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