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Luxembourg at the 4th Global PE Forum in Beijing
Luxembourg Ambassador to China made a keynote speech at the 4th Global PE Forum in Beijing on 26th February 2012. Together with Mr Ji Lin, Vice-Mayor of Beijing in charge of financial affairs, Mr. Dai Xianlong, President of the National Social Security Fund, and Mr Liu Mingkang, former Chairman of China’s Banking Regulatory Commission, he called for an improved regulatery environment of the private equity sector. Mr Krieger highlighted the pioneering role Luxembourg has played over the last 25 years in applying innovative European legislation to facilitate fund distribution internationally which allowed Luxembourg to emerge as the world leader for distrubution of cross-border funds.
Luxembourg was the first country to implement the UCITS directive in 1988, thus creating the first European investment fund product for retail distribution throughout the EU. In 2004 Luxembourg pioneered again when it introduced one of the first regulated private equity and venture capital regimes in Europe, the “SICAR” regime. In the aftermath of the financial crisis, prudential supervision became the norm and the European Union enacted the Alternative Investment Fund Managers Directive (AIFMD), one of the most significant and substantial pieces of legislation produced in the European financial history. For the first time systemic risk monitoring will become compulsory, and all managers of investment fund products will in principle become subject to regulation and/or prudential supervision. Luxembourg has set itself yet again an ambitious target of becoming the first European Member State to implement the AIFMD around June 2012, one year ahead of the official deadline, which is 22 July 2013.
To know more about the Luxembourg financial sector, please go to: http://www.lff.lu/en/s/home/
To know more about the Luxembourg fund sector, please go to: http://www.alfi.lu/