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Abbl.lu
June 2011  n°21
Abbl.lu

Abbl.lu

Contents

1. ABBL Top News

2. ABBL News

3. Representative Office in Brussels News

4. ABBL Member News

5. Partner News

6. Other News

7. Agenda

8. Statistics update

Abbl.lu ABBL Top News

Towards a Master program in International Wealth Management

A new milestone to continue to develop Private bankers' competencies and promote Luxembourg wealth management expertise internationally.


In order to face the complexities of an ever-evolving world of private banking, the Private Banking Group, Luxembourg (PBGL) has successfully managed, over the past few years, to anticipate training needs with a view to provide private bankers with the necessary qualifications to meet the legitimate needs and expectations of clients.
 
Thus, the “Certified International Wealth Manager” diploma as well as various training programmes and modules in private banking were made possible by a partnership between the Institute IFBL and the PBGL. This partnership continues to operate successfully, but it is now time to take education in Luxembourg wealth management to a new level and further international dimension.
 
New era, new ambitions: new projects!
 
In order to further promote and develop the private banking training offer in Luxembourg, the Private Banking Group has teamed up with the Luxembourg School of Finance (LSF) in order to set up an international master’s degree in wealth management.

This master’s degree, which is the result of a long-term effort by a team of various experts, PB executives and HR professionals will kick off in September 2012 as an executive master’s certification and in September 2013 as a full-time master’s programme. While the first will allow experienced private bankers to consolidate and further develop their expertise, the second will be aimed at younger, less experienced professionals from various geographies.
 
The master’s programme shall be divided in various layers that are in synch with the competencies to serve the needs of sophisticated wealthy individuals on a daily basis :
 

  • Investment solutions
  • International Wealth Management
  • Relationship Management
  • New Trends
  • Rules and Regulations


In light of the unquestionably high quality of the programme, the Private Banking Group does not hide its ambitions, hoping indeed to attract a significant number of international students.
 
More information on this master’s programme
 

Garantir une pension équitable pour tous!

Alors que nombre d’instances internationales (OCDE, FMI, Conseil européen, Bureau International du Travail (BIT)) et avant tout, le gouvernement luxembourgeois, s’accordent à dire que le système luxembourgeois des pensions n’est plus viable à long terme, de nombreuses discussions entre l’UEL, le gouvernement et les partenaires sociaux sont à attendre pour la rentrée prochaine.

Une réforme drastique pour assurer la pérennité de nos pensions est vivement préconisée eu égard des différents constats dressés par l’UEL.

L’UEL soutient le gouvernenemt dans sa volonté de réformer le régime de pension. Une telle réforme est impérative, mais les lignes directrices de la réforme envisagée ne vont pas suffisamment loin au regard de l’évolution démographique de la société luxembourgeoise.

«Généreux et pas cher» tel est qualifié notre système de retraites par Marc Lauer. Certes, mais voilà, tout comme dans la grande majorité des pays de l’Union européenne, le «mur des pensions» se dresse à l'horizon!

Face aux réalités démographiques et l’allongement de l’espérance de vie, les réserves luxembourgeoises commenceraient à diminuer dès 2022 pour être complètement à sec 10 ans plus tard, entrainant ainsi le déficit du système des pensions luxembourgeoises. En effet, le rapport entre le niveau de cotisations et de prestations tel qu’il sera dans quelques années, et sans réforme incisive, ne pourra plus garantir les prestations actuelles.

Selon les calculs de l’IGSS, 2,5 salariés cotisent actuellement pour financer la pension d’un retraité aujourd’hui. En 2050, cette charge deviendra insupportable pour les personnes actives en modifiant cette équation à 1,5 salariés par retraité. Une autre illustration choquante de ce phénomène sont les prévisions de la population résidente au Luxembourg qui atteindra 1000.000 voire plus en 2022 à en croire les extrapolations de l’IGSS et du Statec.

Se contenter de faire des projections à court terme demeure inconciliable avec la réalité d’aujourd’hui.

Le patronat est convaincu que seul le maintien de la compétitivité de l’économie luxembourgeoise allant de pair avec une croissance au niveau de l'emploi sera garante d’un régime général d’assurance pension. Œuvrer pour préserver la croissance économique de notre pays et par conséquent générer de l’emploi, est une condition sine qua non pour relever ce challenge.

Les principales propositions de l’UEL afin d’assurer la pérennité de ce système et le rendre viable sont les suivantes :

  • Maintenir les cotisations sociales à leur niveau actuel.
  • Supprimer immédiatement l’ajustement systématique des pensions à l’évolution générale des salaires.
  • Adapter la formule de calcul des pensions en vue de garantir la durabilité du système.
  • Relever l’âge de départ en retraite anticipée conformément aux engagements pris dans le cadre du Programme National de Réforme (porter le taux d’emploi à 73% d’ici 2020).

L’UEL s’oppose donc formellement à toute augmentation de cotisations, mesure qui ne pourrait que nuire à la compétitivité de notre économie et souhaite respecter au mieux l’équité intergénérationnelle en veillant à répartir équitablement les charges et prestations des générations actuelles et futures.

Une prolongation de la vie active est sans conteste inévitable et se fera uniquement par biais de mesures relatives au maintien de l’emploi des personnes âgées et une reconsidération du temps de travail. Un point d’honneur en revanche est mis sur la préservation des titulaires de petites pensions. L’introduction d’un facteur de durabilité tel que préconisé dans son article « L’impossible réforme des pensions au Luxembourg »  par l’expert Robert Kieffer, président de la Caisse de Pension et du Fonds de compensation et expert renommé en matière de sécurité sociale, devrait être également envisagé.

L’UEL et les entreprises qu’elles représentent, dont l’ABBL, «réitère son objectif qui est de s’engager pour une économie prospère, qui offre du travail au plus grand nombre des revenus attractifs sous forme de salaires, de prestations sociales et de profits à tous ceux qui contribuent ou ont contribué à la richesse de notre pays dans un esprit de durabilité»*

* Extrait des conclusions « Une Retraite pour Tous: Contribution des organisations patronales au débat national pour réformer le régime général d’assurance pension » - UEL 17/06/2011

Abbl.lu ABBL News

Face aux nouveaux défis en matière de Private Banking le PBGL présente son plan d'action 2011-2013

22/06/2011 - Private Banking, ABBL news

Le 20 juin 2011, le Private Banking Group, Luxembourg (PBGL) a tenu son Assemblée générale annuelle. Durant cette manifestation, le Groupement des banquiers privés a présenté ses actions réalisées pour 2010-11 ainsi que les ambitions futures à ses membres.

More

Basel III – New Liquidity Rules: Which Impacts for Luxembourg Banks?

21/06/2011 - Financial supervision, ABBL news

Gilles Pierre, ABBL Adviser, comments the results of the BCL and CSSF joint impact assessment of the new liquidity rules on Luxembourg banks.
 

More

Impact assessment of the new liquidity rules on Luxembourg banks: The Quantitative Impact Study

16/06/2011 - Financial supervision, ABBL news

The Quantitative Impact Study (QIS) was performed jointly by the BCL and the CSSF, assessing the impacts of the two new liquidity standards developed by the Basel Committee, the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR).

More

Liquidity matters: Impacts of the new liquidity rules on Luxembourg banks

01/06/2011 - Financial supervision, ABBL news

On 24 May 2011, the ABBL organised a conference on the new Basel III liquidity rules. On this occasion, the Luxembourg Central Bank (BCL) and the financial supervisory authority CSSF presented, for the first time, their joint impact assessment of the new liquidity rules on Luxembourg banks. A large audience, consisting of around 300 risk managers, compliance officers, treasurers and other concerned financial professionals, amply demonstrated that this issue is followed with great interest by the Luxembourg financial community.

More

Abbl.lu Representative Office in Brussels News

Transparency: Launch of a common interest representative register for the European Commission and the European Parliament

On 23 June 2011, the European Parliament and the European Commission launched their common interest representative register as agreed by both institutions and voted in the European Parliament on May 11.

This common register replaces the European Parliament register for interest representatives seeking access to its premises in place since 1996, and the European Commission register for organisations (companies, trade associations or professional firms) seeking to represent their interests in Brussels created in 2008. Some ABBL and ALFI staff are registered in the EP register that gives access to the permanent visitor badge, and the ABBL and ALFI were amongst the first organisations to register in the Commission register in 2008.

The ABBL and ALFI dedicated entries on the register have already been updated to ensure compliance with the new information requested on lobbying activities and persons representing the associations.

In terms of next steps, the Council will discuss, in September, options to join this common register, whilst there is will in the European Parliament and the European Commission to develop this register further in order to make it mandatory.

The common register is now available on line: http://europa.eu/transparency-register/

Abbl.lu ABBL Member News

Clearstream’s cross-border settlement service signs first full user

30/06/2011 - Financial markets & services, Member news

Clearstream has signed the first customer who will explore the full potential of its Cross Border Services (XBS) offering, the first pan-European cross-border settlement solution in central bank money. The XBS service suite was expanded from over-the-counter (OTC) settlement to the settlement of trades from selected stock exchanges. biw Bank für Investments und Wertpapiere AG is now a market maker at Wiener Börse AG using Clearstream Banking Frankfurt (CBF), the German central securities depository (CSD), as settlement agent. More than 80 Clearstream customers around Europe already use components of the XBS service.

More

‘Woman Business Manager of the Year Award’ de Dexia BIL – édition 2011

29/06/2011 - Member news

Dexia BIL lance la sixième édition de son ‘Woman Business Manager of the Year Award’. A travers cette initiative, Dexia BIL souhaite une fois de plus révéler des femmes de talent et leur offrir plus de visibilité dans le paysage économique luxembourgeois. Cet engagement citoyen de la banque traduit sa volonté de promouvoir l’égalité des chances.

More

Allen & Overy Luxembourg tax team awarded for the second time "Luxembourg Tax Firm of the Year"

28/06/2011 - Member news

For the second consecutive year, The Tax Team of Allen & Overy Luxembourg, led by Jean Schaffner, Jean-Luc Fisch and Patrick Mischo, received the Luxembourg Tax Firm of the Year Award at the 7th annual International Tax Review (ITR) organised by the International Tax Review (A Euromoney publication, equivalent to the IFLR 1000 for tax matters). The awards were judged according to size of the deals, innovation, and complexity.

More

Luxembourg Financial Services 2020 : Optimism despite challenges

21/06/2011 - Member news

Over 200 professionals recently participated today in a conference held jointly by Deloitte Luxembourg and Thomson Reuters on the analysis of a forecast of the Luxembourg financial services progress over the next 10 years, which was characterised by the optimism of a professional and unified sector that recognises its abilities to generate opportunity from change.
 

More

Le Luxembourg, un centre stratégique européen pour les services électroniques

16/06/2011 - Payment systems & IT, Member news

La volonté de positionner le Luxembourg comme un hub pour les services électroniques en Europe a donné lieu à « Luxembourg: an e-hub for Europe – opportunities and actions on the horizon 2015 ». Fruit de dix mois de rencontres et réflexions entre PwC Luxembourg, des associations influentes de la place tels que l’ABBL, l’APSI, l’Association des PSF de support, EuroCloud, Fedil ICT, LU-CIX et les principaux acteurs ICT, l’initiative vise à dévoiler les opportunités s’offrant au pays dans le secteur des services électroniques, ainsi que les actions à entreprendre afin d’en saisir les retombées.
 

More

Die Fusion zwischen der WGZ BANK Luxembourg S.A. und der DZ PRIVATBANK S.A. ist beschlossen

14/06/2011 - Private Banking, Member news

Mit diesem Schritt schließen sich zwei langjährig am luxemburgischen Bankplatz erfolgreiche Unternehmen zu einer schlagkräftigen neuen Einheit zusammen.

More

PwC Luxembourg wins prestigious award

09/06/2011 - Member news

The International Tax Review held its annual award ceremony in London on 18 May 2011. PwC Luxembourg was designated "Transfer Pricing Firm of the Year". For PwC Luxembourg, this first award in this area is a clear recognition for its team working in the Transfer Pricing field.

More

Ernst & Young, Luxembourg named “Private Equity Advisory Firm of the Year in Luxembourg"

09/06/2011 - Member news

On 1 June 2011, Ernst & Young Luxembourg has been voted as winner in the InterContinental Finance Magazine for the “Private Equity Advisory Firm of the Year in Luxembourg”. This highly recognized award is the result of a global vote by 16,500 professionals on the best Private Equity advisory firms in key markets, including Luxembourg, and adds proof to the long-lasting, leading position of Ernst & Young in the Luxembourg Private Equity market.

More

Clearstream and Cetip launch collateral management outsourcing service

08/06/2011 - Financial markets & services, Member news

Clearstream and Cetip will launch their collateral management outsourcing offering in mid-July 2011. The new service is designed for the Brazilian market and will enable Cetip clients to efficiently handle their collateral exposure in their time zone and real-time, thus strengthening their risk profiles across OTC derivative activities.

More

Clearstream’s May 2011 figures

07/06/2011 - Member news

In May 2011, the value of assets under custody held on behalf of customers registered an increase of 3 percent to € 11.3 trillion (compared to € 10.9 trillion in May 2010). Securities held under custody in Clearstream’s international business stayed flat at € 5.9 trillion compared to same month last year while domestic German securities held under custody increased by 7 percent from € 5.0 trillion in May 2010 to € 5.4 trillion in May 2011.
 

More

Abbl.lu Partner News

LuxFLAG launches a new label for investment funds investing in environment-related sectors

20/06/2011 - Partner news

The Luxembourg Fund Labelling Agency (LuxFLAG) is pleased to announce the launch of the LuxFLAG Environment Label. The Environment Label will be granted to investment funds investing in environment-related sectors irrespective to their domicile of registration.

More

Une retraite pour tous - Contribution des organisations patronales au débat national pour réformer le régime général d’assurance pension

17/06/2011 - Social affairs, Partner news

C’est la troisième fois que l’UEL lance une invitation publique à une conférence pour présenter ses vues sur un sujet d’actualité politique et sociale. Le thème d’aujourd’hui ne pourrait être plus brûlant alors que le projet de loi sur la réforme de l’assurance pension sera déposé très prochainement à la Chambre des députés.

More

EFAMA elects Mr Claude Kremer as its new President

17/06/2011 - Partner news

EFAMA, the European Fund and Asset Management Association, has announced today that Mr Claude Kremer was elected President of EFAMA for a two-year term.

More

Marc Saluzzi new Alfi president

09/06/2011 - Partner news

The Association of the Luxembourg Fund Industry (ALFI) announces the election of the new president, Marc Saluzzi. Mr Saluzzi takes up the presidency, which will run for two years, with immediate effect. Mr Saluzzi has been on the board of ALFI since 2001.

More

Plateforme de formations sectorielles en matière d’assurance : L’ACA et l’IFBL signent un accord de partenariat

08/06/2011 - Training, Partner news

Mise en place d’une plateforme de formations sectorielles en matière d’assurance : tremplin vers une formation plus structurée et professionnelle. A partir du 2ième semestre 2011, l’ACA en partenariat avec l’IFBL-l’Institut proposera une offre de formation complète et structurée sur les différents métiers et branches d’assurances.

 

More

The European Payments Council Releases SEPA Cards Standardisation Requirements for Public Consultation

08/06/2011 - Payment systems & IT, Partner news

The European Payments Council (EPC) and the Cards Stakeholders Group released on 6th June 2011 the latest version of the SEPA Cards Standardisation Volume – Book of Requirements for public consultation. The SEPA Cards Standardisation Volume defines the functional and security standards requirements needed to achieve interoperability based on open and free standards within the Single Euro Payments Area (SEPA) cards market. The EPC and the Cards Stakeholders Group call on industry stakeholders to review the recent revisions and provide feedback by 29 July 2011.
 

More

Abbl.lu Other News

La Banque centrale du Luxembourg est invitée à devenir membre de la Banque des règlements internationaux (BRI)

27/06/2011 - Financial supervision, Other news

A l'occasion de l'assemblée générale de la Banque des règlements internationaux (BRI), le Président de la Banque centrale du Luxembourg (BCL), Monsieur Yves Mersch, annonce que la BCL a été invitée 'hui à devenir membre de la BRI (Bank for International Settlements). 

More

Measures for global systemically important banks agreed by the Group of Governors and Heads of Supervision

25/06/2011 - Financial supervision, Other news

At its 25 June 2011 meeting, the Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, agreed on a consultative document setting out measures for global systemically important banks. These measures include the methodology for assessing systemic importance, the additional required capital and the arrangements by which they will be phased in. These measures will strengthen the resilience of global systemically important banks and create strong incentives for them to reduce their systemic importance over time.
 

More

Jean-Jacques Rommes fait le point sur l’état de santé de la place financière

22/06/2011 - Other news

En marge du Forum Financial Services 2020, Jean-Jacques Rommes, directeur de l’ABBL, fait le point sur l’état de santé de la place financière, son exposition à la Grèce et les principaux défis à relever.

More

Delivering on growth and jobs: Commission presents 2011 country-specific recommendations

07/06/2011 - Other news

The Commission has adopted 27 sets of country-specific recommendations – plus one for the euro area as a whole – to help Member States gear up their economic and social policies to deliver on growth, jobs and public finances.
 

More

Abbl.lu Agenda

Test Project Management: Risk and Compliance Control

07/07/2011 - 07/07/2011
Conference

The speakers will share their experiences and challenges about executing test project management in the satellite, industrial and finance sectors.

Rob Smit, Manager of the ING Solution Development Department of the Centre of Excellence Testing Services in The Netherlands, will be presenting how chain risks impact end-to-end test projects. 


Rainer Stock, project manager at MOOG Luxembourg, will explain how to overcome this challenge by implementing effective test management.

Maria Dominguez, Senior Ground Systems Engineer at SES Astra TechCom, will talk about satellite Payload In-Orbit-Testing Project Management.

More

14th Luxembourg Monthly Finance Lunch

13/07/2011 - 13/07/2011
Conference lunch

The Institute for Global Financial Integrity takes pleasure in informing you that Jean Labrique, Secretary General of Western Defense Studies Institute and President of European Osint Nexus - EON will speak on “The geopolitical situation in North Africa and the Middle East: Economic and Compliance Implications”

Jean Labrique is Secretary General of Western Defense Studies Institute, a think tank organization based in Rome, and President of EON a non profit organization founded by recognized authorities in the field of Intelligence and Open Source Information. In the past he has held positions as Conseiller Général du PDG at Groupe Moleka Zaïre (Actual DRC), advisor to the President at Transcar International Management, Geneva, and special Advisor to the Governor of the National Bank in the Government of Sierra Leone. He is also a visiting lecturer at the University of Geneva. His field of competence covers Africa and the Middle East.

More

Alfi global distribution conference in association with NICSA & HKIFA

27/09/2011 - 28/09/2011
Financial markets & services Conference

This Conference (formerly known as ALFI & NICSA Investment Funds Forum), focuses on Global Distribution and will celebrate its 20th anniversary in association with NICSA and, for the first time, with HKIFA (the Hong Kong Investment Fund Association).

More

The International Society for Professional Innovation Management - ISPIM

21/09/2011 - 23/09/2011
Conference

  The Innovation in Financial Services Summit will be held in Luxemburg from 21 to 23 September 2011. Organised by the Public Research Centre Henri Tudor in partnership with ISPIM - The International Society for Professional Innovation Management, this Summit will bring together innovation management professionals from research, industry and intermediary organisations with a shared interest in the financial services sector.

Summit Themes:

  • Defining and understanding innovation in the financial sector
  • Effects of organizational innovation in the financial industry
  • Measuring innovation in financial services
  • Methods and tools for innovation in the financial services
sector
  • Open Innovation and collaboration in the financial
sector
  • Stimulating financial innovation through regulation
  • Sustainability in finance
  • Other topical issues in innovation in financial services

 

More

Abbl.lu Statistics update

Banks

Financial Sector Professionals

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