On 18 July 2016, ESMA, the European Securities and Markets Authority, published its advice to the European Parliament, the Council and the Commission on extending the Alternative Investment Fund Managers Directive (AIFMD) passport to 12 non-EU countries: Australia, Bermuda, Canada, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Japan, Singapore, Switzerland and the Read More
On 18 July 2016, the FCA produced a consultation paper (CP16/18) outlining suggestions on how to prepare the rulebook for the introduction of PRIIPS. PRIIPS, which is designed to increase transparency of costs, risk and intended market, will take effect on 31 December 2016. It requires each manufacturer and distributor of insurance-based investment products (IIP) or packaged Read More
UK investment managers are becoming increasingly vocal in the Brexit debate, with the June referendum possibly marking a turning point for the industry. These are top players in the European fund management industry, yet their dominance is dependent on the ability to do business across the continent. In this sense, regulation matters … a lot. Read More
JWG analysis. Since the 2008 global financial crisis, there have been multiple bones of contention and areas of tussle between the regulators and members of the financial industry. One example is the issue of remuneration, because of its reputation as a key driver for instilling particular behaviours within the financial industry. Used correctly, it can Read More
JWG analysis. Regulators have given a huge boost to the small and medium enterprise (SME) markets under EuVECA, which aims to support the harmonisation and growth of the EU’s venture capital funds. Venture capital funds are investment funds that specifically focus on pooling funding from other financial institutions (such as pension funds) in order to Read More
Introduction With new arrivals from big names including FATCA, MiFID, Dodd-Frank and the AIFMD, 2014 is set to be another eventful year in the regulatory space. So what are the top ten themes to watch for? 1. Fund shake-up For hedge and PE funds, the combined impact of MiFID, EMIR and the AIFMD will mean Read More
2013 has been a real wake-up call for the buy-side. New requirements from regulations like EMIR, AIFMD and Dodd-Frank have meant that funds, asset managers and even corporates are suddenly in regulators’ sights, some for the first time. In the past, the reaction to such changes has frequently been to delegate new compliance responsibilities to Read More
On Thursday, 10 October, the City of London Law Society (a trade body for City solicitors) published a letter dated 23 September accusing the FCA of gold-plating (or at least misinterpreting) the AIFMD (Alternative Investment Fund Managers Directive). The dispute surrounds the date by which firms must be AIFMD-compliant. In its interpretation of the Directive, Read More
On 10 October, the ESMA released its 2014 work programme and budget for the next fiscal year. Emphasising six key areas of focus for the regulator over the next year, priorities on the whole have not diverged much from the 2013 plan, but a larger budget projection and more personnel have expanded their capacity to Read More
Today, 22 July, marks the day that the Alternative Investment Fund Managers Directive (AIFMD), must be transposed into national law. With the rules now technically in force, UK-based firms have a year to become compliant and apply for authorisation with the FCA. However, this apparently generous deadline disguises the fact that many managers may need Read More
