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Europe

Jack Inglis, AIMA

AIMA publishes guide to managed accounts

Wed, 07/12/2016 - 13:34

The Alternative Investment Management Association (AIMA) has published a guide for fund managers wishing to establish a managed account, a popular form of investing in hedge funds that gives greater control over the management of the account to the investor. »

Tobias Paulun, EEX

EEX highlights importance of market mechanisms in building the Energy Union

Thu, 01/12/2016 - 07:47

The European Energy Exchange (EEX) has welcomed the Winter Package, published by the European Commission, which introduces proposals for legislation on the EU energy market and the development of renewable energy going forward. »

Pat Lardner, Irish Funds

Irish Funds welcomes proposals to amend loan fund rules

Wed, 30/11/2016 - 10:39

Irish Funds, the representative body for the international cross-border investment funds industry in Ireland, has welcomed the Central Bank of Ireland’s announcement on its intention to amend the requirements for Loan originating Qualifying Investor AIFs (L-QIAIFs), as set out in the AIF Rulebook. »

Sven Kasper, State Street

MiFID II is top concern for asset managers, says State Street research

Mon, 21/11/2016 - 10:23

Nearly three quarters (73 per cent) of asset managers are concerned about the challenges presented by MiFID II, research by State Street Corporation shows. »

Timothy Massad, CFTC

Supervisory stress tests of clearinghouses prove positive

Thu, 17/11/2016 - 09:00

The US Commodity Futures Trading Commission (CFTC) has issued a report detailing the results of a supervisory stress test of five major clearinghouses based in the US and the UK, and the results for all five proved positive. »

Francois Pfister, Ogier

Legislation reform and arrival of Chinese banks spell good news for Luxembourg

Thu, 10/11/2016 - 13:39

Signs including a new unregulated fund product, reform of company law and the moves of eight Chinese banks to Luxembourg suggest a bright future for Luxembourg, says Ogier practice partner Francois Pfister. »

Timothe Fuchs, Fuchs Asset Management

Know your investors before launching in Europe

Mon, 07/11/2016 - 11:36

Timothe Fuchs (pictured) is the CEO of eponymous Luxembourg-based Fuchs Asset Management. With regulation becoming so vast and complex, especially in Europe, he is in no doubt that alternative investment managers need all the help they can get with respect to the day-to-day operational and compliance demands of running AIFMD-compliant funds. »

Lee Godfrey, KNEIP

The virtues of good data governance

Mon, 07/11/2016 - 11:31

As asset managers face a barrage of global regulation and compliance demands, one of the biggest challenges they face is knowing who is responsible for the firm's data and where its source is located.  »

James Williams, Hedgeweek

Luxembourg well placed to capitalise on Fintech revolution

Mon, 07/11/2016 - 11:26

Fund jurisdictions will need to keep their finger on the pulse of digital technology if they are to remain competitive over the coming years. Disruptive players are springing up on a daily basis offering innovative payment solutions, transaction solutions to improve efficiency.  »

Kavitha Ramachandran, Maitland Group

On track to launch first set of RAIFs

Mon, 07/11/2016 - 11:23

The introduction of the Reserved Alternative Investment Fund under the Luxembourg Bill of Law N∞6929 (Bill 6929) this year could be a game changer for the jurisdiction. In short, the RAIF is an investment fund product that removes the double layer of regulation. Rather, the regulation focuses on the AIFM and crucially, gives fund sponsors a quicker time to market.  »

Jean-Florent Richard, BNP Paribas Securities SErvices

Ready for the RAIFolution

Mon, 07/11/2016 - 11:03

The recently introduced Reserved Alternative Investment Fund (RAIF) is compelling to fund managers because although it is not subject to direct supervisory authority from the CSSF, it is still a fully AIFMD-compliant product, benefiting from the European passport for marketing to professional investors in Europe.  »

James Williams, Hedgeweek

The RAIF: A game changer for Luxembourg

Mon, 07/11/2016 - 10:56

Luxembourg has deposited a new Bill of Law with the Luxembourg Parliament called the Reserved Alternative Investment Fund (RAIF) Regime. It is a regime that embraces the concept of AIFMD being manager-focused regulation. The RAIF, unlike the heretonow popular SIF, does not need to be under the direct supervision of Luxembourg's regulator, the CSSF. Instead, the RAIF merely needs to appoint an authorised AIFM, based in Luxembourg or any other EU jurisdiction.  »

London commodity pool operator and commodity trading adviser fined USD60,000

London commodity pool operator and commodity trading adviser fined USD60,000

Mon, 07/11/2016 - 08:58

The National Futures Association (NFA) has ordered The Cambridge Strategy Asset Management Limited, an NFA member commodity pool operator (CPO) and commodity trading adviser (CTA) located in London, to pay a USD60,000 fine. »

Eddie Astanin, NSD

Russia and China’s securities depositories sign MoU

Wed, 26/10/2016 - 10:08

The National Settlement Depository (NSD), Russia’s central securities depository, has signed a memorandum of understanding with China Securities Depository and Clearing Corporation (CSDC), which provides services to the Shanghai Stock Exchange and the Shenzhen Stock Exchange. »

Martin Scheck, ICMA

Guide to best practice for EU corporate debt private placement market launches

Wed, 26/10/2016 - 09:57

The European Corporate Debt Private Placement (ECPP) Joint Committee, coordinated by the International Capital Market Association (ICMA), has launched an updated version of the European Corporate Debt Private Placement Market Guide. »

Alan Picone, Duff & Phelps

Evidencing risk management within the investment strategy is music to institutions’ ears

Tue, 25/10/2016 - 11:21

Risk management has mutated under AIFMD, causing risk managers to become more involved in the portfolio management process from an ex ante risk perspective. As investors become more educated on the risk function, managers who can demonstrate an independent, robust risk management environment have the potential to improve their capital raising capabilities. »

Steven Maijoor, ESMA

ESMA to focus on supervisory convergence issues in 2017

Wed, 12/10/2016 - 09:31

The European Securities and Markets Authority (ESMA) is to focus on supervisory convergence issues next year, according to its 2017 Work Programme. »

Daniela Klásen-Martin, Crestbridge Luxembourg

Crestbridge Luxembourg to act as manager in first RAIF platform

Wed, 12/10/2016 - 09:17

Crestbridge in Luxembourg will act as the manager for the first platform to be launched under Luxembourg’s recently introduced Reserved Alternative Investment Fund (RAIF) regime. »

Seonaid Mackenzie, Sturgeon Ventures

Flexible working needed to get more women in financial services, says Sturgeon Ventures

Tue, 11/10/2016 - 10:30

The introduction of compulsory flexible working hours would open the floodgates to more women working in the UK financial services industry, according to Sturgeon Ventures, a regulatory incubator firm. »

Timothy Massad, CFTC

CFTC and FCA sign MOU on supervision of cross-border regulated firms

Fri, 07/10/2016 - 09:21

The US Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA) have signed a memorandum of understanding (MOU) regarding the supervision of cross-border regulated firms. »

James Williams, Hedgeweek

AIFMD: More jazz than classical for US managers

Thu, 06/10/2016 - 11:14

Despite the so-called uniformity of the EU, the pan-European Alternative Investment Fund Managers Directive (AIFMD) is still being interpreted and applied by individual EU Member States. In theory it is meant to act as a standard framework to oversee the activities of AIFMs, but with National Private Placement Regimes still running, overseas fund managers are finding that navigating the different reporting requirements is a minefield. Different regulators simply have different takes on the Directive.  »

Scott Price, Maitland

Outsourcing the EU regulatory burden to ease fatigue

Thu, 06/10/2016 - 10:52

By Scott Price, Maitland – It is fair to say that regulatory fatigue has set in when it comes to the European Union market. This has been brought about in particular by the Alternative Investment Fund Managers Directive (AIFMD). »

Steven Maijoor, ESMA

ESMA consults on consolidated tape for non-equity products

Mon, 03/10/2016 - 14:53

The European Securities and Markets Authority (ESMA) has issued a consultation paper on its draft regulatory technical standards (RTS) regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive (MiFID II). »

Steven Maijoor, ESMA

ESMA consults on future reporting rules for securities financing transactions

Fri, 30/09/2016 - 14:19

The European Securities and Markets Authority (ESMA) has issued a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking activities. »

Jack Inglis, AIMA

IHS Markit teams with AITEC and AIMA to strengthen KY3P platform

Fri, 23/09/2016 - 09:49

IHS Markit is teaming up with AITEC and the Alternative Investment Management Association (AIMA) to strengthen its Know Your Third Party (KY3P) platform. »

Dr Maria Chetcuti Cauchi, Chetcuti Cauchi Advocates

The NAIF: Europe’s missing piece of the jigsaw

Thu, 22/09/2016 - 16:25

The Maltese Notified Alternative Investment Fund (NAIF) fills a gap in Europe's fund market. According to Dr Stefania Grech, Financial Services Associate, Chetcuti Cauchi Advocates, an unregulated fund was the one product missing in the Maltese Fund Industry. "Now, from a European perspective, there is no discrimination when it comes to the creation of an unregulated vehicle, offshore versus onshore. »

Paul Mifsud, Managing Director at Sparkasse Bank

Malta’s SCC gathers momentum

Thu, 22/09/2016 - 14:56

Malta has been quite innovative in providing certain infrastructure for the securitisation cell company (SCC) and securitisation in general. According to the MFSA, 30 securitisation vehicles have launched so far this year, and Sparkasse Bank Malta, plc. has been a beneficiary of this phenomenon. »

r Jean C Farrugia, senior partner at DF Advocates

Malta ushers in the Notified AIF

Thu, 22/09/2016 - 14:54

On 10 June 2016, Malta burnished its reputation when the Malta Financial Services Authority (MFSA) launched the Notified Alternative Investment Fund (NAIF) regime through the publication of the Investment Services Act (List of Notified AIFs) Regulations in the Malta Government Gazette. »

James Williams, Hedgeweek

Malta’s service provider community sees good times ahead

Thu, 22/09/2016 - 14:48

Whether it’s providing AIFM management company solutions, depositary lite solutions, or simply providing start-up managers with a high-touch level of service, Malta’s service provider community continues to evolve with the times.  »

Dr Louis de Gabriele, head of the Corporate and Finance practice group at Camilleri Preziosi Advocates

Key features of Malta’s new regime

Thu, 22/09/2016 - 14:45

Dr Louis de Gabriele, head of Camilleri Preziosi Advocates’s Corporate and Finance practice group, outlines the benefits of Malta’s Notified AIF (NAIF) regime… »

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