Annual Report - paperJam

The key points of the ICSD are:
• Alignment with MiFID;
• Extension of the coverage in case of the failure
of a third party custodian;
• Compensation of a UCITS holder and extension
of the coverage in case of the failure of a UCITS
depositary;
• Exclusion of any claims when the investor is
involved in market abuse;
• Increase of the level of compensation up to
50,000 €;
• Fully ex-ante funding;
• Target Fund should be established in a 10 year
period at a level of 0.5% of the value of the
instruments held by investment firms or UCITS;
The least one can say is that these two projects
were not particularly welcomed by the AGDL as
well as by the other Deposit Guarantee Schemes
in the European community.
During the second semester of 2010, the AGDL
participated in numerous working groups in
Luxembourg (ABBL, ALFI, Ministry of Finance,
CSSF) and in Europe (European Banking
Federation, EFDI, European Commission) in order
to have the text of these drafts changed and
improved. The President and the Secretary of the
AGDL met members of the European Parliament
in order to let them know their concerns.
In light of the publication of these draft directives,
the Luxembourg authorities have postponed the
Luxembourg draft law to set up a “new” AGDL.
• Borrowing between national schemes;
• Payout delays of 3 months from eligibility statement
with possibility of extension and provisional
payment of 1/3 to be paid if payment
cannot be made within the delay;
• Increase of the investor information obligations.
17 August 2010
Luxembourg ranks 5 th of the Newsweek top 100 best countries
around the world based on five categories: Education, Health,
Quality of Life, Economic Dynamism and Political Environment.
The ABBL and Ineum Consulting update their Guide for Payment
Services Providers.
29 July 2010
CESR publishes the first set of technical advice to
the EU Commission in the context of reviewing MiFID.
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