxembourg Fund Structures UCITS Part II UCIs SIF SICAR Investment policies Risk diversification requirements Risk diversification requirements Risk diversification requirements Risk capital Mainly in equities All asset classes All asset classes are open Primary lending is possible Strategies All eligible assets All assets All assets Risk capital Passporting EU Passport for professional and retail investors EU passport if AIF EU passport if AIF EU passport if AIF Investment policies and strategies All eligible assets EuSEF label Passporting EU Passport for Qualifying investors

67 Case Study Microfinance structuring Private and Public Investors SICAV MFI MFI MFI Microfinance Beneficiaries

68 Thank you.