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Europe

Extending the AIF marketing passport to non-EU countries crucial for investor choice, says Invest Europe

Extending the AIF marketing passport to non-EU countries crucial for investor choice, says Invest Europe

Wed, 20/07/2016 - 09:04

This week’s recommendation on extending the alternative investment marketing ‘passport’ to fund managers in up to 12 non-EU countries is an important step towards improving choice for investors, says Invest Europe. »

ESMA advises on extension of funds passport to 12 non-EU countries

ESMA advises on extension of funds passport to 12 non-EU countries

Tue, 19/07/2016 - 13:03

The European Securities and Markets Authority (ESMA) has published its advice regarding the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU AIFMs and AIFs in 12 countries. »

EEX to host EU common auction platform for emission allowances

EEX to host EU common auction platform for emission allowances

Mon, 18/07/2016 - 08:48

The European Energy Exchange (EEX) has been re-appointed as the common auction platform for CO2 emission allowances, following the completion of a joint procurement procedure. »

Luxembourg approves Reserved Alternative Investment Fund vehicle

Luxembourg approves Reserved Alternative Investment Fund vehicle

Fri, 15/07/2016 - 08:00

The law introducing a new Luxembourg alternative fund structure, the Reserved Alternative Investment Fund (RAIF), has been approved by the Luxembourg Parliament and will come into force three days after publication in Luxembourg’s Official Gazette Mémorial.   »

LME consults on caps for warehouse charges

LME consults on caps for warehouse charges

Fri, 15/07/2016 - 06:50

The London Metal Exchange (LME) is initiating a market-wide consultation proposing to control escalating warehousing costs by imposing caps on maximum charges. »

UK financial sector ‘chronically unprepared’ for Brexit regulatory changes

UK financial sector ‘chronically unprepared’ for Brexit regulatory changes

Fri, 08/07/2016 - 09:30

The UK financial services sector’s infrastructure is chronically unprepared to deal with the regulatory changes that will come as a result of the country leaving the EU, according to financial services management and technology consultancy Brickendon. »

Andrew Whittaker

Guernsey ready for third country AIFMD passport

Thu, 07/07/2016 - 15:11

On 30 June 2016, the European Securities and Markets Authority ('ESMA') is expected to announce further details on the timing and the composition of the third country passport for the first wave of countries that include Guernsey, Jersey and Switzerland. This follows ESMA's announcement last summer that Guernsey had demonstrated the ability to satisfy the criteria required under AIFMD.  »

Daniel Maycock

Brexit unlikely to impact outsourced AIFM model for UK AIFs

Thu, 07/07/2016 - 15:02

For start-up managers wishing to run an onshore European AIF, the compliance and regulatory complexities might, at first glance, appear overwhelming. There are significant reporting obligations under Annex IV and regulatory capital considerations, whilst risk management is far broader in scope, extending into every facet of a fund manager's operations. »

European flags

Chapter 2: Regulations & compliance

Thu, 07/07/2016 - 14:57

Such is the complexity of the regulatory landscape in Europe that it is enough for any new start-up manager to resemble Edvard Munch's `The Scream'. Alongside the Markets in Financial Instruments Directive (MiFID), is the Alternative Investment Fund Managers Directive (AIFMD) and just to add to the complexity, MiFID II is scheduled to go live in 2018.  »

Gerben Oldekamp

The Netherlands - A cost efficient option for start-up managers

Thu, 07/07/2016 - 14:46

Whilst the Netherlands might not be foremost when people think about choosing their preferred European jurisdiction, there are many advantages it has to offer. The Dutch regulator, the Authority for the Financial Markets ('Autoriteit Financiële Markten', or 'AFM'), is proactive, swift at processing licenses for full-scope AIFMs, and easy to approach if the manager has anything that needs clarifying.  »

Donnacha O'Connor

Irish ICAV continues to gather momentum

Thu, 07/07/2016 - 14:42

Since the Irish Collective Asset Management Vehicle (ICAV) came into effect on 18 March 2015, more than 157 vehicles had been authorised by the Central Bank of Ireland (through March 2016), according to the latest statistics released by Irish Funds, the representative body for Ireland's cross-border investment funds industry. In total, these funds have more than EUR8.4bn in AUM and have attracted net positive inflows every single month.  »

Unigestion makes strong commitment to carbon reduction with Montreal Carbon Pledge

Unigestion makes strong commitment to carbon reduction with Montreal Carbon Pledge

Thu, 07/07/2016 - 09:46

Boutique asset manager Unigestion has signed the Montreal Carbon Pledge, an ambitious collaboration between the United Nations-supported Principles of Responsible Investment (PRI) and investors from around the world. »

AITEC and AIMA launch cyber security DDQ

AITEC and AIMA launch cyber security DDQ

Fri, 01/07/2016 - 13:00

AITEC and the Alternative Investment Management Association (AIMA), the global representative for alternative asset managers, have launched a co-branded Illustrative Questionnaire for Due Diligence of Vendor Cyber Security. »

ESMA identifies scope for greater EU harmonisation in prospectuses approval

ESMA identifies scope for greater EU harmonisation in prospectuses approval

Fri, 01/07/2016 - 08:27

The European Securities and Markets Authority (ESMA) has published a peer review on the efficiency and effectiveness of European Union (EU) national securities markets regulators’ approval of prospectuses, the disclosure documents prepared by issuers when they want to market their securities to EU investors. »

Passports

Passporting post Brexit

Thu, 30/06/2016 - 09:29

In the wake of last week’s referendum result, there are obviously a number of questions regarding regulation and passporting. Bobby Johal, Managing Consultant, Cordium, comments… »

UK hedge fund manager and CIO settle with SEC over misleading disclosures concerning trade allocations

UK hedge fund manager and CIO settle with SEC over misleading disclosures concerning trade allocations

Wed, 29/06/2016 - 09:34

A UK-based investment adviser and its Chief Investment Officer (CIO) have agreed to pay more than USD2.5 million to settle charges that they breached their fiduciary duties by operating two private funds in a manner inconsistent with their prior disclosures about the nature and extent to which they allocated IPOs and other securities offerings between the funds. »

CME Group welcomes ESMA recognition

CME Group welcomes ESMA recognition

Wed, 15/06/2016 - 09:04

CME Group Executive Chairman and President Terry Duffy has welcomed the European Securities and Markets Authority's (ESMA) recognition of CME Inc under EU regulations. »

James Williams, Global Fund Media

AIFs and UCITS - What’s next…? Part 1

Tue, 14/06/2016 - 13:07

Distribution is a critical consideration for those wishing to market their hedge funds into Europe. But regardless of whether that fund is UCITS-compliant or an AIF, the continuous evolution of European regulation means that managers have to stay one step ahead, and evaluate just how much of an impact it will have on their marketing distribution strategies. »

No need to temporarily exclude ETDs from open access to trading venues and CCPs, says ESMA

No need to temporarily exclude ETDs from open access to trading venues and CCPs, says ESMA

Tue, 05/04/2016 - 09:31

The European Securities and Markets Authority (ESMA) sees no need to temporarily exclude exchange-traded derivatives (ETDs) from non-discriminatory access to central counterparties (CCPs) and trading venues, which will be introduced by the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  »

ESMA fines DTCC Derivatives Repository EUR64,000 for data access failures

ESMA fines DTCC Derivatives Repository EUR64,000 for data access failures

Thu, 31/03/2016 - 16:41

The European Securities and Markets Authority (ESMA) has fined the trade repository DTCC Derivatives Repository Limited (DDRL) EUR64,000, and issued a public notice, for negligently failing to put in place systems capable of providing regulators with direct and immediate access to derivatives trading data.  »

Tom Casteleyn, BNY Mellon

Anticlimactic wave 2 threatens T2S cost recovery plans

Mon, 28/03/2016 - 11:18

Tom Casteleyn (pictured), Head of Product Management for Custody, Cash and FX at BNY Mellon comments on how delays to the ECB’s T2S programme have derailed the project… »

All hail the Swiss Collective Investment Scheme Act (CISA)

All hail the Swiss Collective Investment Scheme Act (CISA)

Wed, 09/03/2016 - 09:50

It is now one year in to the Swiss Collective Investment Scheme Act (CISA) and overall impressions appear to be that it has been a success. One particular aspect of CISA, namely the requirement for alternative fund managers marketing their funds in Switzerland to “unregulated qualified investors” (eg pension funds, family offices) to appoint a Swiss Fund Representative and Paying Agent, has proven to be no more than a mild shower in a teacup. »

Emmanuel Tahar, Third Bridge

Mifid II delay is unfortunate

Fri, 12/02/2016 - 11:32

Emmanuel Tahar (pictured), CEO of primary research partner Third Bridge, comments on the European Commission delaying the Mifid II deadline… »

James Williams

Investor demand for QIAIF products on the rise

Thu, 11/02/2016 - 10:26

There has been a flurry of activity over at ML Capital in the last few months. The company provides a range of UCITS and AIFMD fund solutions to fund managers and currently has over USD1.5 billion of assets under management across its Dublin-based MontLake UCITS Platform and MontLake QIAIF Platform. The MontLake UCITS Platform, in particular, has added a number of new funds including: Mygale Event Driven UCITS managed by Neil Tofts; OTS Asia Opportunity UCITS, managed by OTS Capital Management, and SPARX OneAsia Long Short UCITS, managed by SPARX Asia Investment Advisors.  »

John Bohan

Open for business

Thu, 11/02/2016 - 10:13

Q&A with John Bohan (pictured), Managing Director Europe & Middle East, Apex Fund Services (Ireland). »

Ken Somerville

Irish QIAIF becoming a ‘go-to’ solution

Thu, 11/02/2016 - 09:50

According to Ken Somerville (pictured), head of business development at Quintillion Limited, Ireland's fund administrators are starting to see real interest among global fund managers, running both hedge funds and private equity funds, as Europe's credit markets continue to be restructured. This is leading to a wider, more complex range of credit strategies, with loan origination perhaps the most talked about example.  »

James Williams

Irish ICAV attracts significant fund manager interest

Thu, 11/02/2016 - 09:37

Ireland remains Europe's leading onshore hedge fund jurisdiction by some margin, yet up until a couple of years ago it could not offer fund sponsors a corporate fund structure similar to the SICAV in Luxembourg. »

ESMA resumes US CCP recognition process following EU-US agreement

ESMA resumes US CCP recognition process following EU-US agreement

Thu, 11/02/2016 - 08:56

The European Securities and Markets Authority (ESMA) has welcomed the common approach adopted by the European Commission and the US Commodity Futures Trading Commission (CFTC) on the equivalence of central counterparty (CCP) regimes. »

AIFMs welcome ‘flexibility of NPPR’ when accessing Europe

AIFMs welcome ‘flexibility of NPPR’ when accessing Europe

Thu, 11/02/2016 - 08:52

National private placement regimes (NPPR) continue to offer the flexibility and ease of access for marketing into Europe that appeal to fund managers, a London funds audience has heard. »

CFTC signs MOU with German authorities to enhance cross-border clearing supervision

CFTC signs MOU with German authorities to enhance cross-border clearing supervision

Thu, 28/01/2016 - 16:27

The US Commodity Futures Trading Commission (CFTC) has signed a Memorandum of Understanding (MOU) with the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and Deutsche Bundesbank (Bundesbank, »

features

Special Reports

Cybersecurity for fund managers 2016

Cybersecurity for fund managers 2016

Wed, 13/07/2016 - 23:35

Outlook

Frank Hatheway, Nasdaq

Special Reports

Guide to ETFs for Wealth & Asset Managers
AIFs and UCITS - What's next? Part One

AIFs and UCITS - What's next? Part One

Tue, 14/06/2016 - 12:58

Hedge Fund Technology Innovations 2016

Hedge Fund Technology Innovations 2016

Thu, 09/06/2016 - 11:31

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