Know Your EU Remuneration
…broad definition of “identified staff” maybe overly wide and unnecessarily impact individuals. Likewise, what is defined as having a “material impact” is unclear. UCITS V UCITS V builds on UCITS…
…broad definition of “identified staff” maybe overly wide and unnecessarily impact individuals. Likewise, what is defined as having a “material impact” is unclear. UCITS V UCITS V builds on UCITS…
…UCITS V This latest amendment to the Undertakings for Collective Investments in Transferable Securities (UCITS) directive seeks to better protect small investors and clarify responsibility for investor funds. The 65-page…
…to remain a domicile for UCITS, all the hassle of re-domiciliation to an EU country and reauthorisation under the UCITS directive will be time-consuming and costly. Building a parallel UCITS-style…
…are payable on death or incapacity Various pension products. It is important to note that UCITS have currently been carved out of the regulation for a period of 5 years…
…Looking at the crossovers with AIFMD, UCITS IV/V and EuVECA/EuSEF was a scary introduction for those who are not fund management centric. In addition to the many requirements set out…
…will look like post reform. MiFID II, EMIR II, CSDR, CRD IV, UCITS VI, etc. will all change the landscape and ask you to ‘know more’ about your business. We…
…not be affected. Non-UCITS Retail Schemes (NURS) In its current shape PRIIPS excludes UCITS from its product scope; these are proposed to be incorporated on 31st December 2019. Present…
…of UCITS (Undertakings for Collective Investment in Transferable Securities), both countries are potentially problematic. The SFC (Securities and Futures Commission of Hong Kong) operates a regime (AIR, Acceptable Inspection Regime)…
…lead to less clarity for the client and less comparability across providers. The treatment of multi-option products (MOPs), particularly in relation to the explicit exemption granted to UCITS funds, was…
…they are located in the EU, or if the transaction is carried out through their EU branch) and all UCITS and AIF managers (if registered in accordance with UCITS Directive…
…II. 2. Residual CIS operators, AIFMs and UCITS management companies The CP’s main proposal for residual CIS operators, AIFMs and UCITS management companies is in relation to using a research…
…in the UK, EU and US alone published over 40 critical documents. JWG’s tracking revealed a broad range of subjects. CRD IV/CRR, BRRD, UCITS V, MiFID II/MiFIR, CPMI/IOSCO, Dodd-Frank and…
…limits sales to derivatives “eligible for central counterparty clearing” while the list of eligible financial entity customers is limited to certain AIFs, insurers, pension fund managers and UCITS. Main provisions…
…responses to the MiFID II consultation in August. JWG research has picked up consultations on REMIT, CRD IV, SSM, SRM, FICOD, UCITS, investor protection, remuneration, accountability, clawbacks, pensions and more….
…(UCITS ManCo): FCA proposes to apply MiFID II best execution requirements to UCITS ManCos. A key change that MiFID II implements vis-à-vis best execution is for firms to make “sufficient…
…banks and ESMA focusing on sound remuneration policies under the UCITS Directive and AIFMD. The FSB also met in Tokyo to discuss their priorities for the upcoming year. This included…
…and mechanisms to ‘push and pull’ data, promoting data sharing and avoiding duplicative reporting obligations (e.g., AIFMD/ UCITS) Executable reporting. Explore the possibility of the use of new technologies to…
…wrestle with their own waves of reform: UCITS V, AIFMD, EuVECA, EuSEF and, of course MiFID II and PRIIPS – all of which are on the 2016 work plans. PRIIPs…
…of both regulations in 2017, looking particularly at the impact of this regulation compared to the effects of the generic regulation on collective investment undertakings (UCITS) and the inclusivity, efficiency…
…SSM, SRM, FICOD, UCITS, investor protection, remuneration, accountability, clawbacks, pensions and more. To contextualise this, we can break the consultations down by regulatory area. A total of 1,051 pages are…
…to be presented as an overview, with the possibility of a request for an itemised breakdown. MiFID II requirements do not currently apply to UCITS funds, as greater cost disclosure…
…EU-regulated UCITS funds are closet trackers, meaning that they make their investment decisions by closely following stock market benchmark indices rather than using their own expertise. ESMA have now issued…
…Transferable Securities (UCITS), money market fund reform and venture capital funds reform. Progress is to be made on the CRA III legislation – including a regulatory technical standard passage by…
…PRIIPs methodology to a financial instrument, investment firms can use publicly available data, but are expected to liaise with the manufacturers (or the UCITS manager/manager of a non-UCITS fund) for…
…as to insist that business providers must be based within the EU in order to carry out certain activities. This includes UCITS, while MiFID II also stipulates that retail investors…
…Collective Investment in Transferable Securities (UCITS) products. The 10 consultation questions also seek views on digital disclosure formats and obstacles preventing overseas firms from offering investment products to UK investors….
…uncoordinated requirements. Firms often end up reporting the same information multiple times, in multiple formats, to multiple regulators – such as with different transaction cost disclosures under UCITS, MiFID II…
…plans to: Conduct thematic studies on home and host responsibilities under UCITS and AIFMD. The aim of this is to clarify the respective responsibilities of NCAs and to enable a…
…7. We learned that regulation is an iterative (not a one-time) process The (potential) arrival of MiFID II, combined with sequels from other franchises (AMLD IV, CRD IV, UCITS V…
…market from either perspective. In relation to asset managers, “manufacturers” of UCITS and AIFs that fall outside the scope of MiFID II, it is proposed that ESMA mitigates any clashes…
…to assess the market of the qualifying SEFs, to compare those affected by EuSEF regulation to those affected by the collective investment undertakings regulation (UCITS), to look at how to…
…for funds, with particular reference to UCITS IV & V/EuVECA/EuSEF/AiFMD/MiFID II, at the next meeting on 22 September. If you are interested in attending, please email CDMG@jwg-it.eu for more information….
…Undertakings for Collective Investment in Transferable Securities (UCITS) or Alternative Investment Fund Managers Directive (AIFMD), needs to obtain a separate permit to offer a MMF. This is granted by the…
…our MiFID II/ MiFIR, BAD, PRIPPs KID and UCITS V (which did pass on 15 April as well), CRD IV, AMLD IV and other coverage, it is important to realise…
…risk measures and independent valuations. Examples such as CRD IV, AIFMD, UCITS, Solvency II, EMIR and IFRS are requiring firms to collect and report valuations across a range of asset…
…months before they must fulfil their reporting obligations. CCPs and CSDs have a 15-month phase-in period, while an 18-month phase-in will be in place for insurance and re-insurance undertakings, UCITS,…
…also be applicable to firms caught by UCITS and/or AIFMD? Definition of research payment account Obligation When there is a separate research payment account, this account should only be funded…
…“contributor”, “supervised contributor” and “supervised entities”. The latter would include banks, investment firms, insurance and reinsurance undertakings, UCITS, AIFMs, CCPs, trade repositories and a benchmark administrator (Article 3 IBR). Annex…
…institutions and electronic money issuers, or EEA-domiciled UCITS schemes and alternative investment funds. HM Treasury is currently formulating plans to provide for similar transitional regimes for such firms under separate…
…European Commission as mandated by the CRD. Our latest article on remuneration provides some EU guidance covering CRD IV, AIFMD, UCITS and MiFID II. Keep up to date with our…
…asset managers and other MiFID investment firms, hedge funds under the AIFMD and fund managers under UCITS. FEMR also hinted that HM Treasury and the FCA may want to consider…
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