sources 1 discorso di apertura s.e. pierre gramegna, ministro delle finanze
TRANSCRIPT
Sources 1
DISCORSO DI APERTURAS.E. Pierre GRAMEGNA, Ministro delle Finanze
Sources 2
Perche’ Lussemburgo ?Nicolas Mackel, CEO Luxembourg for Finance
3
In sintesi
• Nome Ufficiale : Granducato di Lussemburgo
• Forma di Governo : Monarchia Costituzionale
• Capitale : Lussemburgo
• Valuta : Euro
• Paesi confinanti: Belgio, Germania e Francia
• Popolazione Totale: 549 000 abitanti, di cui il 45,3 % della popolazione totale è rappresentato da stranieri, 170 nazionalità differenti
• Popolazione italiana: 18 800, 3.4% della popolazione totale
4
Benvenuti a Lussemburgo
• Posizione strategica nel cuore dell’Europa
• Popolazione attiva altamente qualificata, multiculturale e
poliglotta
• Rating AAA da parte delle tre maggiori agenzie di
rating internazionali
• Importante centro finanziario dell’Eurozona
(GFCI ranking: #15)
• Capitale più sicura d’Europa (Mercer 2012)
• Elevata qualità di vita che attrae professionisti da tutto il
mondo
• Sede di Istituzioni Europee : Corte di Giustizia, Corte dei
Conti, Parlamento Europeo, Banca Europea degli
Investimenti, Fondo Europeo degli Investimenti, Meccanismo
Europeo di Stabilità
Un Governo stabile, efficiente e orientato al business è la chiave del successo del Lussemburgo
Wang Hongzhang, Chairman di China Construction Bank
5
Il Mercato Unico Europeo
Libertà di movimento per 500 milioni di consumatori in Europa:
6Fonte: Fondo Monetario Internazionale (FMI)
Adattamento delle dimensioni di un Paese rispetto alle attività finanziarie transfrontaliere
7
I punti di forza del centro finanziario
Diversificato
Internazionale
Innovativo
Stabile
8
DiversificatoAttività principali
WEALTH MANAGEMENT
CORPORATE FINANCE
FONDI DI INVESTIMENTO
ASSICURAZIONI &RIASSUCURAZIONI
ALTRO
9Fonti: ABBL, ALFI, CSSF, Commassu
InternazionaleAmbito transfrontaliero
• 148 banche da 27 Paesi, di cui 9 italiane
• Clienti Private Banking da ogni parte del mondo
• Fondi di Investimento lussemburghesi distribuiti in circa 70 Paesi
• Primo centro in Europa per la distribuzione transfrontaliera di assicurazioni vita
• Standard Internazionali riconosciuti
10
InnovativoUn track record d’eccellenza
Investimenti continui in educazione e ricerca in finanza
Business Internazionale in Renminbi
Fund labelling
Luxembourg School of Finance
Finanza Islamica
Il più grande centro finanziario al di fuori del contesto mussulmano
Nel 2002: prima quotazione di un’ obbligazione “Sukuk”
presso il LuxSENel 2014: primo Sukuk
sovrano denominato in Euro (rating AAA)
FinTech
Hub di riferimento per le società attive nell’
e-commerce enell’e-payment
LuxFLAG: marchio di riconoscimento per i
fondi che investono in microfinanza e
ambiente
Numero 1 per depositi e prestiti in Europa
Numero 3 al mondo per l’emissione di bonds
Centro europeo con i più alti volumi scambiati di
fondi denominati in RMB
11
StabileEconomia & politica
Fondamentali macro-economici solidi:
• Costantemente al di sopra del tasso medio di crescita europeo • Basso Debito Pubblico: 23.6 % del PIL (< 60%)• Basso Disavanzo Pubblico: 0.6 % del PIL(< 3 %)
Economia Diversificata:
• Siderurgia, componenti per auto, logistica, economia digitale, satelliti, mass media, produzione audiovisiva, ricerca & sviluppo
Stabilità Politica:
• Dalla fine delle seconda guerra mondiale ad oggi: 8 Primi Ministri and 8 Ministri delle Finanze
Elevata Solvibilità
• Tasso medio del 17% negli ultimi anni
12
Conclusione
Lussemburgo
E’ diversificato, internazionale, innovativo e stabile
Offre soluzioni di alta qualità a bisogni complessiE i suoi professionisti parlano la vostra lingua
Come possiamo esservi utili?
Per maggiori informazioni: www.luxembourgforfinance.com
Sources 13
La Borsa di LussemburgoAntoine Wagner, Senior Communication Manager
14
Fondata nel 1928 come Borsa autonoma (S.p.a.)
Da oltre 50 anni al servizio dell’industria finanziaria
Forte di una capacità innovativa per la quotazione di nuovi prodotti
1 – PanoramicaStoria
Sources LuxSE 15
1 - PanoramicaStoria
1963
Emissione del primo Eurobond della società
16
Leader mondiale nella quotazione di titoli internazionali
“Gateway” per accedere ad investitori internazionali
1 – PanoramicaRelazioni internazionali
Ripartizione geografica degli emittenti 40.000+ quotazioni66% Obbligazioni16% Fondi16% Warrants2% Azioni/GDRs
100+ paesi USA, Italia, Cina, Brasile, Giappone, …
3.000+
emittenti70 Sovrani12 Sovranazionali
54 valuteUSD, EUR, GBP, JPY, CNY, HKD, …
17
1 – PanoramicaInnovazione
La quotazione di nuovi prodotti
18
“Listing in Luxembourg”: Brand di qualità basato su un servizio completo
In cooperazione con Euronext:
• Piattaforma UTP & Cross-membership (BE, FR, NL, PT & LU)
”Listed in Luxembourg” implica “Admission to trading” che offre la
garanzia che il titolo sia negoziabile”
2 – Servizi per gli Emittenti
19
2 mercati possibili
2 – ServiziMercati
20
Processo di quotazione rapido ed efficiente al LuxSE:
• in max 3 giorni, LuxSE si impegna a rivedere il Prospetto iniziale
• in < 2 days, 99% di tutti i titoli sono quotati
• Efficiente processo decisionale del “Listing Committee”
• Supporto e consulenza durante la definizione dei prodotti
LuxSE è per molti strumenti finanziari la struttura più
competitiva sul mercato
2 – ServiziTempi di quotazione
21
1.480 titoli di emittenti italiani attualmente quotati al LuxSE
• Obbligazioni (94%), Warrants (5%), Fondi di investimento (1%)
• EUR (95%), GBP (2%), USD (2%), Others (1%)
• 226 emittenti che rappresentano 8% del totale complessivo
• 12 Regioni e 7 Comuni
• L’Italia è il 7 mo paese per numero di quotazioni
3 – Serviziper gli Emittenti italiani
22
Tipi di ABS quotati presso LuxSE:
• Mortgage-Backed Securities (MBS)
• Asset-Backed Securities (ABS)
• Collateralized Debt Obligation (CDO)
2 – ServiziProdotti di cartolarizzazione
Il mercato lussemburghese degli ABS:
• Con più di 900 società veicolo, Lussemburgo è leader sul mercato internazionale per i
prodotti di cartolarizzazione:
o Un quadro legale eccelente ex: « Legge sulla cartolarizzazione » di Marzo 2004
23
Un informazione completa, chiara e trasparente
Accesso libero sul nostro portale a tutti i Prospetti Informativi pubblicati
2 – ServiziPer gli Investitori
24
Accordi di cooperazione con:
• Shanghai Stock Exchange (SSE)
• Shenzhen Stock Exchanges (SZSE)
• GreTai Securities Market (GTSM)
MoU con maggiori Banche cinesi:
• Bank of China Group
• ICBC Luxembourg*
Attuali sviluppi:
• Lancio di un nuovo gruppo RMB Trading
• Nuovo indice per gli average bond yields (ABY) in CNY
• Area dedicata al RMB sul nostro sito web
3 – Progetti e sfideInternationalizzazione del RMB (1/2)
*processo in corso
25
3 – Progetti e sfideInternationalizzazione del RMB (2/2)
Dim Sum bonds quotati sul LuxSE
(Source LuxSE)
Dim Sum bonds quotati su scala mondiale
(Source Bloomberg, LuxSE, LSE)
26
4 – Fondi di investimentoFundsquare (1/3)
Fundsquare
Un’infrastruttura di mercato per facilitare la distribuzione transfrontaliera dei fondi
Gestione delle informazioni e della reportistica legale
Servizi di
Order Management
Accesso alle informazioni in tempo reale per gli attori dell’industria dei fondi
4 – Fondi di investimentoFundsquare (2/3)
Fundsquare
Un’infrastruttura per offrire i migliori servizi ai distributori e alle società di gestione
28
La nostra esperienza
4 – Fondi di InvestimentoFundsquare (3/3)
29
“Listed in Luxembourg”
• Un marchio di qualità ed un riconoscimento a livello internazionale
+50 anni di esperienza
Vocazione internazionale
• Accesso ad una platea di investitori internazionali
Innovazione come punto di forza
• Continuo sviluppo di nuovi prodotti
5 – Punti riassuntiviLuxembourg Stock Exchange
Sources 30
AIFMD: PRIME ESPERIENZE PRATICHE
Moderatore:
Marc Saluzzi, Chairman, Association of the Luxembourg Fund Industry (Alfi)
Relatori:
Giuliano Bidoli, Tax Director, KPMG Luxembourg
Serge d’Orazio, Head of Investment Funds & Global Custody, KBL European Private Bankers
Enrico Turchi, Managing Director and Conducting Officer, Pioneer Asset Management
Jérôme Wigny, Partner, Elvinger, Hoss & Prussen
Sources 31
AIFMD licencesHow does this compare to other domiciles?
UK France Germany Ireland Luxembourg0
50
100
150
200
250
300
350
400
450
401
296
65 75
169
On average 75% of the expected AIFMs are
authorized
AIFM authorizations per domicile (ESMA Sept 2014)
Sources 32
AIFMD licences Where do we stand in Luxembourg?
169 AIFMs have authorised, i.e. full licence1
Approximately 65 AIFM applications pending with CSSF3
AIFs prospectuses and notifications have been approved by CSSF4
565 AIFMs have registered, i.e. below ‘de minimis’ threshold2
Sources 33
Key learning points
• Approval process: key points for consideration
• Cost: the reality check
• The Luxembourg tool box: a good fit for investors, fund
managers and all asset classes
• Distribution: The future looks promising
Sources 34
UCITS V & VIRECENTI SVILUPPI
Moderatore:
Freddy Brausch, Managing Partner, Linklaters
Relatori:
Rafael Aguilera, Executive Director EY
Laurent Fedrigo, Partner, Deloitte
Yvan de Laurentis, Head of Depositary and Fiduciary Services, BNP Paribas Securities Services
Florence Stainier, Partner, Arendt & Medernach
Testimonial:
Carlo Montagna, Managing Director, The Directors’ office.
35
Agenda
(1) Context: Facts and Figures
(2) Products
(3) Infrastructure
(4) Distribution
UCITS V, UCITS VI: latest developments
Luxembourg meets Milan
36
(1) Context: Facts and Figures
Number of Luxembourg domiciled funds
Strong development after UCITS I
Number of Luxembourg domiciled funds
0
500
1000
1500
2000
2500
3000
3500
4000
4500Number of funds
September 2014 3 900
growth rate 12 months
0.41%YTD: -0.05%
Figures as at September 30, 2014 Source: CSSF
37
Net assets of Luxembourg domiciled UCIsStrong development after UCITS I
0
500
1 000
1 500
2 000
2 500
3 000
3 500September 2014
3 006.762 EUR bn
€ billions
Growth rate12 months
18.41%YTD: 14.97%
Figures as at September 30, 2014 Source: CSSF
(1) Context: Facts and Figures
38
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 J F M A M J J A S
SIF (2007 law) Institutional funds(before Feb 07)
Part II (2010 law) Part II (2002 law)
Part II (1988 law ) Part I (2002 & 2010 laws ) Part I (1988 law )
2014
Number of funds
Legal status of Luxembourg domiciled investment funds
Luxembourg fund industry
Figures as at September 30, 2014 Source: CSSF
Institutional/SIF
UCIs
UCITS
(1) Context: Facts and Figures
39
Number of Luxembourg domiciled funds
Figures as at September 30, 2014 Source: CSSF
1 887
441
1 572
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
Number of funds
SIF
PART II
PART I
NON-UCITS}
UCITS}
(1) Context: Facts and Figures
40
22,5
16,4
14,8 14,0
8,2 7,4
4,5
2,3 2,1 1,7
6,1
0
5
10
15
20
25
US GB DE CH IT FR BE LU NL SE Others
in terms of net assets
%
Figures as at September 30, 2014 Source: CSSF
Market share (%) of promoters of Luxembourg domiciled funds by country of origin in terms of assets under management
Luxembourg fund industry
(1) Context: Facts and Figures
41
Luxembourg fund industry
4,1
6,9
38,3
13,4
3,8
7,0 4,6 4,9
1,3 2,6
13,1
0
5
10
15
20
25
30
35
40
45
US GB DE CH IT FR BE LU NL SE Others
%
in terms of funds
Market share of promoters of Luxembourg domiciled funds by country of origin in terms of funds
Figures as at September 30, 2014 Source: CSSF
(1) Context: Facts and Figures
42Source : Lipper LIM & PwC analysis as at December 31, 2013 (Poster PwC March 2014)
Management group nameCountries of sale
at group level (including domicile)
FRANKLIN TEMPLETON 50 LU 47
HSBC 43 LU 40
BLACKROCK 41 LU 35
BNP PARIBAS 38 LU 35
FIDELITY WORLDWIDE INVESTMENTS 37 LU 34
DEUTSCHE BANK 32 LU 23
ALLIANZ GROUP 32 LU 31
JP MORGAN 32 LU 31
PIONEER INVESTMENTS 30 LU 28
UBS 30 LU 28
INVESCO 30 LU 27
AMUNDI GROUP 28 LU 27
HENDERSON GROUP 28 LU 27
INVESTEC 28 LU 27
SCHRODERS 28 LU 27
LEGG MASON 28 IE 24
ABERDEEN ASSET MANAGEMENT 27 LU 26
BNY MELLON 26 IE 23
ROYAL BANK OF SCOTLAND 26 LU 24
ING GROUP 25 LU 24
ALLIANCEBERNSTEIN MANAGEMENT 25 LU 24
SWISS & GLOBAL AM 25 LU 24
PIMCO 24 IE 23
CREDIT SUISSE GROUP 24 LU 21
BARCLAYS 24 LU 18
First choiceFund domicile /Countries of sale
Leading cross-border management groups (1/2)
(1) Context: Facts and Figures
43
Management group nameCountries of sale
at group level (including domicile)
CAPITAL GROUP 24 LU 23
GAM 24 IE 20
THREADNEEDLE 23 UK 20
MAN GROUP 23 LU 17
OLD MUTUAL GROUP 23 IE 22
BLUEBAY ASSET MANAGEMENT 22 LU 21
GOLDMAN SACHS 22 LU 20
MORGAN STANLEY 22 LU 21
PINEBRIDGE INVESTMENTS 22 IE 21
PRUDENTIAL 22 UK 15
AXA 22 LU 19
PICTET & CIE 21 LU 20
NORDEA 21 LU 20
STATE STREET 20 LU 14
NEUBERGER BERMAN 20 IE 19
KBC 20 LU 19
LYXOR 20 LU 14
ROBECO 20 LU 19
T ROWE PRICE 20 LU 19
RUSSEL 20 IE 19
MFS 19 LU 18
EAST CAPITAL 19 LU 15
VONTOBEL 19 LU 18
SEB 19 LU 18
UBP 19 LU 18
JUPITER 19 LU 18
First choiceFund domicile /Countries of sale
Leading cross-border management groups (2/2)
Source : Lipper LIM & PwC analysis as at December 31, 2013 (Poster PwC March 2014)
(1) Context: Facts and Figures
44
67
19
4
3
2
0 20 40 60 80
Luxembourg (LU)
Ireland (IE)
France (FR)
Jersey (JE)
United Kingdom(UK)
67 % of all UCITS registered
in at least 3 countries
(including home state)
are Luxembourg funds
in %
Source : Lipper LIM & PwC analysis as at December 31, 2013 (Poster PwC March 2014)
Domicile share of authorisations for cross-border distribution
(1) Context: Facts and Figures
45Source : Lipper LIM & PwC analysis as at December 31, 2013 (Poster PwC March 2014)
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
DE CH AT FR NL UK ES IT SE FI BE NO SG DK IE PT CL GR HK MO
Americas
Asia Pacific
Europe
(in terms of the number of registrations)
Principal markets for distribution of Luxembourg investment funds
(1) Context: Facts and Figures
46
ASSET MANAGEMENT
PLAYERS
• 40% of the top asset managers are not actively involved in social media and only 15% of asset managers active on social media are interactive
• More than a quarter of asset managers are not sure whether the use of mobile technology for distribution or communication would play a critical role in their business
Social media
Big data
Cloud
Digital intelligence
CRMs
DRIVERS
Tailored products
Accurate and timely information
Cost reduction
Interactive communication
Efficiency and control
POTENTIAL NEW ENTRANTS ?
TODAY CONSEQUENCES TOMORROW
fund data
fund platform
AM
?
?
?
(1) Context: Facts and Figures
AM enters the 21st century
47
(2) Products
> UCITS VI
• What is it about?
• Where do we stand?
• Does UCITS VI have a future?
> Issues which have now been addressed outside the UCITS VI framework
• ESMA guidelines on ETFs and other UCITS issues – (Status - CSSF Policy)
• European Long Term Investment Funds Regulation – (Status - Luxembourg Position)
• Money Market Funds Regulation – (Status - Luxembourg Position)
48
What is the status?
Entry into force of the Guidelines: 18 February 2013
Update 1 August 2014 (diversification of the collateral)
What does it mean to you?
Amendments of prospectus
More flexibility in collateral management
Possible shift in terms of UCITS products
What is it about?
• More transparency
• More investor protection
• Less flexibility for investment managers
CSSF Policy: Circular 14/592
ESMA Guidelines on ETFs and other UCITS issues
(2) Products
49
What is it about?
• New EU Regulation on long-term investment funds
• Sub-category of AIF, to be managed by AIFM
• Product regulation with detailed investment criteria
• Available to retail investors
• EU passport
What is the status?
EP text adopted
EC currently discussing
Trilogues
What does it mean to you?
New product label
EU retail passport for alternative fund product
Luxembourg Position: ELTIF Regulation is a new opportunity
ELTIF
(2) Products
50
What is it about?
• Reduction of impact of investor runs in times of financial stress
• Liquidity management rules
• Capital buffer for constant NAV funds (European approach)
What is the status?
Vote in European Parliament called off
No new vote until maybe end 2014
(Still) high on European legislative agenda?
What does it mean to you?
Survival of constant NAV European MMF?
More onerous requirements than for other UCITS
Luxembourg position: Luxembourg expressed serious concerns around the actual impact on the industry and the real economy of some measures included in the European Commission proposal, in particular the 3% buffer imposed on CNAVs
The proposed Money Market Funds Regulation
(2) Products
51
˃ What are current market trends?
• Overall trends
• China A shares
• UCITS Hedge Fund strategies
(2) Products
52
China A-shares…too big too ignore !
Rank 2 !!
Accelerated opening of Chinese internal market:
2007
Further to rules relaxation, allocated quota to QFII reaches USD 30bn
2002
Publication of the first QFII program regulation
2011
Issuance of the RQFII scheme regulation. Initial quota is set at USD 20bn.
2003
First 6 QFIIs are authorized to invest in China A-shares market. Allocated quota to QFII is USD 10bn
2012
Quota for QFII scheme is raised to USD 80bn
17 Nov 2014
Launch of the Shanghai and Hong Kong Stock Connect. Quota set at USD 17bn.
2013
RQFII quota expanded to USD 200bn
(2) Products
53
˃ Use of UCITS IV efficiencies
• European Cross-Border Mergers
• European Master-Feeders
(2) Products
54
(3) Infrastructure
> UCITS IV: Use of Management Company Passport
• How does it work?
• Practical examples
˃ Depositary
• Lux CSSF Circular 14/587
• UCITS V Directive and the depositary
• ESMA Consultation on UCITS depositaries
55
What is it about?
• clarifying the depositary regime previously governed by the Law of 2010, the Chapter E of the IML Circular 91/75 as well as by the set of CSSF’s non written rules by defining the new organisational provisions to be put in place by UCITS depositaries; and
• laying down various duties, obligations and rights relating to the UCITS depositary function
• ! One of the key points of the AIFMD and UCITS V directives, the liability regime, has not been included in the Circular.
What is the status?
The depositaries, UCITS and their management companies shall comply with the provisions of the Circular by 31 December 2015 subject to the transitional provisions of the UCITS V Directive which, when implemented, may have an impact on the regime established by the Circular.
What does it mean to you?
Compliance with the requirements of the Circular
CSSF Circular 14/587 on UCITS depositaries
(3) Infrastructure
56
What is it about?
Rules on eligibility to act as a UCITS depositary
Rules on depositary’s duties
• distinction between custody duties relating to financial instruments v asset monitoring duties for non financial instruments
• uniform list of oversight duties for UCITS (contractual and corporate)
• detailed provisions on cash monitoring
• segregation requirements
Rules on delegation (alignment with those applicable under AIFMD)
Liability regime: strict liability in case of loss of a financial instrument held in custody with no further discharge of liability (stricter than in AIFMD)
What is the status?
17 September 2014 : Entry into force of the Directive
18 March 2016: Deadline to implement the Directive in the Member States
UCITS V Directive and the depositary
What does it mean to you?
Harmonisation across Europe of depositary function, remuneration rules
Need to review depositary agreements
(3) Infrastructure
57
What is it about?
The Consultation Paper focuses on two aspects
• the protection of UCITS assets against the insolvency of a sub-depositary
• the independence requirement applying to the UCITS management company and the depositary
What is the status?
Technical advice to be submitted to the European Commission by the end of November 2014
ESMA Consultation on UCITS depositaries
(3) Infrastructure
58
˃ Remuneration
• General Trends
• Specific UCITS V Provisions
˃ Sanctions
• General Trends
• UCITS V Provisions
(3) Infrastructure
59
(4) Distribution
˃ Insurance Mediation Directive (IMD II)
• What is it about?
• What is the status?
• Impact on UCITS?
> MiFID II and inducements
• What is it about?
• What is the status?
• Impact on UCITS
60
> PRIIPs
• What is it about?
• Where do we stand?
• Impact on UCITS
> Non-EU Passports
• Impact on UCITS sales outside the EU
(4) Distribution
61
Q&A