Los Angeles Seminar. 10 October irishfunds.ie
|
|
- Isabel Long
- 5 years ago
- Views:
Transcription
1
2 Los Angeles Seminar 10 October irishfunds.ie
3 PREMIUM SPONSORS 3 irishfunds.ie
4 EVENT SPONSORS 4 irishfunds.ie
5 Los Angeles Seminar Welcome Remarks Pat Lardner Chief Executive - Irish Funds 5 irishfunds.ie
6 Total Assets Under Administration Split between Irish domiciled & Non Irish Funds Total Assets Under Administration 4,500 4,000 3,806 4,095 4,251 3,500 3,375 3,000 2,722 2,500 2,199 2,000 1,883 1,886 1,394 1,398 1,443 1, , ,899 2,085 2, , , , June- 17 Net Assets Domiciled Net Assets Non Domiciled Source: Central Bank of Ireland, 2017 EUR Billion 6 irishfunds.ie
7 Irish Domiciled Assets UCITS represent 75% of Irish Domiciled Assets 86 UCITS Man Cos 156 AIFMs Registered or Authorised 597 AIFMs operating in Ireland on cross border basis 364 ICAVs established (since 18 March 2015) Source: Central Bank of Ireland, irishfunds.ie
8 European Investment Fund Landscape 13 trillion in assets 8 trillion UCITS 5 trillion Alternative Investment Funds (AIFs) 1 trillion of net inflows into UCITS over last 3 years 463 billion net inflows into European funds 2016 (>30% of which went to Irish domiciled funds) Source: Central Bank of Ireland, irishfunds.ie
9 Growth of Largest European Fund Domiciles % Growth Europe Luxembourg Ireland France Germany UK Percentage Growth Rates in Assets in over the last 5 years for the largest fund domiciles in Europe Ireland is the fastest growing domicile 198% growth in Irish domiciled assets in the last 5 years Versus European average of 178% 2011 base year Source: EFAMA Statistics, irishfunds.ie
10 Irish Funds: Passport to Europe & Beyond UCITS funds & AIFMs benefit from an EU wide passport and can be sold in any other EEA member state without need for additional authorisation Global Distribution of Irish Funds: 70 countries Top 10 countries where Irish Funds registered for sale 1. UK 6. Austria 2. Germany 7. Luxembourg 3. France 8. Sweden 4. Switzerland 9. Italy 5. Netherlands 10. Spain 10 irishfunds.ie
11 Irish Funds Maximising Distribution 11 irishfunds.ie
12 Irish Domiciled Funds Net Sales 200,000 Net Sales - Total Domiciled Funds 150,000 EUR Mn 100,000 50,000 98,463 85, , , , ,100 Equity Funds Bond Funds Balanced Funds Money Market Funds AIF 0 Net Sales into Irish funds by type Bn YTD - July Net Sales - Total Domiciled Funds 2017 Dec-13 Dec-14 Dec-15 Dec-16 YTD July 2017 Net sales for YTD July 2017 have already surpassed the total for 2016 (by > 45bn) which itself was a record year Source: Central Bank of Ireland, irishfunds.ie
13 ETFs - An Irish Success Ireland as a Domicile for European ETFs Total Assets of European ETFs - Bn Net Sales into All European ETFs 2016 Bn Rest of Europe 248bn 44% Ireland 310bn 56% 3bn 7% Ireland Rest of Europe 41bn 93% Source: Irish Funds, June irishfunds.ie
14 Looking Ahead Brexit: Three interdependent themes Current context OVER 2,000 IRISH FUNDS SOLD TO UK INVESTORS 1 Target outcome Continuity in UK investor access to EU/Irish funds Distribution Management Models ( Delegation ) 613 bn 2 IN IRISH FUND ASSETS MANAGED BY 170+ UK FIRMS IN IRELAND 2 SOURCE: 1-Lipper IM Dec Monterrey Ireland Fund Report 2016 Growth Increase Ireland s growth trajectory as an international asset management centre Continuity in UK firm management of Irish funds 14 irishfunds.ie
15 International asset management centre Opportunity Benefits Re-affirm Ireland s attractiveness as an international asset management centre The Basics Predictability / efficiency of regulatory process 12.5% corporate tax rate Common law system Only English-speaking country in the Eurozone Less expensive than Zurich, Paris & Luxembourg 1 Growth Asset Manager Activity 800+ investment firms active in Ireland 4 Increased presence of front office activities 18 of the top 20 global AMs have Irish funds 4trn total AuA, 300bn managed from Ireland 2 AM counterparties already in transit from UK NOTES: 1. Source PwC 2. (STEM = Science, Technology, Engineering & Mathematics) & _all_undergraduate_by_level_and_field.xlsx 3. IFS 2020 Action Plan 2017 ( & IDA Ireland 4. MiFID firms, UCITS ManCos, Irish AIFMs & Non-Irish AIFMs Infrastructure Space for 100K new employees by 2020, 100K new houses 3 Leading global tech centre & fintech location London-Dublin: Most flight options in Europe 35K+ employed in international financial services in Ireland, 14K in funds industry 130K degree-level graduates across business, law and STEM w/ 20K new grads p.a. 2 Solution Provide UK managers with options to support the establishment of a physical presence in Ireland 15 irishfunds.ie
16 Brexit Update Colin Farrell PwC 16 irishfunds.ie
17 Brexit timeline 17 irishfunds.ie
18 Three interdependent themes Current context OVER 2,000 IRISH FUNDS SOLD TO UK INVESTORS 1 Target outcome Continuity in UK investor access to Irish/EU funds Distribution Management Models ( Delegation ) 613 bn 2 IN IRISH FUND ASSETS MANAGED BY 170+ UK FIRMS IN IRELAND 2 SOURCE: 1-Lipper IM Dec Monterrey Ireland Fund Report 2016 Growth Increase Ireland s growth trajectory as an international asset management & servicing centre Continuity in management of Irish/EU funds 18 irishfunds.ie
19 Structuring options: Management models Global Asset Managers Regional Asset Managers MiFID Firm Super ManCo w/ Add-on Authorisations ( v2 ) Super ManCo w/ Delegates ( v1) Wider range of permissions available v2 : add-ons enable management w/out MiFID manager as delegate, including mandates v1 : widely used standard model w/ delegation option SMIC Simple option for single umbrella fund NOTES: Management Models ( Delegation ) MiFID Firm : Investment firms authorised under Markets in Financial Instruments Directive (2007, to be replaced by MiFID 2 / MiFIR in January 2018) Super ManCo : authorised to provide services to UCITS and AIFs w/ the option of add-on authorisations for segregated mandates SMIC : Self-Managed Investment Company This depiction is intended to be for informational purposes only and all requirements should be reviewed alongside a firm s / fund s legal counsel. 19 irishfunds.ie
20 What does the industry in Ireland provide? The Basics Predictability / efficiency of regulatory process 12.5% corporate tax rate Common law system Only English-speaking country in the Eurozone Less expensive than many other global financial centres Growth Asset Manager Activity 800+ investment firms active in Ireland 1 Increased presence of front office activities 18 of the top 20 global AMs have Irish funds 4trn total AuA, 300bn managed from Ireland 2 AM counterparties already in transit from UK NOTES: 1. CBI Register: MiFID firms, UCITS ManCos, Irish AIFMs & Non-Irish AIFMs 2. IFS 2020 Action Plan 2017 ( & IDA Ireland 3. (STEM = Science, Technology, Engineering & Mathematics) & _all_undergraduate_by_level_and_field.xlsx Infrastructure Space for 100K new employees by 2020, 100K new houses 2 Leading global tech centre & fintech hub London-Dublin: Most flight options in Europe 35K+ employed in international financial services in Ireland, 14K in funds industry 130K degree-level graduates across business, law and STEM w/ 20K new grads p.a irishfunds.ie
21 What does the industry in Ireland provide? EU/EEA Single market access Global investor access Efficient, predictable & robust regulator 7th IMD WORLD COMPETITIVENESS 2016 YEARBOOK Low tax / low cost environment Commitment from Government 1 st FLEXIBILITY AND ADAPTABILITY OF PEOPLE Service excellence & scale Infrastructure: legal, language, education & telecoms 1 st IN EUROPE FOR COMPLETION OF 3 RD LEVEL EDUCATION 21 irishfunds.ie
22 MiFID 2 Update- Impact on US Managers John Aherne A&L Goodbody 22 irishfunds.ie
23 Background and overview MiFID II: taking effect from 3 January 2008 Central measure for regulation of investment firms conducting investment services and markets in the EU Seeks to make financial markets in Europe more resilient, transparent and investor-friendly in response to the financial crisis UCITS management companies/alternative investment fund managers (AIFMs) out of scope when managing and distributing UCITS/AIFs US based asset managers, with no EU establishment, generally out of scope but potential indirect impacts More complicated where US based manager is a delegate of an EU MiFID firm and there is a contractual look through approach 23 irishfunds.ie
24 Investment research Best execution Transaction reporting Taping & Recordkeeping Advisory Delegation from EU MiFID firm EU MiFID firm Distribution Product governance Costs transparency Commissions Post-trade transparency Position limits Dark pools double volume cap Direct market access Trade on EU Trading Venues Trade with EU CPs Transaction reporting Equities/on exchange Repapering broker terms MAIN irishfunds.ie
25 Distribution Product governance and distribution Scope: collaboration with a MiFID manufacturer/sales or marketing via an EU MiFID distributor Target market Product approval and oversight framework Information sharing and reporting (negative target market) EU distributor remuneration models - Prohibition for certain segments (independent advice and managed) - More onerous thresholds and disclosure for other commissions on other channels Costs transparency - Point of sale and ongoing reporting including breakdown of product costs - Transaction costs MAIN irishfunds.ie
26 Investment research Buy-side: prohibition on receiving inducements in the form of research leads to unbundling costs of execution and research EU Sell-side: obligation to separate the costs Hard dollar approach: options for EU investment managers: client funded research payment account funded from P&L Impact for US investment managers/eu interactions with US sell-side - Outsourcing requirements - US broker dealers/investment advice issue - Note position on direct delegation from an Irish AIFM/UCITS manco, not in scope! MAIN irishfunds.ie
27 Trading/Markets issues Some key areas to flag: Best execution Transaction reporting (T+1); enhanced information required from non- EU firms when trading in EU instruments with an EU broker/counterparty or on an EU trading venue Impacts on OTC trading and dark pool trading Price discovery: expansion pre/post trade transparency to fixed income, ETFs and derivatives Position limits for commodity trading Direct market access via EU brokers MAIN irishfunds.ie
28 Access to EU capital Third country access to EU customers (e.g. via managed accounts) Set up a Branch to access all customer types locally and passport services to wholesale clients Register with ESMA to provide investment services without having an establishment subject to ESMA equivalence assessment Rely on reverse solicitation ( exclusive initiative of the client test) National regimes if available (e.g. Ireland: preserves overseas persons exemption regime) AIF/UCITS vehicles with a delegated services model remain the optimal models MAIN irishfunds.ie
29 Irish Funds Industry Update Talks Michelle Ridge, Matheson John Perry, Deloitte 29 irishfunds.ie
30 Investment Limited Partnerships 30 irishfunds.ie
31 Updates to Investment Limited Partnership legislation Many PE managers already active in Ireland ICAV can cater for most PE features However, LP is conventional structure for PE funds Legislative Reform Strategic priority Government s Strategy for Ireland s Financial Services Sector (IFS 2020) Action Plan 2017 Investment Limited Partnership (Amendment) Bill 2017 approved for drafting on 18 July irishfunds.ie
32 Investment Limited Partnership Amendments Expected changes include: Bringing the range of publicly available information in line with other fund vehicles Allow non-material changes to be made to the partnership agreement without an investor vote Expanding the express limited liability safe harbours for limited partners Allow for the establishment of umbrella ILPs Relaxing limitations on withdrawals of capital 32 irishfunds.ie
33 Background to CP86 European Directives AIFMD and UCITS require European passported funds to have a European management company Management company can be external or internal ( SMIC ) Management company cannot be letter-box entities Management companies can delegate investment management to other entities including US managers 33 irishfunds.ie
34 CP86 Update Final guidance issued on 19 December 2016 Existing regime requires the DP to be located in Ireland or to be a Director of the relevant company CB has granted additional flexibility on location All management companies must have 50% of directors and DPs in EEA 34 irishfunds.ie
35 Timing and managerial functions Existing entities have until 1 July 2018 to implement the guidance, including replacing the existing managerial functions with the six new ones (unchanged over those previously proposed by the Central Bank) namely: 1. Fund risk management 2. Operational risk management 3. Investment management 4. Regulatory compliance 5. Capital and financial management 6. Distribution 35 irishfunds.ie
36 36 irishfunds.ie
37 37 irishfunds.ie
38 Closing Remarks Tara Doyle Chairperson, Irish Funds Partner, Matheson 38 irishfunds.ie
39 PREMIUM SPONSORS 39 irishfunds.ie
40 EVENT SPONSORS 40 irishfunds.ie
41 Los Angeles Seminar 10 October irishfunds.ie
42
Irish Funds Madrid Seminar 2018
Irish Funds Madrid Seminar 2018 10 April 2018 2 Hosted by Supported by Welcome Address Ms Síle Maguire Ambassador of Ireland to Spain Irish Funds An Introduction Kieran Fox Irish Funds Irish Funds Industry
More informationWHY IRELAND FOR MANAGEMENT COMPANIES AND INVESTMENT FIRMS. irishfunds.ie WHY IRELAND - PAGE 1
WHY IRELAND FOR MANAGEMENT COMPANIES AND INVESTMENT FIRMS irishfunds.ie WHY IRELAND - PAGE 1 WHY IRELAND MANAGEMENT COMPANIES AND INVESTMENT FIRMS Ireland is a leading location for fund management companies
More informationWelcome Address. Kieran Fox. Irish Funds. 2 irishfunds.ie
Welcome Address Kieran Fox Irish Funds 2 irishfunds.ie Total Assets Under Administration Split between Irish & Non Irish Funds Total Assets Under Administration 4,500 4,000 3,806 4,095 4,251 EUR Billion
More informationHong Kong Seminar. 15 January irishfunds.ie
Hong Kong Seminar 15 January 2018 2 Industry Update & Key Developments Hong Kong, 15 January 2018 Pat Lardner Chief Executive 3 Who / What are we industry association for all aspects of regulated cross
More informationIrish Funds London Alternative Investment Seminar 2018
Irish Funds London Alternative Investment Seminar 2018 18 April 2018 2 Premium Sponsors Event Partners Wi-Fi & Audience Interaction Wi-Fi SSID: THE MONTCALM no password required Audience Interaction -
More informationPREMIUM SPONSORS. 30 March irishfunds.ie
PREMIUM SPONSORS 30 March 2017 2 irishfunds.ie SPONSORS 3 irishfunds.ie Welcome Address Alan O Sullivan Brown Brothers Harriman, Irish Funds 4 irishfunds.ie Keynote Address H.E Daniel Mulhall Ambassador
More informationLIQUID ALTERNATIVES. Why Ireland for Alternative UCITS. irishfunds.ie
LIQUID ALTERNATIVES Why Ireland for Alternative UCITS irishfunds.ie INTRODUCTION Undertakings for Collective Investment in Transferable Securities (UCITS) are a universally recognised global funds brand
More informationIRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS
IRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS irishfunds.ie CONTENTS Executive Summary 4 Ireland - the European Centre for Exchange Traded Funds (ETFs) 5 Growth of Irish ETFs and Current
More informationIrish Funds San Francisco Seminar
Irish Funds San Francisco Seminar 2016 2 Irish Funds San Francisco Seminar 2016 PREMIUM EVENT SPONSORS 3 Welcome Anthony Bassili Chapter Executive CAIA Irish Funds Overview Kieran Fox Director Business
More informationMEMBERSHIP. Supporting Your International Funds Business Through Advocacy, Collaboration & Promotion. irishfunds.ie
MEMBERSHIP Supporting Your International Funds Business Through Advocacy, Collaboration & Promotion irishfunds.ie CONTENTS Community - Strength In Numbers Membership & Benefits Membership Entitlements
More informationAIFMD vs UCITS vs MiFID2
AIFMD vs UCITS vs MiFID2 Nick Colston Darren Fox FI & AMIF Autumn Legal Update 2017 Overview: what we ll cover today When regulation makes headline news.. Part 1: overview of three regulatory regimes Part
More informationWHY IRELAND. Excellence, Innovation, Reach. irishfunds.ie
WHY IRELAND Excellence, Innovation, Reach irishfunds.ie WHY IRELAND THE FACTS SOURCE: Central Bank of Ireland, Monterey Insight Ireland Survey 2014 and Irish Funds (Net assets and number of funds valid
More informationIrish Fund Industry Updates. irishfunds.ie
Irish Fund Industry Updates Net Assets in EUR billions Growth in AuM of the Irish Funds Industry 2008 to June 2018 2,500 2,000 UCITS AIFs 565 610 506 452 1,500 388 1,000 500 129 517 151 597 205 235 759
More informationRC & MARKETING ALTERNATIVE FUNDS IN EUROPE: A CHANGED LANDSCAPE. risk compliance RISK & COMPLIANCE MAGAZINE
R E P R I N T RC & risk compliance & MARKETING ALTERNATIVE FUNDS IN EUROPE: A CHANGED LANDSCAPE REPRINTED FROM: RISK & COMPLIANCE MAGAZINE JAN-MAR 2015 ISSUE RC & risk & compliance Visit the website to
More informationHard Brexit: Consequences and recommendations
#eurofundscomment Hard Brexit: Consequences and recommendations Patricia Volhard, Debevoise & Plimpton Simon Witney, Debevoise & Plimpton 13 November 2018 Agenda I. Introduction and Brexit state of play,
More informationA GUIDE TO ESTABLISHING LOAN ORIGINATING FUNDS IN IRELAND
A GUIDE TO ESTABLISHING LOAN ORIGINATING FUNDS IN IRELAND irishfunds.ie CONTENTS Introduction 4 Possible Solutions for Direct Lenders and Institutional Investors 5 Why Ireland for Loan Originating Funds
More informationFeaturing contributions from Afme Allen & Overy Asifma Bonn Steichen & Partners Cuatrecasas Elias Neocleous & Co Fellner Wratzfeld & Partners
Featuring contributions from Afme Allen & Overy Asifma Bonn Steichen & Partners Cuatrecasas Elias Neocleous & Co Fellner Wratzfeld & Partners Matheson PLMJ Schellenberg Wittmer Simmons & Simmons Mifid
More informationNew York 6 October Welcome & introduction. Camille Thommes Director General, ALFI
H UCITS Workshop New York 6 October 2011 Welcome & introduction Camille Thommes Director General, ALFI New York 6 October 2011 UCITS IV: where do we stand and what s next? Moderator: Denise Voss, Franklin
More informationLink n Learn. AIFMD 100 day plan. 10 April 2014 Leading business advisors Deloitte & Touche
Link n Learn AIFMD 100 day plan 10 April 2014 Leading business advisors 2014 Deloitte & Touche Webinar participants Niamh Geraghty Director Investment Management Advisory Deloitte & Touche Ireland ngeraghty@deloitte.ie
More informationBrexit: what might change Investment Management
1 Brexit: what might change Investment Management Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible
More informationBrave New World: MiFID2 and MiFIR The changes facing the Financial Markets
Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Jason Valoti 13 July 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment services
More informationAIFMD Factsheet: Private Placement Post-AIFMD
AIFMD Factsheet: Private Placement Post-AIFMD What is the AIFMD? The Alternative Investment Fund Managers Directive ( AIFMD ) introduced a new passport system for the marketing of alternative investment
More information373% 1 UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS
UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS THE SIZE OF THE ASSET MANAGEMENT INDUSTRY IN THE UK >> Total assets under management grew significantly during 206, ending the year at a record
More informationUCITS Law Firm of the Year 2017, The Hedge Fund Journal. Ireland s Most Innovative Law Firm, Financial Times 2017
Pension Pooling and Asset Pooling in Ireland Establishing an Irish Common Contractual Fund UCITS Law Firm of the Year 2017, The Hedge Fund Journal Ireland s Most Innovative Law Firm, Financial Times 2017
More informationUCITS & AIFMD Remuneration Policy as at 23rd October NGAM S.A. (Luxembourg) and its branches (the NGAM SA Remuneration Policy ) 1.
UCITS & AIFMD Remuneration Policy as at 23rd October 2017. NGAM S.A. (Luxembourg) and its branches (the NGAM SA Remuneration Policy ) 1. The NGAM S.A. Remuneration Policy shall apply to all employees and
More informationBlackRock is pleased to have the opportunity to respond to the Call for Evidence AIFMD passport and third country AIFMs.
8 th January 2015 European Securities and Markets Authority 103 Rue de Grenelle 75007 Paris France Submitted via electronic submission RE: Call for evidence AIFMD passport and third country AIFMs Dear
More informationIreland - The ideal location for your funds
www.pwc.ie/assetmanagement Ireland - The ideal location for your funds Your guide to setting up a UCITS or AIF in Ireland Table of Contents Foreword...3 Introduction...4 Centre of Excellence...5 European
More informationIRELAND: A GUIDEBOOK FOR CHINESE ASSET MANAGERS
IRELAND: A GUIDEBOOK FOR CHINESE ASSET MANAGERS irishfunds.ie CONTACT Irish Funds Ashford House, 18-22 Tara Street, Dublin 2 t: +353 (0) 1 675 3200 e: info@irishfunds.ie w: irishfunds.ie Key Contacts For
More informationCompeting Globally in the Asset Management Industry
Competing Globally in the Asset Management Industry Martin W. Cornish, Partner, K&L Gates, London Stuart E. Fross, Partner, K&L Gates, Boston Nicholas S. Hodge, Partner, K&L Gates, Boston Choo Lye Tan,
More information13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice
@KLGates 13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice Moderator: Andrew Massey, Partner, K&L Gates LLP London Dr. Christian
More information13 December 2017 EU Regulatory Update: MiFID II
13 December 2017 EU Regulatory Update: MiFID II #KLGIMConf @KLGates Moderator: Philip Morgan, Partner, K&L Gates LLP London Dr. Christian Büche, Partner, K&L Gates LLP Frankfurt Dr. Hilger von Livonius,
More informationBrave New World: MiFID2 and MiFIR The changes facing the Financial Markets
Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Charlotte Stalin February 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment
More informationMr. Chairman, Deputies and Senators - thank you for the invitation to participate in
Mr. Chairman, Deputies and Senators - thank you for the invitation to participate in today s meeting to consider the European Commission s ESA Package 1 published on 20 September 2017. These proposals
More informationCP86 Commentary on CBI Further Consultation - 2 nd June
CP86 Commentary on CBI Further Consultation - 2 nd June 2016 www.bridgeconsulting.ie 1 www.bridgeconsulting.ie CBI s CP86 3rd Consultation CP86 Key Takeaways from the Central Bank s Third Consultation
More informationBREXIT SIGNPOST. A Guide for Banking and Payments Institutions.
BREXIT SIGNPOST A Guide for Banking and Payments Institutions INTRODUCTION As the representative bodies for the domestic and international banks respectively in Ireland, Banking & Payments Federation Ireland
More informationMiFID2 for asset managers headlines and roadmaps
MiFID2 for asset managers headlines and roadmaps Nick Colston Darren Fox Wednesday 05 & Thursday 06 October 2016 Introduction what we ll cover today 1. Re-cap and recent developments 2. L2 Directive: finalised
More informationBREXIT MANOEUVRES LLP. dechert.com. Potential implications of a hard Brexit for fund managers: a UK perspective. February 2019
BREXIT MANOEUVRES Potential implications of a hard Brexit for fund managers: a UK perspective February 2019 dechert.com 2019. All rights reserved. This publication should not be considered as legal opinions
More informationBreakfast Seminar New York 3 November 2015
2 Breakfast Seminar New York 3 November 2015 PREMIUM SPONSORS EVENT PARTNERS Breakfast Kindly sponsored by 5 Welcome Tadhg Young Chair, Irish Funds, State Street Global 6 Ireland's offering for Alternative
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 informationQIAIFs Ireland s Regulated Alternative Fund Product
QIAIFs Ireland s Regulated Alternative Fund Product A user guide to establishing and managing Irish QIAIFs November 2015 KPMG.ie 2 QIAIFs Ireland s Regulated Alternative Fund Product Table of contents
More informationDoing Business in the EU Your Regulatory Options
Doing Business in the EU Your Regulatory Options February 25th, 2016 New York Contents Introduction Your Options to Enter Europe Focus on Distribution Case Studies About Laven Partners Our Management Team
More informationBREXIT AND ALTERNATIVE ASSET MANAGERS
BREXIT AND ALTERNATIVE ASSET MANAGERS MANAGING THE IMPACT IN THE EEA July 2018 Sponsored by CONTENTS CONTENTS 1 EXECUTIVE SUMMARY 4 2 MANAGING THE IMPACT OF BREXIT 6 2.1 AIFMD 6 2.2 UCITS 8 2.3 MiFID2/MiFIR
More informationMiFID II for Non-EU Investment Banks, Brokers and Fund Managers
MiFID II for Non-EU Investment Banks, Brokers and Fund Managers Thomas Donegan, Barney Reynolds, Russell Sacks and Nathan Greene Partners, Shearman & Sterling LLP October 10, 2017 What is MiFID II? EU
More informationGlobal fund passport initiatives
Global fund passport initiatives 10th May 2017 1. The world, Europe, Luxembourg Worldwide investment funds Market share (%) by assets Brazil 3,7% Americas (excl. USA & Brazil & Canada) 0,4% Canada 3,0%
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 informationManagement Company services
Management Company services Who is? is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration services
More informationIrish Funds position on the Commission s proposal for reforming the European System of Financial Supervision 15 January 2018
We support the ambition of the European Commission to move forward with the Capital Markets Union initiative and recognise the important role that the European Supervisory Authorities (ESAs) can play in
More informationtrust transparency tenacity teamwork
trust transparency tenacity teamwork Best Execution Policy February 2018 Overview Under the EU Markets in Financial Instruments Directive (MiFID) and COBS 11.2B of the Financial Conduct Authority Handbook,
More informationCross-border alternative fund distribution
Cross-border alternative fund distribution Expanding your distribution footprint 8 December 2016 Agenda 9:00 am New opportunities for distribution under AIFMD. New countries and distribution channels Presentation
More informationAFG s response to the European Commission s questionnaire on cross border distribution of investment funds
CT Réglementation européenne et internationale 28.06.2017 AFG s response to the European Commission s questionnaire on cross border distribution of investment funds Industry questionnaire As a preliminary
More informationLUGANO FUND FORUM, NOVEMBER 2013 SETTING UP A FUND IN LUXEMBOURG GIUSEPPE RIZZO. We go the extra mile
LUGANO FUND FORUM, NOVEMBER 2013 SETTING UP A FUND IN LUXEMBOURG GIUSEPPE RIZZO We go the extra mile Agenda Luxembourg investment fund center Legal framework AIFMD impact Amicorp Luxembourg 1 Luxembourg:
More informationEstablishing Structured Funds in Ireland
Establishing Structured Funds in Ireland Best Alternative Investments Law Firm Europe 2016, Wealth and Finance International Most Innovative European Fund Law Firm 2016, Global Fund Awards European Law
More informationAsset Management in the UK A Summary of the IMA Annual Survey
Asset Management in the UK 2013 2014 A Summary of the IMA Annual Survey Investment Management Association 65 Kingsway London WC2B 6TD United Kingdom www.investmentuk.org September 2014 Investment Management
More informationIreland / Cayman : Overview & Outlook
6332593_2 Ireland / Cayman : Overview & Outlook London 16 September, 2015 6283218v1 Introduction Kate Curneen, Banking and Capital Markets - The Growth of Non-Bank lending in Ireland Brian Kelliher, Asset
More informationBREXIT: THE FUTURE OF THE CITY OF LONDON A PERSPECTIVE FROM THE ASSET MANAGEMENT SECTOR MARCO BOLDINI
BREXIT: THE FUTURE OF THE CITY OF LONDON A PERSPECTIVE FROM THE ASSET MANAGEMENT SECTOR MARCO BOLDINI BACKGROUND Increased political, regulatory and legal uncertainty for the UK markets UK set to leave
More informationEU legislative proposals affecting the cross-border distribution of investment funds
EU legislative proposals affecting the cross-border distribution of investment funds On 12 March 2018, the European Commission published two new legislative proposals which will amend the existing legal
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 informationFund Management Company Effectiveness
Fund Management Company Effectiveness Final rules and guidance are issued Regulatory kpmg.ie/regulatory Background With the issuance of its third and final feedback statement on the effectiveness of fund
More informationVia Electronic Submission
Via Electronic Submission DG Financial Stability, Financial Services and Capital Markets Union Unit C4 Asset management European Commission SPA2 02/076 1049 Brussels Belgium Dear Sir or Madam, Re: CMU
More informationPara 10 - The principles set out in this Part are intended to assist relevant companies by providing an overview of relevant good practices.
Irish Funds 10th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. t: +353 (0) 1 675 3200 f: +353 (0) 1 675 3210 e: info@irishfunds.ie w: irishfunds.ie Consultation on Delegate Oversight
More informationT F Financial Services Tax > Financial Services M&A >
Declan O'Sullivan Partner Dublin 3 George's Dock, IFSC, Dublin D01 X5X0 T +353 1 436 8510 F +353 1 633 5845 declan.osullivan@dechert.com Practice Areas Financial Services and Investment Management > Financial
More informationEuropean Central Bank TARGET 2 SECURITIES - Funds Workshop Luxembourg, April 27th, Cross-Border Funds and T2S. A Luxembourg TA Perspective
European Central Bank TARGET 2 SECURITIES - Funds Workshop Luxembourg, April 27th, 2010 Cross-Border Funds and T2S A Luxembourg TA Perspective 1 Agenda I. Introduction II. The Transfer Agent and Settlement
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 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 informationThe impact of MiFID II on AIFMD investment managers
The impact of MiFID II on AIFMD investment managers The impact of MiFID II on AIFMD investment managers Introduction The MiFID II Directive and the Markets in Financial Instruments Regulation (MiFIR) will
More informationESMA s Opinion on Supervisory Convergence in Investment Management
ESMA s Opinion on Supervisory Convergence in Investment Management The European Securities and Markets Authority ( ESMA ) has provided further guidance for national competent authorities ( NCAs ) dealing
More informationRegulatory Update UCITS and AIFMD Fund Forum Asia 2013, Hong Kong, 16 April 2013
Regulatory Update UCITS and AIFMD Fund Forum Asia 2013, Hong Kong, 16 April 2013 Stephane Karolczuk, Head of Hong Kong Office Agenda Section 1 UCITS (10 ) a) Luxembourg fund industry at a glance b) Cross-border
More informationFinancial markets today are a global game between a variety of highly interconnected players. Financial regulation sets out the rules of this game.
30 November 2017 ESMA71-319-65 Keynote Address ASIFMA Annual Conference 2017 Hong Kong Verena Ross Executive Director Ladies and gentlemen, I am very pleased to be with you today and to have been invited
More informationSpeaker. Sandrine Leclercq Director Advisory & Consulting Deloitte Luxemburg E: T:
Industry Regulatory Update November 2017 Speaker Sandrine Leclercq Director Advisory & Consulting Deloitte Luxemburg E: saleclercq@deloitte.ie T: +352 45145 3004 2017. Deloitte Touche Tohmatsu Limited
More informationMiFID II and Third Countries: How Far Does the Legislation Reach?
MiFID II and Third Countries: How Far Does the Legislation Reach? MiFID II, the EU s revised Markets in Financial Instruments Directive and new Markets in Financial Instruments Regulation (MiFIR), comes
More informationRegulatory Aspects Impacting Investment Funds: A Non-European Perspective
Regulatory Aspects Impacting Investment Funds: A Non-European Perspective Gavin Farrell Partner Robin Fuller Director What we ll cover Impact of AIFMD on Guernsey AIFMs/AIFs AIFMD timeline Preparedness
More informationEstablishing a Qualifying Investor AIF in Ireland
Establishing a Qualifying Investor AIF in Ireland UCITS Law Firm of the Year, The Hedge Fund Journal 2017 Number One Ranked Irish Funds Law Practice acting for 29% of Irish Domiciled Investment Funds by
More informationState Street Global Advisors Luxembourg SICAV Société Anonyme L-1855 Luxembourg, 49, avenue J.F. Kennedy R.C.S. Luxembourg B 141.
Notice to shareholders 15 December 2017 Dear Shareholder, We are writing to you in your capacity as a shareholder ( Shareholder ) of State Street Global Advisors Luxembourg SICAV (the SICAV ) to inform
More informationAnnual Asset Management Report: Facts and Figures
Annual Asset Management Report: Facts and Figures July 2008 Table of Contents 1 Key Findings... 3 2 Introduction... 4 2.1 The EFAMA Asset Management Report... 4 2.2 The European Asset Management Industry:
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 informationHow will MiFID II impact Australian firms?
www.pwc.com.au How will MiFID II impact Australian firms? September 07 Introduction What is MiFID II? The Markets in Financial Instruments Directive (MiFID II) is a regulatory framework of the European
More informationAnalysis of Collective Investment Schemes licensed by the Malta Financial Services Authority
Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority 2017 Page 1 of 21 Malta Financial Services Authority Disclaimer The Malta Financial Services Authority (MFSA)
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 informationPRIVATE REAL ESTATE FUND SERVICES 2016 A special supplement to PERE magazine
SEPTEMBER 2016 perenews.com FOR THE WORLD S PRIVATE REAL ESTATE MARKETS Lead Sponsor: RBC Investor & Treasury Services PRIVATE REAL ESTATE FUND SERVICES 2016 A special supplement to PERE magazine KEYNOTE
More informationThe impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal
The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal MiFID II MiFIR: Necessary adjustments in the new environment HCMC conference Athens : 23 October 2017 MIFID
More informationDecoding Brexit for the financial services
Decoding Brexit for the financial services March 2017 1. Passporting: a quick recap Many global financial services firms have their European headquarters in the UK. Their current European business model,
More informationFinancial Regulation Monthly Breakfast Seminar
13 March 2019 Financial Regulation Monthly Breakfast Seminar Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated
More informationQuarter Regulatory Update D A T E : S E P T E M B E R
Quarter 3 2017 Regulatory Update D A T E : S E P T E M B E R 2 0 1 7 www.bridgeconsulting.ie 1. CP 86 Consultation Paper on Fund Management Company Effectiveness Implementation Date: 1 July 2018 On 19
More informationApex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017
Apex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017 MiFID in a Nutshell The Markets in Financial Instruments Directive came into force in 2007 ( MiFID I ). Investor
More informationHow to set up an AIFM in Ireland
How to set up an AIFM in Ireland 6849177_4 Introduction Since mid-2013, EU law has provided that an entity which either manages an EU based non- UCITS investment fund or which markets a non-ucits investment
More informationEFAMA reply to the IOSCO Consultation Report on regulatory reporting and public transparency in the secondary corporate bond markets
EFAMA reply to the IOSCO Consultation Report on regulatory reporting and public transparency in the secondary corporate bond markets EFAMA 1 welcomes the opportunity to comment on the IOSCO Consultation
More informationLink n Learn: AIFMD Distribution August 2016 Update
Link n Learn: AIFMD Distribution August 2016 Update Speakers Paola Liszka-Draper Senior Manager Advisory & Consulting Deloitte Luxembourg T: +352 45145 2803 E: pliszkadraper@deloitte.lu Derina Bannon Manager
More informationESMA s Brexit Reminder
June 1, 2017 ESMA s Brexit Reminder Although most Brexit related media coverage of the financial services sector has focused to date on banking, on insurance and on market infrastructure issues post-divorce,
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 informationAlternative Investments Conference 29 January 2014
www.pwc.lu Alternative Investments Conference 29 January 2014 Welcome Régis Malcourant Luxembourg Agenda 9:00 9:50 AIFMD Lessons learned and strategic positioning post July 2014 9:50 10:30 Operating alternative
More informationAIFMD Initial Guidance And Advice For The Sub-Threshold AIFM
AIFMD Initial Guidance And Advice For The Sub-Threshold AIFM AIFMD Initial Guidance And Advice For The Sub-Threshold AIFM A What is the AIFMD? The Alternative Investment Fund Managers Directive (the AIFMD
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 informationCyprus as a modern alternative fund jurisdiction. Haris Kakoullis Partner KPMG Cyprus
Cyprus as a modern alternative fund jurisdiction Haris Kakoullis Partner KPMG Cyprus Exchange of Information and Reporting Global Forum on Transparency and Exchange of Information - OECD Largely Compliant,
More informationImpact of MiFID II for Non-European Based Firms
REUTERS/Danish Siddiqui Impact of MiFID II for Non-European Based Firms By John Mason, Global Head of Regulatory and Market Structure Propositions, Thomson Reuters MiFID II Matters As the January 3, 2018
More informationBrexit: Preparing for a No-Deal scenario
Brexit: Preparing for a No-Deal scenario Background The 29 March deadline is fast approaching and the UK Parliament remains at an impasse on the Brexit outcome. The Brexit deal proposed by Prime Minister
More informationMarkets in Financial Instruments Directive ( MiFID II ): Implications for U.S. Asset Managers
CLIENT MEMORANDUM Markets in Financial Instruments Directive ( MiFID II ): Implications for U.S. Asset Managers April 10, 2017 AUTHORS Henrietta de Salis Rita M. Molesworth What is MiFID II MiFID II refers
More informationUCITS Organisation of Self-Managed Investment Companies
Introduction This note highlights the key organisational requirements that apply to UCITS established as self-managed investment companies ( SMICs ) and the means by which compliance should be documented.
More informationMiFID II/ MIFIR and Asset Management In a nutshell
MiFID II/ MIFIR and Asset Management In a nutshell MiFID II/ MIFIR and Asset Management With less than 6 months until MiFID II/MiFIR transitions from an implementation project to the way of life, understanding
More informationPREVIEW. AIFMD Implementation: Depositary. A closer look at the AIFMD depositary regimes across Europe. May 2014
EVCA PUBLIC AFFAIRS EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION AIFMD Implementation: Depositary A closer look at the AIFMD depositary regimes across Europe May 204 Introduction The EU Alternative
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 information