070319 invest(hkod) c iain o. s. saunders andre elvinger jean frijns andrea l. hazen pierre jaans...
Post on 01-Apr-2019
212 Views
Preview:
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
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)
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%
( )
*
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)
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%
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%
top related