AGEFI Luxembourg - Janvier 2021 - édition gratuite

t Economie / Banques Investment funds: Post-Covid trends and ex- pectations for 2021 (Duco SICKINGHE, Fortino Capital) p.1 et 2 #CorporateGovernance2021 (Daniel CAPOCCI, Farad, FIAAM) p.1 et 3 Une nouvelle circulaire pour traiter de la gouver- nance interne et de la gestion et du contrôle des risques (Bertrand PARFAIT, Laurent BERLINER, Deloitte) p.4 Nouvelles dispositions légales et réglemen- taires en 2021 (SIP du Gouvernement) p.4 Laisser derrière nous l’«annus horribilis» (Andrea SIVIERO, ETHENEA) p.5 Situation des finances publiques (ministère des Finances) p.6 Prolongation du régime des prêts garantis par l’État (ministère des Finances) p.6 QI, FATCA and CRS – L’année 2020 en revue (Jean KIZITO, KPMG) p.6 Five things to watch out for in 2021 (Céline BOULENGER, Degroof Petercam) p.7 Une accélération de la reprise mondiale au printemps (Quintet livre ses 5 principales convictions d’investissement pour 2021) p.7 Une histoired’équilibre (Olivier deBERRANGER, La Financière de l’Échiquier) p.8 The path to sustainable tax governance in Europe (Gregory JULLIEN, Deloitte) p.8 La BCE confiante dans la reprise en 2021 malgré la pandémie (AFP) p.8 Scénario macro-éco 2021-2022 : Accélération de la croissance (Mathilde LEMOINE, Edmond de Rothschild) p.9 La schizophrénie du Bitcoin (Philippe LEDENT, ING) p.10 Brexit (4) : Traité de libre-échange entre l’Union européenne et le Royaume-Uni : Quels impacts fiscaux pour les échanges de biens ? (Christian DEGLAS, Michel LAMBION, Deloitte) p.10 International sanctions: Adedicated regime for financial sanctions in Luxembourg (Philippe-Emmanuel PARTSCH, Marianne BRÉSART, Arendt &Medernach) p.11 Le fédéralisme, pour relancer l’Europe ! (Jean MARSIA, Société européenne de défense AISBL - S € D) p.12 et 13 Science et politique font-elles bon ménage ? (Stéphanie HENG, politologue, Alban de La SOUDIÈRE, polytechnicien) p.13 Règles covid jusqu’au 31 janvier 2021 (Chambre des députés) p.13 Court decision about exchange of information requests in a transfer pricing audit (Vanessa RAMOS, TransFair Pricing Solutions) p.14 Uzbekistan GSP+ application: Cotton industry confirmed as complying with the rules of sev- eral international and organic cotton profes- sional organizations (Embassy of Uzbekistan, Brussels) p.14 t Fonds d’investissement «Il y a de multiples raisons d’être optimiste en 2021» (M&G Investments) p.15 Le Private Equity dans les Etats-Unis de Joe Biden (Laurent CAPOLAGHI, Marie-Laure MOUNGUIA, EY) p.16 Le déploiement des vaccins crée des écarts de valorisation pour les investisseurs (Irene GOH, Aberdeen Standard Investments) p.16 La plupart des économies continuent de fonc- tionner en mode dégradé et sous perfusion des aides publiques (Guy WAGNER, BLI - Banque de Luxembourg Investments) p.17 BLI et ConventumAM fusionnent p.17 VP Bank completes acquisition of Private Banking of Öhman Bank in Luxembourg p.17 Les ETF n’ont pas accéléré la crise (Lyxor Asset Management, Reuters) p.17 New European Cloud Outsourcing Require- ments for Fund Managers (Sebastiaan Niels HOOGHIEMSTRA, Vincent WELLENS, NautaDutilh) p.18 La France et le Luxembourg en tête sur le mar- ché des obligations sociales émises en 2020 (Enquête Linklaters) p.18 La prochaine décennie pourrait être celle desmar- chés asiatiques (Vincent JUVYNS, J.P. Morgan Asset Management) p.19 Au Palais de Dame Tartine (Jean KELLER, QUAERO CAPITAL) p.20 La relance offre des opportunités dans les ini- tiatives vertes et l’infrastructure (Zehrid OSMANI, Martin Currie) p.20 Bourse de Luxembourg (Décembre 2020) p.20 et 21 Allocation d’actifs : bilan 2020 et perspectives 2021 (Malik HADDOUK, Gauthier SAINT- OLIVE, CPR AM) p.21 Global situation of Luxembourg UCI industry (CSSF) p.21 BREXIT, régime français des plus-values mo- bilières (Stéphanie REGNIER-RICHARD, SGPB France, Frédéric VALENTIN, SGPB Europe) p.22 Le Virus et le Rubicon (Didier SAINT-GEORGES, Carmignac) p.23 Une reprise sinueuse (Jody JONSSON, Capital Group) p.23 Investir dans les soins de santé après le succès du vaccin contre la Covid-19 ? (John BOWLER, Schroders) p.26 Uncovering reporting requirements in Asia (Marie-AnneMANDROUX,MarcNOIRHOMME, Deloitte) p.24 Aucune alternative aux actions (Paul DOYLE, Columbia Threadneedle Investments) p.25 Facts & figures: ESG vs non ESG portfolios, 2020 as a milestone in a history of resilience (Gianluca D’ALESSIO, FIAA.M.) p.25 Le recours à la dette privée est-il lameilleure solu- tionpour les entreprises ? (EdouardNARBOUX, Aether Financial Services) p.26 Alter Domus Tops $1 Trillion in Global Assets Under Administration with Acquisition of Strata Fund Solutions LLC p.26 t Emploi / RH Nouveautés en matière de détachement de sala- riés au Luxembourg (Dorothée DAVID, Eloïse HULLAR, Etude CASTEGNARO-Ius Laboris) p.27 Pas plus de faillites en 2020 qu’en 2019 (ministère de la Justice, STATEC) p.27 Il faut repenser nos réglementations sur le génie génétique (Bill WIRTZ, Consumer Choice Center) p.28 Entre MIFID II et COVID-19 : Comment orga- niser une formation professionnelle utile pour ses équipes ? (Patrick LEVALDAUR, EFPALuxembourg) p.28 Les travailleurs se sentent soutenus par les em- ployeurs au Luxembourg (Workmonitor 2020 de Randstad) p.28 Le Temps et le Management : Quand on ne sait plus répondre à “Quand ?” (Henri PREVOST, BSPK Management) p.29 Entreprises familiales luxembourgeoises & Intel- ligence économique (Thomas VALICI, Fondation IDEA) p.29 L’ADEM et l’UEL renouvellent leur partenariat pour l’emploi p.30 IA : pour une diligence instantanée dans la lutte anti-blanchiment (Université du Luxembourg, ABBL) p.30 Rapid energy sector development in Bangladesh (Nadezda KOKOTOVIC, Brussels Energy Club) p.30 Three questions to ask yourself before you present a recommendation to your boss (Joanna DENTON) p.31 Le bureau de demain (Zsolt KOHALMI, Pictet AM) p.31 t Nominations p.32 et 33 t Style & Succès L’influence des couleurs sur notremoral (Florence LEMEER-WINTGENS, Look@Work) p.33 t Informatique financière Quelques conseils pour un processus de conso- lidation et de reporting efficace (Olivier NARDI, Sigma Conso) p.34 The boom of Bitcoin, the “dead” currency that attracts speculators (Fabrizio LORINI, Taleo Consulting Group) p.34 Digital transformation of European banks –more speed and focus required (zeb consulting) p.35 La sécurité ne connait pas la crise… mais de- vrait la gérer (Grant Thornton) p.35 Commerce électronique : Nocif pour l’environ- nement, opportunités pour les investisseurs ? (Jan-Christoph HERBST, MainFirst) p.36 How AI and emerging technologies may pos- itively impact the growth of the culture and creativity sectors (Alessandro ZAMBONI, Vivien DEVENYI, Wavestone) p.36 Keeping cyber-safe when remote working be- comes the new standard (Stéphane HURTAUD, MaximeVERAC, YasserABOUKIR, Deloitte) p.37 Le groupe Infiniq installe son siège européen au Luxembourg p.37 Notre mission ? Devenir l’instrument financier le plus utilisé en Europe (Alberto DALMASSO, Satispay) p.38 Migrating to XML ISO20022 format for instant transactions: The new normal of faster pay- ments (Jean DIEDERICH, WAVESTONE) p.38 Advent of the Digital Treasury (François MASQUELIER, ATEL) p.39 Comment contrer une «armée de bots» afin d’assurer le succès de l’e-commerce pour les détaillants (Kris IMBRECHTS, Auth0) p.39 Le Luxembourg prolonge le contrat-cadre emer- gency.lu jusqu’en 2026 p.40 Intelligence artificielle et médecine : la révolu- tion est en marche ! (Rudi Van den EYNDE, CANDRIAM) p.40 SOMMAIRE AGEFI Luxembourg 2 Janvier 2021 Economie / Banques Investment funds: Post-Covid trends and expectations for 2021 Continued on page 1 For 2021, a high number of IPOs (initial public offering, i.e., when a private com- pany takes to the stock market, publicly selling its shares to raise capital) seems to be on the cards, as due to the pandemic a lot of equity and debt has been sold over the past year. In tech specifically a lot of movement is to be expected, as following our collective digital leap forward, digitiza- tion is nowverymuch becoming palpable for everyone, causing the appetite in Europe to grow and making people want to invest in it. The opportunities and potential in tech remain unparalleled Currently, 3,4 billionpeopleworld- wide are using technology. The total number of potential users is double that: 6,8 billion. So, thedemand for digital solu- tions will keep growing, a lot. On a technical level too, there are still enormous gains to bemade, with the speed of chips doubling every 1.5 year – Moore’s law, as it is known in technology. Add to that the ever-expanding reach and improving qua- lity of mobile networks across the globe, the increasing availability and accessibility of data, the developing Internet of things, the influx of capi- tal from China through the ‘One Belt, One Road’ programme… And you get the picture. On top of that, more users mean more data, who, as they become more accessible, will make up fertile ground for newbusinessmodels and the further development of artificial intelligence. Today already, a wealth of funds is capitalizing on this potential, offering investors of any kind the opportunity to join in and benefit from the tech boom. Whatmakes software so attractive, nowmore than ever Of course, there’s tech, and there’s tech. The hard- ware market, for instance, has been affected by the current crisis, whereas the software sector is doing fine and, inmany cases, even flourishing. The latter can be explainedby several factors. First of all, soft- ware solutions tend to be key, unmissable products for their users. Secondly, they are a ‘very liquid asset’, that can be used by or sold to prettymuch anyone all over the world. Third: the majority of software solutions these days, and cloud-based B2B solutions in par- ticular, work with a Software as a service (SaaS) subscription model, which guarantees a stable streamof recurring revenue – adreamfor investors. Fourth, and as explained above: an enormous potential for growth remains, both on technical level as in terms of the number of users. The great thing about funds As the venture capital sector is reaching maturity, funds are not only becomingmore advanced, they are also getting increasingly specialized, which makes it possible for investors to invest in highly targeted fashion, using sophisticated parameters and criteria. Every investment society thus has or can develop its own ‘DNA’, identity, and expertise. The importance of this expertise for a high-level investment fund cannot be overstated, as in fact, investing is only half of the story, or even just the beginning. The bulk of activities for an investment fund – andwhere it can reallymake a difference – is about guiding and accompanying societies on their growthtrajectory,tohelpthemrealizeandmaximize their full potential. Crucial nuance: to support, not take over from the management team: the quality onmanagement level should already be there. The job is to actively think alongwith the entrepre- neurs, and ask the questions that need to be asked: is there an addressable market for the product? Is the model economically viable? How to easily and efficiently reach the market? What is the unique sellingpoint, howbig is the competitive advantage? What are the weaknesses, and how to counter them? Etcetera. After that, it’s up to them! Duco SICKINGHE, Fortino Capital *DucoSickingheisfounderandmanagingpartneratFortinoCapital, a European enterprise software investor managing a € 240 million growth private equity fund and two venture capital funds for earlier stagesoftwareopportunities.Heisanexpertinassessingmanagement and evaluating business strategies and frequently speaks about lea- dership as a core lever for results. Before founding Fortino, Sickinghe had a long and successful career in the TMT industry, notably as CEO of Telenet, and up until today he remains chairman at KPN. Earlier he worked with Steve Jobs at NeXT Computer.

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