says that while continuity is important, he wants to enhance and strengthen exchanges between the Association of the Luxembourg Fund Industry and decision makers and stakeholders, including regulators, ministries and politicians both at a national and at an international level. “The previous Alfi chairperson, , did an outstanding job in difficult and uncertain times,” says Goy, who succeeded Lamesch in June. He is also keen to acknowledge the work of Alfi’s permanent staff under the leadership of director general .
Toolbox and talent
While he appreciates the initiatives by the outgoing government in modernising the Luxembourg investment fund toolbox and amending the main laws governing the financial sector, Goy is keen that the next government takes positive action on several fronts. “Firstly, to make sure that Luxembourg remains a competitive financial centre, including from a tax perspective… for companies, for products and for persons.”
Attracting and retaining talent is another challenge that needs to be tackled. He is impressed by the international talent that entities bring to the grand duchy. However, he agrees that the housing problem is not making that challenge any easier. “Housing is an important issue and that should be handled as a priority. Potential solutions, such as subsidies or even allowing higher new buildings, have been identified and debated. But the secret remedy is not easy to find, and we understand that.”
Goy also thinks it is crucially important that Luxembourg has a legal and regulatory framework which provides for the appropriate level of investor protection “without unduly and unnecessarily stifling innovation.” To this end, he would like to see efforts to improve financial education. “Alfi is committed to working alongside other actors in Luxembourg to help citizens and investors better understand and manage their personal finance.”
Alfi will be supportive of any measures that the government will take to make sure that Luxembourg maintains the triple A rating
As for digitalisation and the increased use of artificial intelligence, Goy believes that what he calls the “high level key principles” that govern the regulation of investment funds generally remain applicable, especially the requirement to act in the best interest of the investors. “Of course, in addition, you have to apply EU legislation which absolutely makes sense,” he explains. “But there is no need for specific new national laws on artificial intelligence or crypto assets.”
Important figures
Despite the covid pandemic and the economic shock caused by Russia’s invasion of Ukraine, Luxembourg’s public finances remained resilient, and the grand duchy maintained its AAA rating from all ratings agencies. “Alfi will be supportive of any measures that the government will take to make sure that Luxembourg maintains the triple A rating,” he says, while highlighting the contribution the financial sector makes to the economy. Employing some 65,000 people directly, it accounts for almost 15% of employment, 20% of tax revenues and just over 25% of Luxembourg’s value-added GDP. “These are impressive numbers, which underline the importance of the financial sector.”
A version of this article originally appeared in Delano’s magazine