You have been appointed chair of the Distribution TC at the end of 2016. What is the new structure of the committee?
At the end of 2016, we decided to create a steering group for the Distribution Committee. Our key focus was to have representation from each of the major actors/stakeholders in the value chain, and we are glad to report that distribution, asset management (in multiple guises), fund servicing, legal advice and the "Big 4" have all contributed senior representatives to the steering group.
What are the main priorities of the distribution technical committee?
The aim of the Technical Committee is to ensure that Luxembourg continues to be the point of reference for global fund distribution in the future. Whilst we can be proud of what has been achieved, complacency is not a good option for the future. The world around us keeps changing, in many respects, including demographic, geopolitical and regulatory change, just to name a few. We want to ensure that Luxembourg seizes the opportunities that every change always presents to those who look at it in the right way.
What do you expect to be the key topics related to fund distribution in the coming months?
As a steering committee, we are very conscious that many facets of distribution are covered by a multitude of ALFI groups and committees in a very professional way. Our strategy will be to work with them to ensure that the overall approach across the groups is consistent with the objective stated above, and that no key topic is left unattended. In the short term, the key distribution topic is MiFID II, which is a high priority for all stakeholders in the distribution value chain.
David Claus, BNY Mellon
Chair of the ALFI Fund Distribution Technical Committee