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2013 was a positive year for the luxembourg fund industry, but serious challenges remain
Posté le 23 Mar 2014

Press releases - 29/01/14

ALFI met with Luxemburguish press to present 2013 figures and the key concerns for the Luxembourg fund industry.

2013 was a positive year for the Luxembourg Fund Industry, but serious challenges remain

FATCA: ALFI confirms that the Model 1 Intergovernmental Agreement between Luxembourg and the US is to be signed soon

AIFMD: ALFI reports that, six months after the implementation of the Directive, the effect of the new regulation is beginning to take shape

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ECB publishes manual for asset quality review
Posté le 20 Mar 2014

Manual contains methodology for ten specific work blocks in “Phase 2” (on-site inspection) of the asset quality review (AQR).

Key work blocks include the review of processes, policies and accounting, credit file review and collateral value appraisal, and review of level 3 fair value assets (see Annex for a description of all ten work blocks).

The European Central Bank (ECB) has today published its manual on the methodology for Phase 2 of the AQR. The manual provides guidance for the national competent authorities (NCAs) and their third-party support on carrying out the exercise.  

Phase 2 follows the portfolio selection (Phase 1) and will run until August 2014. The AQR process is due for completion in October when the results will be released together with the results of the stress test conducted in cooperation with the European Banking Authority.


Commission adopts nine Regulatory Technical Standards to implement the single rule book in banking
Posté le 20 Mar 2014

The European Commission has adopted a package of Regulatory Technical Standards (RTS) needed to implement important provisions of the Capital Requirements Regulation and Directive (CRR/CRD). The nine RTS define the ways in which competent authorities and market participants must, inter alia, handle disclosures linked to securitisation instruments, measure potential losses from derivative positions and counterparty failure, as well as specifying the types of instruments that can be used for paying bonuses.

These RTS were developed by the European Banking Authority (EBA). They draw on the experience of EU Member State banking supervisors and take account of the results of stakeholder consultations. They have now been endorsed by the European Commission.


IFRS 9: Financial Instruments (replacement of IAS 39)
Posté le 11 Mar 2014

Original publication

IFRS 9 Financial Instruments was published in November 2009 and contained requirements for financial assets. Requirements for financial liabilities were added to IFRS 9 in October 2010. Most of the requirements for financial liabilities were carried forward unchanged from IAS 39. However, some changes were made to the fair value option for financial liabilities to address the issue of own credit risk.


ECB makes progress with asset quality review, and confirms stress test parameters for comprehensive assessment
Posté le 11 Mar 2014


3 February 2014

The European Central Bank (ECB) has today announced the progress made in its on-going comprehensive assessment. It also confirmed that it will apply the parameters for the stress test released by the European Banking Authority (EBA) on 31 January. Together with the asset quality review (AQR), the stress test forms part of the comprehensive assessment. The assessment aims to enhance the transparency of the balance sheets of significant banks and to rebuild investor confidence prior to the ECB taking over its supervisory tasks in November 2014.