BUSINESS
Canadian Pacific/Creative Commons
Funds
Legal
Two firms are helping Luxembourg funds participate in US securities class action settlements. A new joint venture aims to make it easier for the Grand Duchy’s funds firms to participate in US class action settlements. CapFields--an investor services firm in Luxembourg, France and the UK--and Goal Group--a class action claims firm in the UK--launched the unit “to provide securities class action claim services to funds domiciled and managed in Luxembourg.” Worldwide “$18 billion” is left uncollected, according to Goal Group. “The current figure for the amount ‘left on the table’ unreclaimed in Luxembourg is $465 million”, a spokeswoman says. .
Étienne Delorme (archives) – Blitz (archives)
First movers
Coeli sets up shop
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Arche gets into the act
The premiere family office to be founded under a new Luxembourg law has opened its doors. Arche Family Office is the first firm authorised under the December 2012 family office act. The speciality, which helps wealthy families but was previously unregulated, “is establishing itself as an essential link with the private banking sector in Luxembourg,” says Frédéric Otto, the firm’s president.
Financial regulation in the Grand Duchy is increasingly international, according to one of the Luxembourg financial regulators charged with interpreting a raft of EU and international rules. Interview by Aaron Grunwald Photography by Olivier Minaire
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Millions “left on the table”
Swedish asset manager Coeli has opened a new fund management company in Luxembourg, headed by industry veteran Johan Lindberg. The 12 year old firm--which previously focused on distribution in Sweden--is one of the first to take advantage of new EU rules on cross-border investment funds, called the AIFMD. By launching a unit in the Grand Duchy, Coeli hopes to broaden its geographic appeal.
“A unique opportunity”
elano asks Jean-Marc Goy, counsel for international affairs at financial regulator CSSF, what topics are top of mind for 2013. AG: What do you think will be big news in Luxembourg’s financial sector this year? J-MG: This is the first time ever that the International Organization of Securities Commissions annual conference will take place in Luxembourg. We expect between 600 and 850 participants for this event, which will be a unique opportunity to meet and interact with decision takers of the financial sector and with representatives of supervisory authorities from over 110 jurisdictions from all over the world. The event will take place from September 15 to 19, and will be open to the public on the afternoon of September 18 and 19. AG: What is the greatest opportunity that you see for the asset management sector? J-MG: Since the Alternative Investment Fund Managers Directive is also introducing a passport similar to the passport for UCITS [Ed. note: the type of retail mutual fund that is backbone of Luxembourg’s asset management sector] the industry is hoping to repeat the success which Luxembourg had in the field of UCITS, where Luxembourg is today the leading financial centre, in particular regarding cross-border distribution of UCITS. Luc Frieden, Luxembourg’s finance minister, has repeatedly stressed that the implementation of the AIFMD is a priority for our
government and that Luxembourg strives to be among the first member states of the EU to implement this directive. AG: What are the biggest challenges today as a financial regulator? J-MG: Over the last few years, the regulation and supervision of the financial sector has become more and more international, the aim being a more convergent and harmonised approach with supervisory authorities applying rules--as far as possible--that are fundamentally the same in the major financial centres. This trend will continue in the future, as is illustrated among others by the initiative of the European Commission in view of a banking union with a single supervisory mechanism for banks in the euro area. The challenge for national competent authorities is to make every necessary effort to ensure that their views are taken into due consideration. This is particularly true for supervisory authorities from smaller countries with a welldeveloped financial sector. .
march 2013
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