mediawatch - Luxembourg for Finance

mediawatch
1 - 15 october 2010
Friday, October 1 - 15 2010
1 11
RELEVANT NEWS FOR THE LUX FINANCIAL CENTRE
13 October:
The European Commission launches a consultation on proposals to regulate audit firms that could lead to their oversight by a
pan-European market supervisor.
12 October:
A campaign to anchor bank secrecy in the Swiss constitution failed after its organisers could not muster enough support to
force a referendum.
Hans Hoogervorst, Chairman of the Financial Markets Authority (AFM), is appointed chair of the International Accounting Standards Board (IASB), replacing Sir David Tweedy.
The Basel Committee on Banking Supervision issues the final version of its paper “Good Practice Principles on Supervisory
Colleges”.
The European Council adopts new rules on capital requirements and remuneration policies in the banking sector.
Commissioner Šemeta chairs the 1st meeting of the new Tax Policy Group which looks at the recommendations in Professor
Monti’s report on the re-launch of the Internal Market, including how to address obstacles and bottlenecks in areas such as
corporate taxation, consumption taxes and environmental taxation.
11 October:
The Institute of International Finance launches a backlash against national governments who want to add “arbitrary
constraints” on top of the new Basel III regulations. If countries surpass that accord, they will deny banks a level playing field
and impede growth. It also warned against unilateral actions to impose on banks fresh levies or even tougher capital requirements, or to bring forward the implementation of Basel III, which is not scheduled to be fully in force until 2019.
Alternative Investment Fund Managers Directive (AIFM): According to Michel Barnier, EU financial services commissioner, negotiations aimed at reaching an agreement on plans to regulate hedge fund managers in Europe will continue on October 14,
after talks between lawmakers in Brussels ended on October 11 without an agreement.
AIFM: Christine Lagarde, French finance minister, has expressed willingness to let foreign hedge funds be eligible for a panEuropean licence if the scheme is implemented in a staggered manner and if the new permits were given by a new European
Union regulator.
10 October:
Senior industry figures believe the recovery could be suffocated by new capital and liquidity rules agreed by the Bank for International Settlements.
9 October:
On the margins of the International Monetary Fund (IMF) meeting, Luc Frieden, Minister of Finance, holds several meetings
dedicated to the development of the Luxembourg financial centre. He thus held discussions with Parliamentary Secretary to
the Treasury in charge of the fight against the financing of terrorism, Stuart A. Levey, on the Luxembourg efforts to adapt its
regulation to international recommendations, in particular those of the Financial Action Task Force (FATF).
The IMF announces it will step up its focus on global systemic stability and is closer to wrapping up a package of reforms that
will make the 187-member institution more representative and better able to tackle the economic problems facing a globalized and interconnected economy.
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
2 11
RELEVANT NEWS FOR THE LUX FINANCIAL CENTRE
8 October:
CEBS publishes for consultation its draft Guidelines on remuneration policies and practices: EU regulators plan strict caps on
bank bonuses despite opposition from London, France and Spain.
7 October:
The European Commission is putting its weight behind a FAT (Financial Activities Tax) at EU level. The FAT would relate to the
total sum of profits and remunerations of financial institutions.
6 October:
Timothy Geithner, US Treasury Secretary expresses concern that France’s opposition to EU proposals to better regulate the
hedge fund industry risks creating unfair competition that would penalize non-European players.
The U.K.’s Financial Services Authority proposed increasing protection for bank-account holders to 85,000 pounds ($135,000),
in line with EU guidelines.
The Netherlands unveils details of the country’s 2011 tax plan. Numerous measures designed to encourage entrepreneurship
and innovation and containing new rules to combat fraud and tax avoidance are included in the plan so as to cut corporate tax
to 25%.
5 October:
The IMF issues its Global Financial Stability Report: the financial system is still vulnerable, funding risks for banks and governments are a major concern and financial reforms remain unfinished.
Switzerland plans to introduce rules that would require Switzerland’s two biggest banks UBS and Credit Suisse to increase their
capital reserves beyond international standards.
Switzerland and the United Arab Emirates inititial a bilateral double taxation agreement.
4 October:
Tax agreement between Germany and Liechtenstein.
3 October:
German tax reform plans delayed until 2011: the finance ministry will present a draft law with tax simplification proposals in
January.
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
FINANCIAL CENTRE: MEDIA COVERAGE (by number of articles)
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mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
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mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
5 11
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
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mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
7 11
STATEMENTS ABOUT LUXEMBOURG
Name
Position
Organisation
Source
Date
Economy
AFP
05/10
Not named
Journalist
AFP
Le Luxembourg, bon élève de européenne en matière budgétaire, table sur un déficit public de 1,2% du PIB en 2011 après
2,2% en 2010, soit en-dessous du seuil de 3% autorisé dans I’UE, selon un projet de budget présenté mardi par le gouvernement (...). Le Luxembourg est le seul pays de la zone euro à ne pas être actuellement sous le coup d’une procédure pour déficit excessif de I’UE. Celles-ci visent les pays dont le déficit public effectif ou prévu est supérieur à la limite de 3% autorisée
par le Pacte de stabilité.
Image
John Conroy
Outgoing Chair
Baker & McKenzie
The American Lawyer
01/10
Many of our clients in the corporate and financial services sectors have entities or funds registered in Luxembourg," explained Baker & McKenzie's outgoing chair John Conroy (...). “Our new office provides us with a formidable on-the-ground
presence in this increasingly important global financial center.
Heribert Prantl
Journalist
Süddeutsche Zeitung
Süddeutsche Zeitung
08/10
Im letzten Amtsjahr Köhlers, nach seinem Rücktritt und in den ersten blassen Wochen von Nachfolger Wulff hätten viele
Deutsche auf einen Bundespräsidenten am liebsten verzichtet. Braucht man dieses Amt? Es gab und gibt ja den Alt-Bundespräsidenten Richard von Weizsäcker, der allein durch sein Dasein und sein Sosein die Volksseele wärmt, wie das in den
Zeiten des Habsburger Reiches der Kaiser Franz Josef getan hat. Es gab und gibt den Alt-Kanzler Helmut Schmidt, den die
öffentliche Meinung zu den sieben Weltweisen zählt. Und es gab und gibt für die Grußworte zur Eröffnung von Juristenund Ärztetagen den beliebten Jean-Claude Juncker. Der ist zwar kein deutscher Politiker, sondern Ministerpräsident in
Luxemburg, aber schon so lange Deutsch sprechend im EU-Geschäft, dass ihn die deutsche Tagungsindustrie als Nebenund Reserve- Bundespräsidenten liebt.
Investment Funds
Claude Kremer
Chairman
Alfi
Börsen-Zeitung
14/10
Hinsichtlich Ucits IV hat Luxembürg beispielsweise als erster Mitgliedstaat in Europa einen Gesetzentwurf vorgelegt, der
dem Parlament zur Annahme vorliegt. Mit der Verabschiedung wird bis Ende 2010 gerechnet. Damit unterstreicht Luxemburg erneut seine Vorreiterrolle bei regulierten Investmentprodukten, und stellt den internationalen Fondspromotoren im
Hinblick auf einen grenzüberschreitenden Produktvertrieb eine pragmatische und investororientierte Umsetzungsfassung
der Ucits-IV-Richtlinie zur Verfügung.
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
8 11
FINANCIAL CENTRES MONITORING
Luxembourg:
„Europa ist mehr als eine Achse zwischen Paris und Berlin“
lff.lu, 15/10/10
http://www.lff.lu/finance/news/news-detail/article/europa-ist-mehr-als-eine-achse-zwischen-paris-und-berlin/2/
Europa muss mit einer Stimme sprechen – das war der Tenor eines Roundtables zum Thema „Finanzplatz Luxemburg/Finanzplatz
Frankfurt : Partner oder Mitbewerber ?“, veranstaltet von Luxembourg for Finance, Frankfurt Main Finance und der Börsen-Zeitung am
14. Oktober in Frankfurt. Finanzminister Luc Frieden scheute in seiner Ansprache sensible Themen wie die kürzlich von der deutschen
Regierung eingeführte Bankensteuer zur Finanzierung künftiger Krisenfälle genauso wenig wie Luxemburgs Haltung zum automatischen Informationsaustausch.
Newspaper supplement about the Luxembourg financial centre
Börsen-Zeitung, 14/10/10
here for download: http://bit.ly/9juoWy
Always smile at the border
lff.lu, 13/10/10
http://www.lff.lu/finance/news/news-detail/article/always-smile-at-the-border/2/
The new Bill on the fight against money laundering and terrorist financing has been passed by the Luxembourg Parliament. Luxembourg has followed recommendations by the Financial Action Task Force (FATF), an OECD body whose purpose is the development
and promotion of policies to combat money laundering and terrorist financing. The aim of the legislation is to strike a balance
between the respect of privacy and Luxembourg’s international obligations. The text was presented by Jean-Louis Schiltz and Gilles
Roth from the Christian Social People’s Party (CSV). LFF spoke to Gilles Roth.
Bakers opens funds-focused Luxembourg office
The Lawyer, 01/10/10
http://www.thelawyer.com/bakers-opens-funds-focused-luxembourg-office/1005636.article
Baker & McKenzie today opens its 68th office, launching a base in Luxembourg as it looks to capitalise on the expected boom in
investment fund activity in the countr
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
9 11
FINANCIAL CENTRES MONITORING
Ireland:
Moody’s to review Ireland’s debt rating
MoneyMarketing, 06/10/10
http://www.moneymarketing.co.uk/mortgages/moodys-to-review-irelands-debt-rating/1019714.article
Credit rating agency Moody’s has placed Ireland’s debt rating on review for a possible downgrade. If Ireland’s rating is downgraded, it
would go from Aa2 to Aa3. However, it is possible the country’s rating could fall to single A if the agency is convinced the stabilisation
of Ireland’s key debt ratios is unlikely.
UK:
New tax fails to shift UK’s non-dom rich
Reuters, 05/10/10
http://www.reuters.com/article/idUSTRE6943DB20101005
Attempts to make residents of Britain who are officially domiciled elsewhere pay more UK tax has failed to start a mass exodus of rich
people, a leading London-based private banker said on Tuesday.
City lawyers fear two-tier regulation will leave London out in the cold
The Lawyer, 11/10/10
http://www.thelawyer.com/city-lawyers-fear-two-tier-regulation-will-leave-london-out-in-the-cold/1005740.article
Plans for the future of the UK Listings Authority are causing concern, says Gavriel Hollander. In the long and rich history of unpopular
government proposals it might not be in the same league as the Poll Tax, but there is already a significant wave of opposition forming
to plans for the future of the UK Listings Authority (UKLA); plans that may have an enduring influence on the strength of the London
markets.
Germany:
Frankfurt soll zur “Bodenstation für Cloud Computing” werden
Börsen-Zeitung, 09/10/10
http://www.boersen-zeitung.de/index.php?li=1&artid=2010195045
“Cloud Computing” entwickelt sich zunehmend zu einem Schlagwort, das nicht nur IT-Fachleute in Verzückung bringt, sondern auch
die Wirtschafts- und Finanzwelt umtreibt. Auf dem 2. Frankfurter Symposium für Digitale Infrastruktur, das am Donnerstagabend von
der hiesigen Industrie- und Handelskammer gemeinsam mit dem IT-Dienstleister Interxion veranstaltet wurde, herrschte Einigkeit
darüber, dass Cloud Computing ein Kernthema für die zukünftige Entwicklung der Wirtschaftsregion Rhein-Main und insbesondere
des Finanzplatzes Frankfurt ist.
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
10 11
FINANCIAL CENTRES MONITORING
Switzerland:
Les hedge funds suisses émergent
Le Temps, 11/10/10
http://www.letemps.ch/Page/Uuid/63787bda-d4ae-11df-9f3d-23f67eaa6777/Les_hedge_funds_suisses_%C3%A9mergent
Environ 200 millions de livres (307 millions de francs) par année. C’est le manque à gagner en impôts, estimé par le gouvernement
britannique suite au départ d’Alan Howard et Michael Platt, deux gérants de hedge funds londoniens venus s’installer en Suisse.
Swiss defend their IMF seat
swissinfo.ch, 09/10/10
http://www.swissinfo.ch/eng/business/Swiss_defend_their_IMF_seat.html?cid=28507972
Pressure has been mounting on Switzerland over its seat on the International Monetary Fund (IMF) Executive Board.
Emerging countries and the United States want a wider distribution of seats, saying Europe has too many. Swiss Finance Minister
Hans-Rudolf Merz has defended Switzerland’s position.
Swiss tax treaty with Germany may finish bank secrecy in Europe
Bloomberg, 01/10/10
http://www.bloomberg.com/news/2010-09-30/swiss-tax-treaty-with-germany-may-finish-bank-secrecy-in-europe.html
Switzerland’s tax treaty with Germany may finish banking secrecy in Europe and prompt withdrawals as Swiss banks will no longer
guarantee client confidentiality.
The treaty will allow investigators to request Swiss assistance in tracking down undeclared money deposited by German nationals,
said Eric Jucker, a Zurich-based tax lawyer. It probably will be signed this month by Swiss Finance Minister Hans-Rudolf Merz and his
German counterpart Wolfgang Schaeuble.
Dubai:
UAE banks ‘uniformly poor’ finds survey
arabianbusiness.com, 05/10/10
http://www.arabianbusiness.com/uae-banks-uniformly-poor-finds-survey-355057.html
All UAE banks offer very poor levels of service, safe in the knowledge that customers have no superior alternative, the organiser of a
survey of personal banking habits in the country told Arabian Business on Tuesday.
Gulf asset managers face distribution dilemma
arabianbusiness.com, 05/10/10
http://new.arabianbusiness.com/gulf-asset-managers-face-distribution-dilemma-354825.html
Asset managers in the Gulf Arab region are looking to partner with regional players and third party providers to break the bottleneck
of distributing their offerings solely through banks, executives said on Monday.
Dubai’s financial center could see vacancy rates grow to 40 percent
nuwireinvestor.com, 04/10/10
http://www.nuwireinvestor.com/articles/dubais-financial-center-could-see-vacancy-rates-grow-to-40-56168.aspx
Limiting supply is crucial to Dubai’s commercial property sector, but with more office projects slated to enter the market, vacancies
could reach 40 percent in Dubai’s financial center. A recent study draws comparisons to office markets in Moscow, Singapore and
Shanghai which demonstrated similar trends before achieving equilibrium. See the following article from Property Wire for more on
this.
mediawatch
1 - 15 october 2010
Friday, October 1 -15, 2010
11 11
FINANCIAL CENTRES MONITORING
Singapore:
Singapore tightens monetary policy to ward off inflation
The Economic Times, 14/10/10
http://economictimes.indiatimes.com/news/international-business/Singapore-tightens-monetary-policy-to-ward-off-inflation/articleshow/6745967.cms
Singapore’s central bank on Thursday announced a surprise tightening of monetary policy to curb inflationary pressures amid robust
economic growth.
The Monetary Authority of Singapore (MAS) warned that “the balance of risks is weighted towards inflation going forward”, after the
government said the economy was on track to expand between 13 and 15 percent this year.
Hong Kong:
Hong Kong promoted as asset management centre
Tax-News.com, 06/10/10
http://www.tax-news.com/news/Hong_Kong_Promoted_As_Asset_Management_Centre____45697.html
In his speech to the Hong Kong Investment Funds Association’s annual conference, the Secretary for Financial Services and the Treasury, Professor K C Chan, emphasized Hong Kong’s role as an asset management hub for the Asian region.
He pointed out that Hong Kong has already established itself as a major asset management centre in Asia, with almost 2,000 authorized unit trust and mutual funds as at the end of March 2010 and assets under management amounting to around USD1 trillion in
2009, a large 45% increase over 2008.
Bahrain:
Bahraini Islamic finance regulator to review ‘no Shariah rules’ for breaking deals
arabianbusiness.com, 04/10/10
http://new.arabianbusiness.com/bahraini-islamic-finance-regulator-review-no-shariah-rules-for-breaking-deals-354765.html
The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws,
seeking to standardize an industry with $1 trillion in assets under management.
The Bahrain based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariahcompliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary general of the agency, in Manama, said in a
phone interview Sept 30. The rules will be enforced by December after approval by the advisory board, he said.