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Alongside cohesion policy, the Connecting Europe Facility5 will be one of the EU's most
obvious contributions to cutting through these obstacles by stimulating infrastructure. 2013
should see the facility up and running and key choices made on targeting. It should also see
project bonds being rolled out to help harness private sector investment.
This will go hand in hand with consolidating regulation. More needs to be done to achieve a
true European transport area with European rules: proposals on connecting up in the rail
sector and on accelerating the implementation of the Single European Sky should be taken
forward as priorities. In the field of energy, the...
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A fully integrated and interconnected European Single Market covering telecoms, energy and
transport is a prerequisite for competitiveness, jobs and growth. Achieving this requires
affordable, accessible, efficient and secure network infrastructure. Accelerating the roll out of
the digital economy will bring benefits across all sectors, through enhanced productivity,
efficiency and innovation. Europe must have state-of-the-art digital networks to retain and
build its global competitive position, to be able to handle the explosion in internet use and
exchange of data and to fully exploit the efficiency gains and innovative services allowed by
major online developments. In energy, significant investments in electricity grids and other
energy networks will help make...
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Energy efficiency is a key area for competitiveness. The Commission will reinforce its
cooperation with Member States on the implementation of the energy efficiency directive, the
energy labelling and ecodesign legislation. Implementing the strategy for Key Enabling
Technologies will also be a key lever of competitiveness. The Commission will deepen its
work to help SMEs facing the challenge of financing and implement the Action Plan for
entrepreneurship. Support from the European Regional Development Fund and the COSME4
programme will be ready to roll out when the new financing period starts in 2014. New
programming of the European Social Fund will also include a particular focus on the
provision...
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The Single Market needs to continue to adapt to reach the potential for businesses and
consumers in a borderless Europe. Technological change offers huge possibilities, but it needs
to be accompanied by new approaches in areas like procurement, standards, and intellectual
property. The EU needs a long-term framework for energy and climate policies so that
investment and policy target competitiveness and tackle climate change. Europe falls short on
innovation, with obstacles to building new markets and investing in the technologies that will
change the way we live, as well as wider issues of attitudes to entrepreneurship and business
failure. It also needs the right legal framework to...
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The legislation already in place and now being considered adds up to a fundamental reshaping
of the EU's financial system. Agreement on banking supervision will put the European
financial system on far more secure foundations and act as a springboard for confidence. 2013
will see the implementation of many of the detailed rules of this package. The same is true for
cohesion policy, where the key priorities for growth-enhancing measures and structural
reforms brought out in the European semester will be put at the core of new national and
regional programmes and where the focus will be on the finalisation of the country-specific
mandates for the next...
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A genuine EMU needs a comprehensive approach to tackle the vicious circle of excessive
private sector indebtedness, unsustainable sovereign debt and banking sector weakness. The
EU lacks a global framework which fills in the gaps in a fully integrated financial services
policy, with a single supervisory mechanism for banks and a single rule book to govern all
financial institutions. It also needs to complete and implement the more effective mechanisms
put forward to prevent and correct unsustainable fiscal policies and economic imbalances.
Better coordination of tax policies will also be crucial. The progress made through the
European semester has also not yet reached its potential in terms...
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Europe's strength lies in the interconnection of our economies. The single market and the
common currency have driven this forward, and the integrated economic policy making at the
European level through the European semester is now drawing our economies together as
never before. However, the crisis has shown that the single market for financial services can
only deliver financial stability, economic growth and jobs if it is matched with a strong single
regulatory and supervisory authority at EU level. The next step must be to deepen economic
and monetary union with a fully-functioning banking and fiscal union....
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It would add up to a
major record of EU action before the June 2014 European Parliament elections. In 2013 the
Commission will devote much effort to implementation as an immediate way of delivering on
the benefits of EU action. Following the decisions to be taken on the multi-annual financial
framework by the end of 2012, during 2013 the Commission will focus on finalising
arrangements for rapid implementation, including through the use of country-specific
negotiation mandates to ensure that the priorities supported through EU-funded investment
are clearly targeted on growth and jobs. Targeted investment supported by a modern, proreform
EU budget can make a decisive contribution to growth,...
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This 2013 Work Programme sets out the long term vision of what the EU might look like in
key policy areas, summarises what is missing today and explains how the Commission will
tackle these challenges. By prioritising the right kind of initiatives, the EU can contribute to
growth and job creation and can step by step move closer to its longer term vision.
The Commission has already tabled a wide range of growth enhancing proposals which are
now being negotiated by the co-legislators. Timely adoption and full implementation of these
measures would send a crucial signal of confidence to citizens and to investors, helping to
reinvigorate economic...
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This is why, in the State of the Union address, President Barroso called for new thinking for
Europe – to draw the consequences of the challenges we are now facing and that are
fundamentally changing our world. There can be no growth without reform and no way of
confronting our challenges unless we do it together. The State of the Union speech launched
ambitious ideas for the long term framing of the EU – a deep and genuine economic union,
based on a political union. This vision must be translated into practice through concrete steps,
if it is to address the lingering crisis that continues to...
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Today's absolute imperative is to tackle the economic crisis and put the EU back on the road
to sustainable growth. This is the number one task for this generation of Europeans. It calls
for a Europe able to compete in the global economy, reshaped to seize the opportunities of the
future. It requires the stable macroeconomic environment which true economic and monetary
union can bring. It needs a step change in the economy, to release the many strengths Europe
can bring to bear in tomorrow's economy of high innovation and high skills. This demands
changes to the business environment in the Single Market; it requires that...
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Marketing under the AIFM Directive covers any “direct or indirect offering or placement at the initiative of the AIFM or on behalf of the AIFM of units or shares in an AIF it manages to or with investors domiciled in the EU.” An AIF is defined as a collective investment undertaking, or compartment thereof, which raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors and which is not covered by the UCITS Directive.
The marketing provisions of the Directive do not apply to passive...
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EU AIFMs marketing non-EU AIFs to EU investors will have to comply with almost all obligations under the AIFM Directive from 2013 onward, but will not benefit from the EU passport before the implementation of the passport for non-EU AIFs (expected in 2015). In addition to national PPR rules, the non-EU AIF’s jurisdiction will need to meet new requirements (on cooperation arrangements and anti-money laundering and terrorist financing) for the AIF to be marketed in the EU. To benefit from the passport, conditions related to tax cooperation agreements will also need to be fulfilled by the AIF’s jurisdiction....
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Between transposition of the Directive and the implementation of their passport, non-EU AIFMs may manage EU AIFs if permitted by national regimes in the EU. They may use national PPRs for marketing to EU investors, subject to additional conditions.
Between the implementation of the passport for non-EU AIFMs and the withdrawal of national PPRs in the EU, non-EU AIFMs3 may be allowed to register under the Directive via the Member State of reference procedure to manage EU AIFs and to market AIFs (EU and non-EU) in the EU under the passport. They may also choose to continue to market AIFs in...
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Non-EU AIFMs intending to market AIFs they manage in the EU with a passport once it is available (expected in 2015), or to manage EU AIFs, must receive a prior authorization from the competent authorities of their EU Member State of reference. To obtain such authorization, they must comply with the requirements of the Directive or equivalent rules.
The Member State of reference is determined in accordance with a complex series of rules; in summary, it is generally the Member State where the applicant AIFM carries out most management or marketing.
The following conditions must also be met:
• The non-EU AIFM must...
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In addition, the marketing provisions of the AIFM Directive do not apply to the marketing of AIF’s shares or units that are subject to a current offer to the public on an EU-regulated stock exchange under a prospectus that has been drawn up and published in accordance with the Prospectus Directive (Directive 2003/71/EC) before mid-2013, as long as this prospectus is still valid.
Small and mid-sized AIFMs falling below the de minimis thresholds4 are expected to be allowed to continue marketing cross-border in the EU under national PPRs, subject to additional conditions set by the Directive. This may continue to be...
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The AIFM Directive’s geographic impact will stretch beyond the EU; for example, due to the additional eligibility conditions for third-country AIF jurisdictions. Third-country jurisdictions wishing to ensure that their alternative funds can be actively marketed in the EU will need to carefully review their legal and regulatory framework in relation to AIFM supervision and be prepared to implement international cooperation arrangements for the purpose of systemic risk oversight and tax cooperation with relevant EU Member States.
Most of the new costs related to the implementation of the AIFM Directive will be borne by the alternative investment industry and the AIF investors....
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The level of costs will vary substantially between the alternative industry segments, and also between individual managers in each segment. It will also depend on the marketing route used by the AIFMs (passport or PPR), especially for non-EU AIFMs. The one-off and ongoing compliance costs for non-EU AIFMs using the PPR route will be much lower than those of non-EU AIFMs using the passporting route and for EU AIFMs, whatever the route. The costs therefore need to be carefully analyzed on a case-by-case basis.
Investors in existing funds at the final date of transposition or in funds to be launched afterwards...
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Following the vote of the EU Parliament plenary session of
11 November 2010, and without formally waiting for the entry into force of the Directive expected for mid-2011, work on the implementation phase has started. This work will span more than two years, and will consist of two main pillars: Member States will draft their implementing legislation while the Commission and ESMA (former CESR)6 will work on so-called “Level 2” measures or technical and regulatory guidelines for implementation.
Following a provisional request for assistance from the Commission, CESR/ESMA issued a call for evidence on implementing measures on the AIFM Directive on 3...
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Directive also covers new issues such as the passport for third-country managers that have so far never been in the scope of CESR/ESMA’s work. In this context, the process should be seen as still very much open ended and thus as an opportunity for the alternative investment industry to fully engage with ESMA and the European Commission so as to translate the current framework into sensible and appropriate measures whenever possible.
Nearly 40 implementing measures, technical standards and guidelines concern third-country AIFs or AIFMs. A particular focus of CESR/ESMA’s call for evidence is placed on objectives, parties and scope of cooperation...
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The AIFM Directive foresees a pan-European marketing regime that will become available to EU managers with EU funds in 2013, and may be available to non-EU managers and non-EU funds from 2015. Meanwhile, and for the upcoming seven years at least, national PPRs will remain available for the distribution in Europe of non-EU funds and to non-EU managers. However, individual Member States may impose stricter rules. Mapping existing AIFs and their AIFMs and getting a good understanding of new EU fundraising rules in the post-AIFM Directive era to strategically adapt fund structures should be started without delay and will constitute...
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About Ernst & Young’s Global Asset Management Center
The asset management industry is evolving at a deceptively fast pace. Asset managers and service providers face challenges every single day whether it’s managing business growth, mitigating risk, providing transparency or embracing regulatory scrutiny. Ernst & Young’s Global Asset Management Center brings together a worldwide team of professionals to help you achieve your potential — a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately it enables us to...
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The EU authorities have an ambitious regulatory agenda in
2012 with a host of new rules in prospect that will have a
broad impact on the fund industry. In relation to UCITS,
new rules will be issued for UCITS ETFs and Structured
UCITS that will tighten the regulatory framework for
these products. In addition the European Commission is
working on a new UCITS V proposal to align the depositary
framework with the requirements of the AIFMD.
The proposal is expected to redefine the role of the
UCITS depositary and liability regime, but also issue rules
covering the remuneration of UCITS managers as well as
administrative sanctions for a series of key...
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The European Commission is expected to finalise the bulk
of the AIFMD level 2 implementing measures in the second
trimester of 2012. Then the onus will be on the Luxembourg
lawmakers to push ahead in the remaining months of 2012
to draft the new legal texts required to transpose the EU
framework into local law. The ultimate deadline to transpose
the AIFMD is July 2013.
SIF law
In Luxembourg the industry is ready to embrace an
update of the Specialized Investment Fund (SIF) law,
that will introduce some significant changes to the SIF
regime, such as the requirement for pre-approval of the SIF
before launch, the possibility to cross-invest between subfunds
in the...
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Luxembourg Fund industry
Over the years, Luxembourg has developed a strong
reputation as a centre of excellence for a large variety of
investment funds. The legal framework of the country offers
a large selection of investment vehicles that may be used to
accommodate the strategies pursued by promoters.
As at 31 December 2011, the size of the Luxembourg Fund
industry was Euro 2.10 trillion (2010: Euro 2.20 trillion).
There were 3,845 funds (2010: 3,667) or 13,294 sub-funds
(2010: 12,937) approved. During the year 2011, 469 new funds
were set up while 291 were closed or liquidated. In terms of
sub-funds there was net increase of 357 sub-funds during
the year. In addition...
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Students should note that Congress generally prohibits the use of appropriated funds
to employ non-citizens within the United States. That restriction is discussed on the USAJobs
Web site. Students who are not U.S. citizens are eligible for the student observer program.
However, they should recognize that they are generally not eligible to be hired as employees
after graduation.
We have a limited number of slots and cannot hire all of the students who would be
successful interns. Students are welcome to decline our offers. However, students who
accept our offer and then quit – either before or after the program starts – will have taken an
opportunity from...
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Although most SEC attorneys work day-to-day in securities regulation, many
attorneys deal with other substantive areas. The Commission highlights an office that
may interest students who would like to pursue careers dealing with public integrity: the
Office of Inspector General. The OIG reports directly to the Chairman, and it hires interns
each semester. The Commission encourages applications because the OIG serves an
important mission and because it provides interns with hands-on educations.
Students interested in the OIG should apply to the Headquarters using the
procedure described above and highlight their preference in their cover letter.
The Office of Inspector General is an independent office within the SEC that
conducts...
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Interning in the Office of Inspector General provides law students with hands-on
experience involving a wide variety of issues and a unique opportunity to obtain exposure
to the various divisions and offices of the Commission. Students interning in the Office of
Inspector General may be assigned to assist both the audit and investigations units of the
Office. Interns working with auditors typically attend interviews, prepare memoranda
summarizing those interviews, assist in conducting audit testing, and may also draft
portions of audit reports. Interns assisting the Office’s investigators generally participate
in witness interviews and testimonies, conduct document and e-mail review, and may
draft portions of investigative reports. Students also...
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Voted by the European Parliament in November 2010, the AIFM Directive covers all alternative sectors such as hedge funds, real estate and private equity, as well as traditional sectors where the fund products are not registered as UCITS.1
AIF products are generally reserved for professional investors, but may also be marketed to retail investors. Today, investors access alternative investment products primarily through national private placement channels; for European investors and products, the AIFM marketing regime will replace these.
The AIFM marketing regime is a complex set of rules covering the marketing of AIFs to EU investors by, or on behalf of, EU...
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The economic reforms implemented since the signing of the GPA have borne positive results for the economy. Real GDP grew by about 6% in 2009 and is estimated to have grown by 9% in 2010. The adoption of the multi-currency regime along with the tightening of fiscal policy stance through the implementation of a cash-based budget system has helped Zimbabwe to bring down inflation to the commendable level of 3.0% by end-April 2011. In the medium term, Zimbabwe’s prospects and performance will be largely determined by political developments and how these impact the economy. Key reforms aimed at addressing external...
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