070319 invest(hkod) c iain o. s. saunders andre elvinger jean frijns andrea l. hazen pierre jaans...

40

Upload: phamtuyen

Post on 01-Apr-2019

212 views

Category:

Documents


0 download

TRANSCRIPT

��

�� KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK N

�� ! KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK P

NK �� !"# KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK P

OK �� KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK Q

PK �� !"#$ KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK Q

PKN �� !"

PKO �� !"#

PKP �� !"

PKQ �� !"

PKR �� !

PKS �� !"!#$%&'()

PKT �� !

QK �� ! KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK NN

QKN �� !

QKO �� !

QKP �� !

QKQ �� !"#

QKR �� !

QKS �� �!

QKT �� !

QKU �� !"#$%&'()*

QKV �� !"#$%&'(

QKNM �� !"#$%&'()*+

QKNN �� !"��#$%&'(

QKNO �� !"

QKNP �� !"#

QKNQ �� !

QKNR ��

QKNS �� !"#$%

RK �� !"# KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK NR

SK �� !" KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK NR

SKN �� !"#

SKO ��

TK �� KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK NS

TKN ��

TKO �� !

TKP �� !"

TKQ ��

TKR ��

TKS �� !

TKT �� !"#$%&'()*+

UK �� !" KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OM

VK �� KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK ON

VKN ��

VKO ��

VKP �� !"#$%

NMK �� !" KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OO

NNK �� KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OO

NOK �� ! KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OP

NOKN �� !

NOKO �� !"#

�� KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OQ

�� �� !"# KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OR

�� �� !"#$%& KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OS

�� �� !"#$ KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK OT

�� �� !"#=�=�� !" KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK PQ

�� �� !"#=�=�� !" KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK PS

1

3

3

8 3

CSSF Commission de Surveillance du Secteur Financier

J.P.Morgan Bank Luxembourg S.A.

Board Directors Board of Directors

( )

FATF ( Groupe d’Action Financière InternationaleGAFI ) FATF 33 31 15

JPMIFs

129

( ) JFF

ISDA The International Swaps and Derivatives Association

JFF JF

JF JFF

2

JFF JFF

JPMorgan Asset Management (Europe) S.à r.l

6.1

JF Investor Services Limited

OTC

93/22/EEC 1 13?

33

85 611 ( )

JF

3

( )

( )

2001/108/EC

II

I JFF

1933 1933

19331933 S

1940

104

(CollectiveInvestment Undertakings) Société d'Investissement à Capital Variable

85/611Undertaking for Collective Investments in Transferable Securities

8

4

JFF

3

CSSF

67%

( )5

5

••••

•••

67%

5

•••••

6

67%

50

50

5

••••

• 50

7

3 5

• 10%

5% ( )16%) ( ) 4% 2500 4%

500 26% ( ) 35%10%

30% 70%30% 70%

AAA1

35

8

• 50/45••

2 3

A A1P1Baa2

2 3

•••••

9

• 4• 10%

67%

25% 10%

5

2 4

••

•••• 4

10

JP 1 3

25% 10%

1 3

••••••• 4

-

(65%

)

11

(a)

(b)

(c)

(d)

(e)

()

2001/107 108

12

7.6 )

-

-

13

14

(1)(2) (3)

••••

••••

•••

•••

••

••••

••

••

15

( )

(a)

(b)

(c)

(d)

(e)

(f) ( )

(g)

(h)

1%

16

7.5%

0.5%

1.0%

JFF JFF0.0% 0.16%

JFF JFF 77.1 7.2 7.4 7.5 JFF

JFF

JFFJFF

JFF 18 JFF18

CSSF 04/146 JFF

JFF30

JFF 2,000 JF1,000 JFF

JFFJF JF

1

1

JFF

JFF 18 JFF

17

18

JFFPO Box 3151, Road Town, Tortola, British Virgin Islands JFF

JFF

JFFJFF

JF JFF

JFF

JFF JFFJFF

JFF

(i) JFF

(ii) JFF (a) (i) (ii) JFF (i)(b)

(c)JFF JFF

(iii) JFFJFF JFF JFF

JFF

(iv)JFF

(v) JFFJFF JFF (a) JFF

(b)

18

(vi) JFF

(vii) JFF JFFJFF

JFF

(viii)

JFF

i)

ii) JFF JFF

JFF JFF

iii)

JFF

JFFJFF

2,0002,000 JFF

( )

JFF

JFF 18 JFFJFF 18 ( )

JFF

JFF

1,000

JF JF18 JFF

18

19

JF

JF 18

JF

JF II

1% JF IIJF II

JFF

6.2 JFF JFF

10%

10%10%

JFF JFF JFFJFF

(a)

(b)

(c)

(d)

(e)

JFF

( )

JFF

20

www.jfam.comJFF JFF JFF

JFFJFF

JFF

- 5 b)

(a) (b)

(c) (d)

?3%

( )

( )( )

taxe d’abonnement 9.1 Taxe

d’abonnement

22(B)(e)

21

10.9 10.13

( ) 10%( )

( ) 10%( )

2003/48/EC

0.05% taxe d’abonnement"

0.05% 8

0.01%0.01%

22

10%6

104

2003/48/EC ( )

EUSD

15% EUSDEUSD 40%

EUSD

15%20% 35%

( )

(i) EUSD (ii) EUSD

EUSD

12 00

23

Caisse de Consignation

20,000,000

Caisse de Consignation

Undertaking for Collective Investment

Undertaking for CollectiveInvestment

JFF www. jfam.com"

JFF

( ) 09:30 17:30JFF

• JPMorgan Asset Management (Europe) S.à r.l. 2005 9 12

• JPMorgan Asset Management (Europe) S.à r.l. JPMorgan Asset Management (UK) Limited 2005 1130 *

* - ( ) - ( ) - 2005 12 8

• JPMorgan Asset Management (Europe) S.à r.l. JF 2005 11 30

• JPMorgan Bank Luxembourg S.A. 1996 8 29 ( )

• JPMorgan Asset Management (Europe) S.à r.l. J.P.Morgan Bank Luxembourg S.A. 2005 9 12

• JPMorgan Asset Management (Europe) S.à r.l. JF 2003 2 18

• JF JF Investor Services Limited 2001 2 8 JFF

• JPMorgan Asset Management (Europe) S à r.l. JF 2001 4 24

9 30 17 30 JFF

24

Iain O. S. SaundersAndre Elvinger

Jean FrijnsAndrea L. Hazen

Pierre JaansBerndt May

Robert van der Meer

European Bank & Business Centre6, route de Trèves

L-2633 SenningerbergGrand Duchy of Luxembourg

JPMorgan Asset Management (Europe)S.à r.l.

European Bank and Business Centre6, route de Trèves

L-2633 SenningerbergGrand Duchy of Luxembourg

J.P. Morgan Bank Luxembourg S.A.European Bank and Business Centre

6, route de TrèvesL-2633 Senningerberg

Grand Duchy of Luxembourg

JPMorgan Asset Management (UK) Limited

Finsbury Dials, 20 Finsbury StreetLondon, EC2Y 9AQ

United Kingdom

JF

821

PricewaterhouseCoopers S.à r.l.

400, route d'EschB.P. 1443

L-1014 LuxembourgGrand Duchy of Luxembourg

JF

821

25

50 5% 1.5% 0.5% 0.4%

50 A ( )

5% 1.25%* 0.5% 0.4%

A ( )

JF ( ) A ( ) 5% 1.5% 0.5% 0.2%

( )

5% 1.25%* 0.5% 0.2%

( ) A ( )

JF ( ) A ( ) 3% 1% 0.5% 0.2%

( )

3% 0.65% 0.5% 0.15%

( )

*

26

JPMorgan Asset Management (UK) Limited ( JPM )JF JFAM

JF JFAM

JPM

50 JPM

JPM

JPM

JPM

JPM

JPM

27

1) a)

i)

ii)

iii)

iv) 85/611/EEC 85/611/EEC (2) 1

-

-

85/611

-

-10%

v) 12FATF

vi) i) ii)( )

- 1)a)

-

-

vii)

a.

b. 1)a)i) ii)

c. FATF

d. CSSF a bc 10,000,000

78/660/EEC

28

b) 10% a)

2)

3) a) i) 10%

20%

10%1 a v 5%

ii)40% 5%

3)a)i)20%

-

-

-

iii)3)a)i) 10% 35%

iv) 3)a)i)25%

5%80%

v) 3)a)ii) 40% iii) iv)

vi) i) ii) iii) iv) i) ii) iii) iv)

35%

83/349/EEC3)a)

20%

b) i) 4 CSSF3a)

20%

-

-

-

ii)3)b)i) 35%

iii)

29

4) a)

i)

ii)

a. 10%

b. 10%

c. 25%

d. 10%

4)a)ii)b.c. d.

b) 4a)i) 4a)ii)

i)

ii)

iii)

iv)

3)a) 4a)i) ii) 5)

v)

5) a) 1 a iv5%

10% ( )

b) 10%

c) 3)a)

6)

a)

b)

c)

d)

i)

30

ii) 1)a)iv) vi) vii)

e) 10%

f)10%

g)

h)

7)3)a) 3)b)i) ii) 5)

8) 3) 5)

9)

10)

11)

1.a) vi)

3

3

200% 10%( 6 e) )210%

3)a) v) vi) 3) a)i) vi) 3) a)

3a) f)

3

31

a) f)95%

70%

a) f)

a)

i)

-

- 15%

ii)25%

iii)

b)

3

15%20%

(i)

(ii)

(iii)

c)

i)

ii)a ii iii d

d)

i)

32

ii)a ii iii c ii

15%

c) d)

e) i)

ii)

iii)

International Swap and Derivatives Association "ISDA"ISDA

15%

ISDA

20%

f) a) b) d) e)

33

I

(i)

(ii)

(iii) 50%

(iv) 30

II(i) (ii)

3

34

81.1 1.3

1.2

365

- = x = +/-

1 +1.0% - +0.015% = +0.985% x 10% = +0.098% + +0.098%2 +0.2% - +0.015% = +0.185% x 10% = +0.018% + +0.116%3 -0.5% - +0.015% = -0.515% x 10% = -0.051% - +0.065%

35

36

100 100 1051 101 1.00% 102 2.00% 105 5.00% 5.00% -4.00%2 106 6.00% 104 4.00% 105 5.00% 5.00% 1.00%3 110 10.00% 112 12.00% 105 5.00% 12.00% -2.00%4 106 6.00% 107 7.00% 105 5.00% 7.00% -1.00%

5%

10%

5%

7.5%

7.5%

2.5%

2.5%