Luxembourg

UCITS

UCITS depository rules just evolved: here’s a round-up of changes

There’s no such thing as peace and quiet for depositaries since the regulatory avalanche hit Europe. While the AIFMD revisited the roles and responsibilities of AIF depositaries, the CSSF decided to publish its new circular on the UCITS depositary function on 11 July. These different texts will have to find ways to fit together: Circular 14/587 does not apply to AIFs (as they are addressed specifically by the law of July 12, 2013) nor to the SIF, SICAR and so-called Part II funds. For the latter, the main reference is still Circular 91/75.

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Unveiling Luxembourg Banks – Insights 2014

When Banks Insights was published last year, the clouds of banking secrecy were hovering over the industry. Since then, Luxembourg has had to make some tough choices. The end of an era meant a rethink on strategy and potential changes to operating models, especially for banks with less than €5bn in assets. The result has been consolidation, the repositioning of banks within international groups and – in certain cases – banks disappearing entirely from Luxembourg. Yet these moves were necessary to ensure a sustainable future for the financial centre.

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Fintech and traditional finance firms. Incompatible or future team mates?

Where does Fintech fit into the Luxembourg financial centre? This is the question you might find yourself asking after Luc’s introduction to Fintech yesterday. The answer is actually quite straightforward. As a country which is highly specialized in financial markets, Luxembourg simply cannot avoid or escape the Fintech trend. Many people fear Fintech as a challenger, ready to take on traditional finance. On the contrary, I believe we can adopt Fintech as an accelerator, a key to creating customer-centric and hyper-connected services.

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The rise and rise of Fintech and virtual currencies

Of all the tech innovations to surface in the last five years, it’s Fintech that strikes me as the most exciting for Luxembourg. Fintech is not, despite its name, Finnish technology, nor shark related progress. It is financial technology and it is set to be huge.

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If AIFMD were the Tour de France, which country would be in line for the yellow jersey?

Market participants as well as the Financial Authorities are all present in the peloton as we enter this final stage of the AIFMD Tour.

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Luxembourg – on the road to the World Cup

The whole Anglo-Saxon world had their eyes on Belgium when the US got kicked out of the world cup – but when it comes to the world of finance, its lesser known neighbour is even more important: a massive 22% of Luxembourg vehicles are being promoted by US fund houses. But this was not the only piece of information to be revealed at this year’s ALFI Roadshow in Frankfurt where KPMG’s very own Petra Schreiner and Sven Mühlenbrock shared their insights as speakers.

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FATCA: Only a piece of the global tax reporting puzzle

Today (1 July 2014) marks the beginning of a new U.S. tax reporting and withholding regime. Now that a FATCA compliant on-boarding system for individual clients should be up and running, financial institutions should also start to think about other FATCA requirements.

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“Gentlemen, remove your ties”: Day 3 at the #FForum14

A request to undress was a rather unexpected opening to a speech. But Economist Data Editor Kenneth Cukier didn’t shy away from this unorthodox method of getting the crowd to think outside the box on the final day of the Fund Forum (dubbed “the world’s largest asset management event”). And for fund professionals, breaking with conventions shouldn’t stop with loosening ties. On both distribution and future clients – the day’s main topics – the AM industry may see itself having to rewrite the rule book.

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A sprint through Day 2 at the #FForum14

Day 2 of the Fund Forum (see Fund Forum pre-thoughts and Day 1: Long term value) – one of the biggest events of the Asset Management industry’s calendar – and we’ve seen some topics of vital interest for the industry being pulled apart and debated by the sector’s greatest minds. KPMG attended a few choice presentations: here are our highlights from the day …

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Words of the day at the #FFORUM14? Long-term value

Day 1 at the Fund Forum and the focus has been on doing things ‘right’. Scrutiny of the funds industry – which is already at an all-time high – is only predicted to intensify in the future. For asset managers, doing the right thing will no longer be a matter of choice but more a necessity to survive life under the media and public microscope and to regain investor confidence and capital. But what exactly is ‘doing the right thing’? Through a cacophony of voices on the subject, a resounding answer emerged: thinking and acting long-term.