UCITS V and VI preparing for the new rules, and beyond
|
|
- Heather Byrd
- 6 years ago
- Views:
Transcription
1 Page 1 UCITS V and VI preparing for the new rules, and beyond Grania Baird, Partner, Farrer & Co LLP and Julia Hartley, Professional Support Lawyer, Farrer & Co LLP 1. Introduction On 28 August 2014, Directive 2014/91/EU on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS V) was published in the Official Journal of the EU 1. UCITS V aims to introduce a more coherent and consistent approach in relation to the protection for retail investors in collective investment schemes as there now is for professional investors in unregulated collective investment schemes following the implementation of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). Under UCITS V a variety of corresponding measures are introduced relating to the depositary function, manager remuneration and sanctions, and amendments made to the existing regime in Directive 2009/65/EC (UCITS Directive) relating to access to telephone and data records. References in this briefing are to the consolidated text of the UCITS Directive as amended by UCITS V, as UCITS V is an amending Directive. UCITS V came into force on 17 September 2014 and member states have until 18 March 2016 to transpose it into national law. HM Treasury and the Financial Conduct Authority (FCA) will need to implement the requirements through legislation and amendments to the FCA Handbook. The European Securities and Markets Authority (ESMA) is in the process of providing technical advice on various delegated acts under UCITS V to the European Commission (known as the Level 2 implementing measures), including particulars of the depositary agreement, conditions for performing the depositary function, due diligence duties on the depositary, and further issues relating to lost financial instruments and liability. In November 2014, ESMA submitted its advice on the content of two of the delegated acts on depositaries, namely delegation and independence, which are discussed in more detail below. 2. UCITS V the key provisions The key provisions of UCITS V cover the following areas: the role, eligibility, responsibility and liability of depositaries in order to improve investor protection; how remuneration policies apply to key members of staff within UCITS managers so as to discourage excessive risk-taking; harmonisation of minimum administrative sanctions across the EU; and access to telephone and data records held by UCITS managers. 2.1 Depositary (Articles 22-24) UCITS have always needed a depositary; however, UCITS V introduces measures that will bring the regulation of the appointed depositary in line with the higher standard of liability requirements, if not beyond, those under AIFMD. Previously, although the high-level duties of the depositary were contained in the UCITS Directive, detailed obligations of the depositary had been left to be defined by member states, and UCITS V addresses this gap, and aims to harmonise the regulatory requirements placed on the depositary. 1
2 Page Eligibility The eligibility to act as depositary has also been restricted to: a credit institution or investment firm, being entities that can meet certain capital and own funds requirements; and this must be independent of the management company so it can act solely in the interests of the investors in the UCITS. ESMA's November 2014 advice identified two areas of potential risk that may potentially jeopardise independence between the management company and the depositary, namely common management and cross-shareholdings, and made recommendations on how to address these: Duties common management for example, no person to be a member of both management bodies; and cross-shareholdings the depositary should not have a direct or indirect holding of more than 10% of the shares or voting rights which enable it to exercise a significant influence over the management company or vice versa. ESMA also recommends that the management company puts in place a robust process for choosing the depositary, based on pre-defined objective criteria. Safekeeping: UCITS V specifies the requirement to appoint a single independent depositary who will be entrusted to safeguard all assets which, similarly to AIFMD assets, are categorised into two classes: "financial instruments", broadly those in Annex C of Directive 2004/39/EC (2014/65/EU) (MiFID II), which must be taken into safe-keeping and segregated in the depositaries books; and "other assets", for which the depositary has a less onerous role, mainly limited to verification and record-keeping. For UK UCITS this distinction is not of much practical significance since the FCA's Collective Investment Schemes Sourcebook (COLL) requires all assets to be under the depositary's control and custody, but the distinction may have relevance to other non-uk UCITS. However, this does have a bearing on liability, and is discussed further below. Cash-flow monitoring: A new obligation on depositaries, which reflects that imposed under AIFMD, is that of a cash-flow monitoring function, which includes checking that cash movements in a fund are monitored and booked correctly. Oversight: The depositary has an oversight function, as was the case under the UCITS Directive, making sure the UCITS fund is operated in accordance with the regulations of its constituting documents, such as the subscription and cancellation of units, and ensuring that income is applied correctly, and so on.
3 Page 3 Written agreement: The depositary must be appointed under a written contract, the detail of what the contract must contain is expected to be similar to that required for alternative investment fund managers (AIFMs) under AIFMD, and it is expected that the detail will be published later this year in the Level 2 implementing measures Delegation Following AIFMD, UCITS V places limitations on the ability of the depositary to delegate, and includes rules regarding permitted delegation. In particular, the depositary is not permitted to delegate its oversight and cash-flow monitoring obligations. The custody and safekeeping functions may be delegated but only if: the tasks are not delegated with the intention of avoiding the requirements laid down in the UCITS Directive; the depositary can demonstrate that there is an objective reason for the delegation; and the depositary has exercised all due skill care and diligence in the selection and appointment of the third party and continues to do so during the periodic review and ongoing monitoring. The delegate must at all times during the performance of the functions delegated to it: have structures and expertise that are adequate and proportionate to the nature and complexity of the assets which have been entrusted to it; for custody tasks be subject to: (i) effective prudential regulation, including minimum capital requirements, and supervision in the jurisdiction concerned; and (ii) an external periodic audit to ensure that the financial instruments are in its possession; segregate the assets of the clients of the depositary from its own assets and from the assets of the depositary in such a way that they can, at any time, be clearly identified as belonging to clients of a particular depositary; take all necessary steps to ensure that in the event of its insolvency, assets of a UCITS held by it in custody are unavailable for distribution among, or realisation for the benefit of, its creditors; and comply with those conditions imposed on the depositary itself, i.e. its appointment is evidenced by a written contract; it complies with the safekeeping requirements for financial instruments and other assets (as above); it is under the same obligations as on the depositary not to reuse the assets held in custody for its own account; and must be independent of the management company. Where the law of a third country requires that certain financial instruments be held in custody by a local entity and no local entities satisfy the delegation requirements regarding effective prudential regulation, the depositary may delegate its functions to such a local entity only to the extent required by the law of that third country, only for as long as there are no local entities that satisfy the delegation requirements, and only where: the investors of the UCITS have been duly informed; and the investment company has instructed the depositary to delegate custody to such a local entity. ESMA published advice in November 2014 on the third party insolvency protections that are required when delegating safe-keeping. These contain measures, arrangements and tasks for the third party to whom custody is delegated. For example, sub-custodians outside the UK must obtain independent legal advice to verify that applicable insolvency laws in that jurisdiction recognise the segregation of assets from third party's assets and depositary's assets and that segregated assets do not form part of the third party's estate in case of insolvency. Whether within the EU or not, the sub-custodian must adequately inform the depositary about the applicable rules and conditions on the relevant insolvency regime to which assets are linked.
4 Page Liability One of the most contentious proposals has been the detail surrounding the role and liability of depositaries in UCITS V, and the extent to which a depositary should be liable for assets held in custody and their liability when they appoint a third-party sub-custodian. These liability provisions go much further than those of AIFMD: 2 under AIFMD the depositary has the ability to discharge liability by meeting the specified delegation criteria or under the express terms of its written contract with the sub-custodian, whilst UCITS V explicitly prevents the depositary from excluding or limiting its liability by agreement; AIFMD allows for the depositary to discharge its liability when safekeeping by a local entity is required under local law, whereas this is not available to the depositary under UCITS V, even when placed under the same local law delegation requirement; liability to the investors of the AIF may be invoked directly or indirectly, depending on the legal nature of the relationship between the depositary, AIFM and investors. Investors in a UCITS may invoke liability of the depositary directly or indirectly provided that this does not lead to a duplication of redress or to unequal treatment of investors. UCITS V replaces the existing liability standard of "unjustifiable failure to perform its obligations or its improper performance of them", as this was interpreted differently by member states, which meant discrepancies in investor protection across Europe. Essentially, UCITS V implements a 'strict liability' regime whereby the depositary must return lost instruments at its own cost, and without the ability to discharge liability on having delegated to a subcustodian. The depositary is liable to the UCITS and its investors: for loss of financial instruments by a depositary or its delegate; for loss caused by its negligence or intentional failure to fulfil its obligations under UCITS V; in the event of loss, to return equivalent financial instruments without delay. A depositary will not be liable if it can prove that the loss arose as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. 2.2 Remuneration (Article 14) Under UCITS V, management companies are required to establish and apply remuneration policies and practices that are consistent with and promote sound and effective risk management, and do not encourage risk taking that is inconsistent with the risk profiles of the UCITS it manages. Again, these are intended to be closely aligned with those applicable to fund managers under AIFMD. These policies are to apply to staff whose professional activities have a material impact on risk profiles of the management company or UCITS which they manage. These will be senior managers, risk-takers, those fulfilling control functions, and employees receiving remuneration within the same bracket of senior managers or risktakers. Where remuneration is performance-related, the total must be based on a combination of the assessment of the performance of the individual, the business unit or UCITS, and the overall results of the management company. 2 See Art. 21 AIFMD / Art. 24 UCITS
5 Page 5 Fixed and variable components must be appropriately balanced with the fixed component representing a high enough proportion of the total remuneration to allow a flexible policy on the variable remuneration (including the possibility of paying no variable remuneration), with the variable element split between 50% in units of the managed UCITS and 40% deferred for a minimum of three years. There are various requirements as to how details of the remuneration policy must be disclosed in the UCITS prospectus, annual report, and the key investor information document (KIID). 2.3 Sanctions (Article 99) UCITS V aims to tackle the different approaches to sanctioning across the EU by introducing a range of administrative sanctions and measures and minimum list of sanctioning criteria. This harmonises minimum administrative sanctions with maximum penalties of 5 million (or 10% of annual turnover) for a company or 5 million for individuals (together with the possibility of bans and/or criminal sanctions). In the UK the FCA has many of the powers envisaged under the directive so little impact from this harmonisation is expected. 2.4 Access to phone and data records (Article 98) The relevant competent authority for the member state in question will be able to require existing recordings of telephone conversations or other data traffic records held by a UCITS, management companies, investment companies or depositaries from a telecommunications operator, where there is a reasonable suspicion of an infringement of the UCITS Directive, and where such records may be relevant to an investigation into any infringements. 3. Practical steps Depositary agreements will need to be repapered to reflect the new regime, and in particular authorised unit trusts will need a depositary agreement for the first time, the terms of which will need to be negotiated. These agreements, together with any sub-custody agreements, will also need to be examined, and potentially renegotiated, to be in line with the new liability provisions. This is particularly relevant when it comes to the delegation issue, as it may not be possible for the liability risk to be put on any sub-custodian. As many of the changes follow those introduced in AIFMD in order to align the two regimes, it is hoped that these issues have been dealt with in many similar fund arrangements, and so the expertise to effect changes in the UCITS regime may now be more readily available. Fund documentation such as UCITS fund prospectuses will need to be reviewed and updated to reflect the expanded depositary role and the remuneration rules; and any KIID will need to be amended to include the required remuneration statement. UCITS managers will also need to consider their remuneration policy, and whether existing arrangements meet the requirements or expose any gaps that will need to be addressed. This may also impact on the employment contracts and incentive programmes that are currently in place. Fund structures may also need to be carefully examined to allow for the new rules on variable remuneration for the requirement of payment in units in the UCITS fund. 4. What's next - UCITS VI? In July 2012, the European Commission set out areas of proposed reform to the UCITS regime in a consultation, which was issued shortly after the legislative proposals for UCITS V, had been published. The main objective under UCITS VI was to find the best possible way to protect the confidence of investors, and promote UCITS as best form of fund legislation in and outside Europe. In a speech given by Steven Maijoor (chair of ESMA) in November 2014, he confirmed that the most pressing proposals are being addressed by other measures, for example, the European Commission has proposed a new regulation to address the issue of redemption pressure in money market funds. As a result, although there are proposals in relation to money market funds and long-term investment funds, it looks like UCITS VI is out in the long grass for now.
6 Page 6 If you require further information on anything covered in this briefing please contact Grania Baird (grania.baird@farrer.co.uk; ), or Julia Hartley (julia.hartley@farrer.co.uk; ), or your usual contact at the firm on Further information can also be found on the Commercial page on our website. This publication is a general summary of the law. circumstances. It should not replace legal advice tailored to your specific Farrer & Co LLP, January 2015
the amended text inserted by the CRA III Directive 2013/14/EU, which came into force on 20 June 2013;
Recent changes to the UCITS Directive Updated to June 2014 We last updated our publication of the UCITS Directive to March 2013. The following is an extract from our publication which provides the amended
More informationEUROPEAN UNION. Brussels, 23 July 2014 (OR. en) 2012/0168 (COD) LEX 1569 PE-CONS 75/1/14 REV 1 EF 84 ECOFIN 270 CODEC 808
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 23 July 2014 (OR. en) 2012/0168 (COD) LEX 1569 PE-CONS 75/1/14 REV 1 EF 84 ECOFIN 270 CODEC 808 DIRECTIVE OF THE EUROPEAN PARLIAMT AND OF THE
More informationLEGAL ALERT (THE LAW ) JUNE
* LEGAL ALERT LUXEMBOURG LAW DATED 10 MAY 2016 TRANSPOSING DIRECTIVE 2014/91/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 23 JULY 2014 AMENDING DIRECTIVE 2009/65/EC ON THE COORDINATION OF LAWS,
More information7411/14 IL/SS/sr 1 DGG 1B
COUNCIL OF THE EUROPEAN UNION Brussels, 13 March 2014 (OR. en) 7411/14 Interinstitutional File: 2012/0168 (COD) EF 75 ECOFIN 232 CODEC 689 "I" ITEM NOTE From: General Secretariat of the Council To: Permanent
More informationAIFMD - The Depositary
AIFMD - The Depositary AIFMD The Depositary Introduction Under the provisions of the AIFMD, an AIFM is responsible for ensuring that a single depositary is appointed in respect of each AIF which it manages.
More informationProposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Strasbourg, 3.7.2012 COM(2012) 350 final 2012/0168 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive 2009/65/EC on the coordination of
More informationAIFM toolbox. AIFM toolbox - May Updated version
AIFM toolbox AIFM toolbox - May 2013 Updated version AIFM toolbox The AlFM toolbox aims to provide reader-friendly access to the EU legislation relating to the AIFMD level 1 measures (Directive 2011/61/EU
More informationSeptember Securities Derivatives Structured Finance Corporate Governance
IN Capital Markets & Financial Regulation Securities Derivatives Structured Finance Corporate Governance September 2016 2016 n e w s f ll a s h Draft Law amending law 4099/2012 and other provisions A)
More informationEUROPEAN UNION. Brussels, 13 May 2011 (OR. en) 2009/0064 (COD) PE-CONS 60/10 EF 181 ECOFIN 738 CODEC 1293
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 13 May 2011 (OR. en) 2009/0064 (COD) PE-CONS 60/10 EF 181 ECOFIN 738 CODEC 1293 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: DIRECTIVE OF THE
More informationINTRODUCTION SPECIFIC REPLIES. Box 1 ADEPO
ADEPO 4-2011 REPLIES BY THE AGRUPACIÓN ESPAÑOLA DE DEPOSITARIOS DE INSTITUCIONES DE INVERSIÓN COLECTIVA Y FONDOS DE PENSIONES (ADEPO) TO THE EUROPEAN COMMISSION S CONSULTATION REGARDING THE DUTIES OF UCITS
More informationESMA S DRAFT TECHNICAL ADVICE TO THE EUROPEAN COMMISSION ON POSSIBLE IMPLEMENTING MEASURES OF THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
ESMA S DRAFT TECHNICAL ADVICE TO THE EUROPEAN COMMISSION ON POSSIBLE IMPLEMENTING MEASURES OF THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE AGRUPACIÓN ESPAÑOLA DE INSTITUCIONES DE INVERSIÓN COLECTIVA
More informationALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD)
ALTERNATIVE INVESTMENT FUND MANAGEMENT DIRECTIVE (AIFMD) CURRENT CHALLENGES DECEMBER 2014 1 AIFMD CURRENT CHALLENGES The AIFMD goes back to April 2009 when the European Commission proposed a Directive
More informationThe Alternative Investment Fund Managers Directive What you need to know
The Alternative Investment Fund Managers Directive What you need to know The below is intended to be a high level summary of key areas as the precise implications of the AIFMD may differ for each firm.
More informationAIFMD Investment Funds Briefing
Page 1 AIFMD Investment Funds Briefing 25 March 2013 Are you AIFMD ready? The Alternative Investment Fund Managers Directive (AIFMD) is due to be transposed into UK law on 22 July 2013. It heralds a period
More informationCOMMISSION DELEGATED REGULATION (EU) /... of amending Delegated Regulation (EU) No 231/2013 as regards safe-keeping duties of depositaries
EUROPEAN COMMISSION Brussels, 12.7.2018 C(2018) 4377 final COMMISSION DELEGATED REGULATION (EU) /... of 12.7.2018 amending Delegated Regulation (EU) No 231/2013 as regards safe-keeping duties of depositaries
More informationJMH/SR EBF Ref.: D2263D Brussels, 30 January 2012
JMH/SR EBF Ref.: D2263D-2011 Brussels, 30 January 2012 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association
More informationAIFMD: What it is and what to do.
AIFMD: What it is and what to do. AIFMD: What it is and what to do. 1 What is the AIFMD? The AIFMD is an EU directive aimed at introducing a harmonised regulatory framework across the EU for EU-established
More informationUCITS V: Who needs to do what by when?
UCITS V: Who needs to do what by when? Andrea Finn Viviane de Moreau Neil Simmonds Mahrie Webb 07 & 08 October Agenda Summary of changes being introduced under UCITS V Impact on remuneration structures
More informationCollective Investment Schemes. Chapter 6. Operating duties and responsibilities
Collective Investment Schemes Chapter Operating duties and COLL : Operating duties and Section.B : UCITS depositaries.b UCITS depositaries.b.1 Application This section applies to the depositary of a UCITS
More informationA7-0171/22 AMENDMENTS BY PARLIAMENT * to the Commission proposal for a
3.11.2010 A7-0171/22 Amendment 22 Jean-Paul Gauzès on behalf of the PPE Group Robert Goebbels, Udo Bullmann, Evelyn Regner on behalf of the S&D Group Sharon Bowles, Wolf Klinz on behalf of the ALDE Group
More informationThe Alternative Investment Fund Managers Directive. Key features & focus on third countries
The Alternative Investment Fund Managers Directive Key features & focus on third countries Legal advice from a different perspective Fiercely independent in structure and spirit, Elvinger Hoss Prussen
More informationUCITS V: Remuneration Factsheet
UCITS V: Remuneration Factsheet The UCITS V Directive ( UCITS V ) amends the regulatory framework for Undertakings for Collective Investment in Transferable Securities ( UCITS ) to address issues relating
More informationThe Role of the Depositary under the AIFMD
The Role of the Depositary under the AIFMD One of the primary stated aims of the Alternative Investment Fund Managers Directive 1 (the AIFMD ) was to increase investor protection 2. A key step in this
More informationThe Role of the Depositary under the AIFMD and the AIF Rulebook
The Role of the Depositary under the AIFMD and the AIF Rulebook One of the primary stated aims of the Alternative Investment Fund Managers Directive 1 (AIFMD) was to increase investor protection 2. A key
More informationConsultation: ESMA s draft Technical Advice to the European Commission on possible implementing measures of the AIFMD
Corporate & Institutional Banking Trustee & Depositary services 15 Bishopsgate London, EC2P 2AP 13 September 2011 Telephone: 020 7877 9012 Facsimile: 0845 878 9102 To: ESMA Consultation: ESMA s draft Technical
More informationthe alternative investment fund managers directive aifmd
the alternative investment fund managers directive aifmd table of contents Why a Directive on Alternative Investment Fund Managers? 4 When will the Directive apply? 5 Who will be subject to the Directive?
More informationAIFMD: Level 2 Measures.
AIFMD: Level 2 Measures. AIFMD: Level 2 Measures. A Introduction On 19 December 2012, the European Commission published the draft level 2 delegated Regulation (the Level 2 Measures ) that it has adopted,
More informationAIFMD Hot Topics: Contractual Discharge, Valuation, Remuneration and Private Equity
AIFMD Hot Topics: Contractual Discharge, Valuation, Remuneration and Private Equity With less than two months remaining until the Alternative Investment Fund Managers Directive ( AIFMD ) transitional period
More informationIMPLEMENTATION OF THE AIFMD IN THE UK
IMPLEMENTATION OF THE AIFMD IN THE UK FSA PUBLISHES CONSULTATION PAPER CP12/32 INTRODUCTION Following the publication of DP 12/11 in February 1, the FSA has published CP 12/32, the first consultation paper
More informationESMA Consultation Paper on the Alternative Investment Fund Managers Directive
July 2011 ESMA Consultation Paper on the Alternative Investment Fund Managers Directive On 13 July 2011, the European Securities and Markets Authority ("ESMA") released its first draft technical advice
More informationInvestment Funds sourcebook. Chapter 3. Requirements for alternative investment fund managers
Investment Funds sourcebook Chapter equirements for alternative investment fund FUND : equirements for Section.1 : Application.1 Application.1.1 The application of this chapter is summarised in the following
More informationFinnish response to the Commission s working document constituting a consultation on the UCITS depositary function
MINISTRY OF FINANCE Finland Helsinki, 21 September 2009 Finnish response to the Commission s working document constituting a consultation on the UCITS depositary function General remarks We welcome the
More informationInvestment Funds sourcebook. Chapter 3. Requirements for alternative investment fund managers
Investment Funds sourcebook Chapter equirements for alternative investment fund FUND : equirements for.11 Depositaries.11.1 Application This section applies in accordance with the table in FUND.11.2 and
More informationA GUIDE TO ESTABLISHING AN ALTERNATIVE INVESTMENT FUND MANAGER IN MALTA
A GUIDE TO ESTABLISHING AN ALTERNATIVE INVESTMENT FUND MANAGER IN MALTA TABLE OF CONTENTS 1 INTRODUCTION... 2 2 INVESTMENT SERVICES IN MALTA... 2 3 AUTHORISATION... 4 3.1 Authorisation of AIFMs... 4 3.2
More informationAlternative Investment Fund Managers Directive - An Update. 8 December 2010 Ash Saluja, Simon Morris and Jerome Sutour
Alternative Investment Fund Managers Directive - An Update 8 December 2010 Ash Saluja, Simon Morris and Jerome Sutour Looking at... 1. Timeline, scope and basics 2. The key issue cross-border business
More informationConsultation Paper on the UCITS Depositary Function. Response of the Czech National Bank
NA PŘÍKOPĚ 28 115 03 PRAHA 1 CZECH REPUBLIC Consultation Paper on the UCITS Depositary Function Response of the Czech National Bank General statement The Czech National Bank is aware of the reasons that
More informationGovernance under AIFMD
www.pwc.co.uk Governance under September 2011 Governance under The Alternative Investment Fund Managers Directive () subjects managers of alternative investment funds (AIFs) to compulsory regulation in
More informationDirective 2011/61/EU on Alternative Investment Fund Managers
The following is a summary of certain relevant provisions of the (the Directive) of June 8, 2011 along with ESMA s Final report to the Commission on possible implementing measures of the Directive as of
More informationImplementing measures on the Alternative Investment Fund Managers Directive
Verband der Auslandsbanken Savignystr. 55 60325 Frankfurt ESMA 11-13 av. de Friedland www.esma.europa.eu Contact: Wolfgang Vahldiek +49 69 9758500 (TEL) +49 69 9758510 (FAX) verband@vab.de www.vab.de 14.
More informationLink n Learn. AIFMD Implementation. Depositary webinar. 20 June 2013 Leading business advisors Deloitte & Touche
Link n Learn AIFMD Implementation Depositary webinar 20 June 2013 Leading business advisors Presenters Niamh Geraghty Director Investment Management Advisory Deloitte & Touche Ireland ngeraghty@deloitte.ie
More information1. Introduction and interpretation. 2
Finalised guidance General guidance on the AIFM Remuneration Code (SYSC 19B) January 2014 Table of Contents 1. Introduction and interpretation. 2 2. Guidance to firms as to when the AIFM Remuneration Code
More informationRegulatory Update DATE: 21 JANUARY
DATE: 21 JANUARY 2016 www.bridgeconsulting.ie Table of Contents 1. 2016 Regulatory Reporting Deadlines 3 2. New Regulatory Framework for Irish UCITS 4 3. CP 86 Consultation Paper on Fund Management Effectiveness
More informationAIFMD The First 3 Years and What Non-EU Fund Managers Need to Know
AIFMD The First 3 Years and What Non-EU Fund Managers Need to Know Teleconference Tuesday, November 15, 2016 12:00 PM 1:15 PM EST Presenters: Peter Green, Partner, Morrison & Foerster LLP Jeremy Jennings-Mares,
More informationAIFMD. Fundamental considerations to be addressed at a strategic level for marketing in the EU:
AIFMD Are you ready? The Alternative Investment Fund Managers Directive ( AIFMD or the Directive ) came into force on July 22, 2013 with certain activities or requirements being governed by transitional
More informationAsset Management Director PwC Year-end accounting update. January 2017
Asset Management Director Network @ 2016 Year-end accounting update Contents 1. European Regulatory Updates 2. Irish/UK GAAP and IFRS for asset management 3. Audit Reporting Update 4. Companies Act 2014
More informationRegulatory Briefing EMIR a refresher for investment managers: are you ready for 12 February 2014?
Page 1 Regulatory Briefing EMIR a refresher for investment managers: are you ready for 12 February 2014? February 2014 With effect from 12 February 2014, the trade reporting obligations in the European
More informationDEPOSITARY TECHNICAL BRIEFING
YOU INVEST, WE SECURE. DEPOSITARY TECHNICAL BRIEFING Alter Domus now offers depositary services in Luxembourg, UK and Malta and has over 20 bn USD assets under depositary. In the context of the implementation
More informationA Guide to the Implications of the Alternative Investment Fund Managers Directive (AIFMD) for Annual Reports of Alternative Investment Funds (AIFs)
A Guide to the Implications of the Alternative Investment Fund Managers Directive (AIFMD) for Annual Reports of Alternative Investment Funds (AIFs) Alternative Investment Fund Managers Directive For Annual
More informationInvestment Funds sourcebook
Investment Funds sourcebook FUND Contents Investment Funds sourcebook FUND 1 Introduction 1.1 Application and purpose 1.2 Structure of the Investment Funds sourcebook 1.3 Types of fund manager 1.4 AIFM
More informationInvestment funds in Ireland: regulatory overview
GLOBAL GUIDE 2015/16 INVESTMENT FUNDS Investment funds in Ireland: regulatory overview Gayle Bowen and Emily Davy Walkers global.practicallaw.com/7-501-5093 RETAIL FUNDS 1. What is the structure of the
More informationAlternative Investment Fund Managers Directive
Investment management Alternative Investment Fund Managers Directive Re-shaping for the Future May 2013 kpmg.com Third Edition Including Delegated Regulation "Level 2" Introduction The Alternative Investment
More informationESMA Publishes Consultation on UCITS Remuneration Guidelines
ESMA Publishes Consultation on UCITS Remuneration Guidelines The European Securities and Markets Authority ( ESMA ) has published on 23 July 2015 a consultation on guidelines on sound remuneration policies
More informationAsset Management Market Study Interim Report: Annex 2 Recent regulatory developments
MS15/2.2: Annex 2 Market Study Interim Report: Annex 2 November 2016 Annex 2: Introduction 1. There has been a range of relevant in the asset management sector over the past year. This annex, while not
More informationThe European Long-Term Investment Fund ("ELTIF") Regulation in a nutshell
The European Long-Term Investment Fund ("ELTIF") Regulation in a nutshell On 20 April 2015, the Council formally approved a new regulation which was published in the Official Journal of the European Union
More informationAIF. Alternative Investment Funds
AIF Alternative Investment Funds INTRODUCTION Eager to respond to the needs of professionals in the financial centre, the Luxembourg Stock Exchange in cooperation with the Association of the Luxembourg
More informationMiFID II Review of FCA Policy Statement 17/14
REGULATORY INSIGHT JULY 2017 MiFID II Review of FCA Policy Statement 17/14 The FCA issued its final Policy Statement on MiFID II on 3rd July. Two of CCL s directors, Stuart Holman and Atma Dhariwal, discuss
More informationBrexit and Financial Services: The Final Countdown
Brexit and Financial Services: The Final Countdown Grania Baird and Kya Fear 05 November 2018 With less than five months before the UK leaves the EU there is no final consensus on a withdrawal agreement,
More informationProspectus of CCLA Authorised Contractual Scheme
Prospectus of CCLA Authorised Contractual Scheme Prospectus of CCLA Authorised Contractual Scheme (An authorised contractual scheme formed as a co-ownership scheme under section 235A of the Financial Services
More informationInvestment Fund Services Limited (the Company ) The Remuneration Policy (the Policy ) Policy Document
Investment Fund Services Limited (the Company ) The Remuneration Policy (the Policy ) Policy Document Document name: Investment Fund Services Limited Remuneration Policy Version: Final v1.0 Effective date:
More informationPreparing for AIFMD: Some Practical Tips, Part 1
Preparing for AIFMD: Some Practical Tips, Part 1 Alice Bell, Associate Sean Donovan-Smith, Partner Philip Morgan, Partner 19 February 2012 Copyright 2012 by K&L Gates LLP. All rights reserved. Introduction
More informationAIFMD: How it affects Private Equity fund managers.
AIFMD: How it affects Private Equity fund managers. AIFMD: How it affects Private Equity fund managers. A Introduction On 19 December 2012, the European Commission published the draft level 2 delegated
More informationVIRGIN ISLANDS MUTUAL FUNDS (RESTRICTED PUBLIC FUND) REGULATIONS, 2005 ARRANGEMENT OF REGULATIONS
VIRGIN ISLANDS MUTUAL FUNDS (RESTRICTED PUBLIC FUND) REGULATIONS, 2005 ARRANGEMENT OF REGULATIONS Regulation 1.. Citation. 2.. Interpretation. 3.. Restricted public fund. 4.. Condition. SCHEDULE 1 VIRGIN
More informationThe Alternative Investment Fund Managers Directive. March 2012
The Alternative Investment Fund Managers Directive March 2012 1 The Alternative Investment Fund Managers Directive Introduction We should now work from the assumption that the question is "how" rather
More informationProspectus of SCOTTISH WIDOWS UK AND INCOME INVESTMENT FUNDS ICVC
Prospectus of SCOTTISH WIDOWS UK AND INCOME INVESTMENT FUNDS ICVC (an investment company with variable capital incorporated with limited liability and registered by the Financial Services Authority (which
More informationUK Authorised Investment Funds
UK Authorised Investment Funds UK Authorised Investment Funds Introduction There are currently four types of fund structure that may be formed in the UK and which may be authorised by the FCA for sale
More informationAIFMD Disclosure Document for. STRATEGIC EQUITY CAPITAL PLC (the "Company") Last updated: 31 January 2018
AIFMD Disclosure Document for STRATEGIC EQUITY CAPITAL PLC (the "Company") Last updated: 31 January 2018 ADDITIONAL DISCLOSURE TO INVESTORS PURSUANT TO ARTICLE 23.1 OF THE ALTERNATIVE INVESTMENT FUND MANAGERS
More informationAsset Management and Investment Funds Update
Asset Management and Investment Funds Update October 2018 Central Bank Announces Self-Certification Regime for UCITS Financial Indices, Depositary Agreements and other changes In a letter addressed to
More informationAIFMD Questions and Answers. 28 th Edition 2 January 2018
2018 AIFMD Questions and Answers 28 th Edition 2 January 2018 AIFMD Questions and Answers This document sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is
More informationLaw of 19 April 2014 on alternative investment funds and their managers: questions and answers on the entry into force of the AIFM Law
Annex Communication FSMA_2014_03-1 of 23/06/2014 Law of 19 April 2014 on alternative investment funds and their managers: questions and answers on the entry into force of the AIFM Law Scope: This Annex
More informationCOUNCIL OF THE EUROPEAN UNION. Brussels, 11 March /10 Interinstitutional File: 2009/0064 (COD) EF 22 ECOFIN 154 CODEC 189 NOTE
COUNCIL OF THE EUROPEAN UNION Brussels, 11 March 2010 7377/10 Interinstitutional File: 2009/0064 (COD) EF 22 ECOFIN 154 CODEC 189 NOTE from: to: Subject: Presidency Council Proposal for a Directive of
More informationD epositary A nd T rustee A ssociation
D epositary A nd T rustee A ssociation 15 September 2009 Mr Jorgen Holmquist Director General of DG Internal Market and Services European Commission B-1049 Brussels Dear Mr Holmquist Consultation Paper
More informationEU and global regulation a Tsunami building up?
DDF Finance Conference 2013 - Private Wealth Management EU and global regulation a Tsunami building up? Ronald Paterson, Eversheds LLP 28 February 2013 #7527643 1 A Tsunami building up? too early to say
More informationViewing Instructions
Viewing Instructions Table of Contents Each page of the publication is represented by a thumbnail. Simply click on the page you would like to visit. Image clipping This icon enables you to select and email
More informationAMF Position Guide to UCITS and AIF marketing regimes in France DOC
AMF Position Guide to UCITS and AIF marketing regimes in France DOC 2014-04 Reference text: Articles L. 214-2-2 and L. 214-24-1 of the Monetary and Financial Code. The AMF is keen to provide support for
More informationBNY Mellon response to WORKING DOCUMENT OF THE COMMISSION SERVICES (DG MARKT) CONSULTATION PAPER ON THE UCITS DEPOSITARY FUNCTION
BNY Mellon response to WORKING DOCUMENT OF THE COMMISSION SERVICES (DG MARKT) CONSULTATION PAPER ON THE UCITS DEPOSITARY FUNCTION Responses provided in boxes foreseen. The present document constitutes
More informationAMF Position Guide to UCITS and AIF marketing regimes in France DOC
AMF Position Guide to UCITS and AIF marketing regimes in France DOC 2014-04 Reference text: Articles L. 214-2-2 and L. 214-24-1 of the Monetary and Financial Code. The AMF is keen to provide support for
More informationThe Affirmative Deposit Fund for Charities
Scheme Particulars The Affirmative Deposit Fund for Charities A common deposit fund The Affirmative Deposit Fund for Charities Index to paragraphs 1 Definitions 2 Constitution of the Fund 3 Trustee 4 Relationship
More informationESMA consultation on the technical advice to the European Commission on possible implementing measures of the AIFMD
13 September 2011 ESMA consultation on the technical advice to the European Commission on possible implementing measures of the AIFMD Euroclear response We are pleased to be given the opportunity to offer
More informationTABLE OF CONTENTS. I. Definitions:... 3
Frequently Asked Questions (version 11, 6 July 2017) concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers as well as the Commission Delegated Regulation (EU) No 231/2013
More informationREAL ESTATE INVESTMENT FUNDS: DEPOSITARY ASPECTS. Guidance note for the asset management industry
REAL ESTATE INVESTMENT FUNDS: DEPOSITARY ASPECTS Guidance note for the asset management industry Table of contents Introduction 4 Disclamer 4 Executive summary 4 CHAPTER I: LEGAL AND REGULATORY BACKGROUND
More informationAIFMD: Private Equity
AIFMD: Private Equity AIFMD: Private Equity A Introduction As is widely known by now, the AIFMD, although apparently prompted by certain perceived issues arising out of the hedge fund and prime brokerage
More information12618/17 OM/vc 1 DGG 1B
Council of the European Union Brussels, 28 September 2017 (OR. en) Interinstitutional File: 2017/0090 (COD) 12618/17 EF 213 ECOFIN 760 CODEC 1471 NOTE From: To: Subject: Presidency Delegations Proposal
More informationInformation page Alternative Investment Fund Managers Directive Operating conditions Conflicts of interest
Information page Alternative Investment Fund Managers Directive Operating conditions Issued : 19 March 2013 Table of Contents 1. Introduction... 3 2.... 3 3. Types of conflicts of interest... 4 4. policy...
More informationDirective 2011/61/EU on Alternative Investment Fund Managers
The following is a summary of certain relevant provisions of the (the Directive) of June 8, 2011 along with ESMA s draft technical advice to the Commission on possible implementing measures of the Directive
More informationJoint Technical Advice
JC 2017 43 28 July 2017 Joint Technical Advice on the procedures used to establish whether a PRIIP targets specific environmental or social objectives pursuant to Article 8 (4) of Regulation (EU) No 1286/2014
More informationAIFM - the Alternative Investment Fund Managers Directive
AIFM - the Alternative Investment Fund Managers Directive Swedish Presidency compromise proposal of 25 November 2009 1 The European Commission proposed an initial draft of a new Directive introducing a
More informationConsultation on implementation of Alternative Investment Fund Managers Directive AIF RULEBOOK. Consultation Paper CP 60.
2017 2012 Consultation on implementation of Alternative Investment Fund Managers Directive AIF RULEBOOK Consultation Paper CP 60 January 2017 2 AIF Rulebook Contents DEFINITIONS 8 INTRODUCTION 16 CHAPTER
More informationInformation page Alternative Investment Fund Managers Directive Operating conditions - General
Information page Alternative Investment Fund Managers Directive Issued : 19 March 2013 Table of Contents 1. Introduction... 3 2. General operating principles... 3 3. Duty to act in best interests of the
More informationRegulatory News Alert Important update UCITS/AIF depositary rules
Regulatory News Alert Important update UCITS/AIF depositary rules 31 May 2018 The European Commission (EC) publishes drafts amending Delegated Regulation (EU) No 2016/438 and Delegated Regulation (EU)
More informationSTATUTORY INSTRUMENTS. S.I. No. 604 of 2017 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) (INVESTMENT FIRMS) REGULATIONS 2017
STATUTORY INSTRUMENTS. S.I. No. 604 of 2017 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) (INVESTMENT FIRMS) REGULATIONS 2017 2 [604] S.I. No. 604 of 2017 CENTRAL BANK (SUPERVISION
More informationOFFERING MEMORANDUM COMPANY NAME
The directors of COMPANY NAME (the Company ) (the Directors ) whose names appear under Directors on page 1 of this document are the persons responsible for all the information contained in this offering
More informationESBG response to the CESR call for evidence: Implementing measures on the Alternative Investment Fund Managers Directive
ESBG response to the CESR call for evidence: Implementing measures on the Alternative Investment Fund Managers Directive European Savings Banks Group Register ID 8765978796-80 January 2011 DOC 1449/10
More informationALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE FREQUENTLY ASKED QUESTIONS
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE FREQUENTLY ASKED QUESTIONS List of Topics APPLICABLE EU LEGISLATION AND GUIDANCE... 3 INVESTMENT SERVICES ACT (EXEMPTIONS) REGULATIONS... 5 APPLICABILITY
More informationBridge Fund Management Limited
Bridge Fund Management Limited Remuneration Policy ISSUED: 1 ST MAY 2017 1 Bridge Fund Management Limited Remuneration Policy 1. Background In accordance with its obligations under the European Union (Alternative
More informationREPORT ON INVESTMENT MANAGEMENT INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS
REPORT ON INVESTMENT MANAGEMENT INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS October 1994 PRINCIPLES FOR THE REGULATION OF COLLECTIVE INVESTMENT SCHEMES and EXPLANATORY MEMORANDUM INTRODUCTION
More informationRegulatory News Alert ESMA opinion on asset segregation
Regulatory News Alert ESMA opinion on asset segregation 2 August 2017 Context On 20 July 2017, the European Securities and Markets Authority (ESMA) issued an opinion to the intention of the Commission
More informationSchroder Unit Trusts Limited. Prospectus. (relating to the Schroder Multi-Manager Funds) 12 March United Kingdom
Schroder Unit Trusts Limited Prospectus (relating to the Schroder Multi-Manager Funds) 12 March 2018 United Kingdom Schroder Unit Trusts Limited (relating to the Schroder Multi-Manager Funds) Prospectus
More informationResponse to the KPMG survey for the European Commission on the Alternative Investment Fund Managers Directive
Luxembourg, 29 March 2018 Response to the KPMG survey for the European Commission on the Alternative Investment Fund Managers Directive Introduction The Association of the Luxembourg Fund Industry (ALFI)
More informationAberdeen Multi-Manager (Fund of Funds) ICVC. Prospectus 13 July 2017
Aberdeen Multi-Manager (Fund of Funds) ICVC Prospectus 13 July 2017 Contents Important Information 1 Directory 2 Definitions 3 1. The Company and its Structure 5 2. Management and Administration 6 3. Investment
More informationAVIVA INVESTORS MANAGER OF MANAGER ICVC (ICVC2)
AVIVA INVESTORS MANAGER OF MANAGER ICVC (ICVC2) Prospectus Aviva Investors UK Fund Services Limited Registered in England and Wales under Registered Number IC132 Product Reference Number: 196511 This Prospectus
More information