Brexit: Preparing for a No-Deal scenario
|
|
- Milton Grant
- 5 years ago
- Views:
Transcription
1 Brexit: Preparing for a No-Deal scenario
2 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 Theresa May was her Plan B to Parliament on 29 January. As Britain s prospects of securing a withdrawal deal continue to hang in the balance, alternative fund managers must prepare for all possible outcomes including that of a No-Deal Brexit. Options available to UK alternative fund managers in the case of a No-Deal Brexit 1. UK managers managing existing funds, for which fund raising is closed In the case of a No-Deal Brexit, UK asset managers will be able to continue to manage funds for which fund raising is closed. 2. UK managers accessing EU Investors under No-Deal Brexit using AIFMD Passport In the case of a No-Deal Brexit, UK Private Equity managers will be concerned about accessing EU investors after 29 March UK managers that use the AIFMD passport to raise funds from EU investors will have the option to : Establish an AIFM in an EU member state (e.g. Luxembourg or Ireland) Appoint a third-party AIFM (SGG Luxembourg EU AIFM) in which case the UK manager can provide investment advice to the EU AIFM the UK manager can undertake portfolio management once the conditions for delegation back to the UK are met.
3 AIFM Solutions post Brexit - Advisory Model Depositary Services DEPOSITARY ADMINISTRATION Fund (AIF) AIFM Fund Administrator SGG Third Party AIFM (Luxembourg) PORTFOLIO ADVISORY UK asset manager Portfolio Management Risk Management Valuation Service AIFM Reporting Investment Adviser INVESTMENT DECISION Investment Committee INVESTMENT PROPOSAL SGG keeps AIFM function, Risk Management and Portfolio Management Portfolio Advice is obtained from investment adviser (UK asset manager) Adviser prepares investment proposals Formal investment decision is documented, controlled and approved by SGG AIFM Advantageous in case adviser is not regulated by FCA or if jurisdiction of manager is outside the EU and there is no Cooperation Agreement between regulators
4 AIFM Solutions post Brexit - AIFM Delegated Model Depositary DEPOSITARY Fund (AIF) Fund Administrator ADMINISTRATION AIFM SGG Third Party AIFM (Luxembourg) PORTFOLIO ADVISORY UK asset manager Risk Management Valuation Service AIFM Reporting Investment Adviser SGG keeps AIFM function and Risk Management Portfolio Management is delegated to UK asset manager Focus of client on investment origination, selection and monitoring The UK manager can undertake the portfolio management once the UK FCA has the Cooperation Agreement in place with the competent authorities in each EU member state 3. UK managers accessing EU Investors under No-Deal Brexit using National Private Placement Regimes (NPPRs) On 29 March 2019, UK fund managers would have the status of a Third Country AIFM. EU members states will permit a Third Country AIFM to market AIFs in their territory under: (i) the National Private Placement Regimes ( NPPRs ) in the respective member states in which the UK AIFM wishes to market the fund and (ii) the conditions set out under Article 42 of the AIFMD.
5 The NPPRs vary considerably between jurisdictions, with some jurisdictions requiring a lengthy authorisation process, and other jurisdictions such as France, Spain and Italy being effectively off-limits. One of the conditions under Article 42 may prove to be problematic in the immediate term, namely the requirement for there to be a Cooperation Agreement in place between the regulators of the AIFM and the member state in which the AIFM seeks to market for the purposes of systemic risk oversight and in line with international standards. There is no indication of when the UK can expect the FCA to have Cooperation Agreements in place with the competent authorities of each EU member state, although reassurance has been given in the keynote address by the European Securities and Markets Authority (ESMA) Chair, Mr Steven Maijoor, at the World Federation of Exchanges Annual Meeting in Athens on 3 October EU Funds accessing UK Investors under No-Deal Brexit using FCA Temporary Permissions regime UK managers that have already chosen EU funds, including Luxembourg funds, to market to EU and UK investors may be concerned about how to access UK investors after 29 March 2019 in a No-Deal scenario. The FCA has established a temporary regime, called the Temporary Permissions Regime ( TPR ), which will allow most EEA-domiciled investment funds to continue to be marketed in the UK to new and existing investors for up to three years in the event of a No-Deal Brexit, where there is no implementation period in place so the existing passporting arrangements between the UK and the EEA cease when the UK leaves the EU on 29 March Fund managers wishing to continue to market passported funds in the UK after Brexit opened on 7 January 2019, and it will remain open until 28 March 2019.
6 How can we assist? Whatever the outcome of the UK s exit negotiations with the EU, SGG Group is determined to remain at the forefront of the market as it evolves, keeping our alternative fund manager clients informed and providing best-in-class solutions. In a constantly changing environment, you will require an international, knowledgeable, proactive and responsive team to support your needs throughout the process. As a global leader in alternative asset markets we provide a comprehensive solution for fund managers and investors across multiple jurisdictions. We can help you throughout your fund lifecycle and provide you with Depositary, Administration, Accounting, Compliance and AIFM services in key locations such as Luxembourg, The Netherlands, France, USA, Singapore, Hong Kong, Mauritius and the UK among others, with assets under administration in excess of $400 billion.
7 SGG, your partner throughout the fund lifecycle administration of a fund throughout its lifecycle. FUNDRAISING AND FORMATION INVESTMENT EXITS, DISTRIBUTION, AND WINDUP FUND LIFECYCLE DEPLOYMENT CAPITAL INVESTMENT MONITORING, REPORTING AND VALUE CREATION
8 For further information please contact: J.P. Harrop Group Head of Sales E: T: Roxane Combe Business Development Director E: T: Andrew Shrimpton Chairman - Augentius Compliance Ltd E: Andrew.Shrimpton@augentiuscompliance.com T: Worldwide contact details SGG Group@SGG_Group_Lux The information contained in this document is of a general nature only and does not constitute a particular tax or investment opinion. of an authorized specialist. Therefore, SGG assumes no responsibility should a piece of information contained herein prove to be false, document does not imply a promise by SGG to update it in the future.
Brexit: 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 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 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 informationWhat Does A Depositary Really Do?
What Does A Depositary Really Do? To hear the audio discussion, please call into the conference line using the relevant dial-in number and following conference ID: Conference ID: 80356671 Direct Event
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 informationSGG, your partner throughout the fund lifecycle. How can SGG assist in your fund structure?
SGG Fund Solutions Contents About SGG SGG at a glance Why SGG? Our service offering SGG, your partner throughout the fund lifecycle How can SGG assist in your fund structure? At the service of private
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 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 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 informationSGG Fund and Investor Solutions
SGG Fund and Investor Solutions Contents About SGG Our core businesses Why SGG? Our people Our service offering SGG, your partner throughout the fund lifecycle Value-added solutions At the service of
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 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 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 informationAIFMD 2014 Update private placements: where did we end up, and where are we going?
SEPTEMBER 8, 2014 INVESTMENT FUNDS UPDATE AIFMD 2014 Update private placements: where did we end up, and where are we going? Introduction The European Union Alternative Investment Fund Managers Directive
More informationAIFMD Time for reflection and extension ESMA release their advice and opinion
AIFMD Time for reflection and extension ESMA release their advice and opinion Aisling Costello Senior Manager Investment Management Deloitte Paola Liszka-Drapper Senior Manager Advisory & Consulting Deloitte
More informationLUXEMBOURG vs Guernsey
LUXEMBOURG vs Guernsey Marketing and jurisdiction choice INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING Luxembourg vs guernsey AIFMD In 2013, the European Union implemented
More informationAIFMD II: ESMAs response
Link n Learn AIFMD II: ESMAs response 6 August 2015 Leading Business Advisors Contacts Aisling Costello Senior Manager Investment Management Advisory Deloitte & Touche Ireland E: acostello@deloitte.ie
More informationMarketing in Europe in the post-aifm Directive era. Effectively navigating the regime
Marketing in Europe in the post-aifm Directive era Effectively navigating the regime The Alternative Investment Fund Managers (AIFMs) Directive establishes a harmonized European regime for alternative
More informationPolitical agreement was reached on the AIFMD in October The text of the Directive was published in the Official Journal (OJ) in July
Date: 13 October 2015 ESMA/2015/1535 ESMA advice on the application of the AIFMD passport to non- EU AIFMs and AIFs and ESMA opinion on the functioning of the AIFMD EU passport and of the National Private
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 informationAIFMD. State of the Union. November 2013
AIFMD State of the Union November 2013 So, here we are. The deadline has passed, the drop-dead date of 22 July 2014 is rapidly approaching, and many firms are asking: what has actually changed? The number
More informationPREVIEW. A closer look at marketing under national placement rules across Europe. AIFMD Implementation. Fund Marketing. Edition 3 March 2015
EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION AIFMD Implementation Fund Marketing A closer look at marketing under national placement rules across Europe Edition March 05 EVCA PUBLIC AFFAIRS
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 informationInvestment Funds sourcebook. Chapter 10. Operating on a cross-border basis
Investment Funds sourcebook Chapter Operating on a cross-border basis FUND : Operating on a Section.1 : Application and purpose.1 Application and purpose.1.1 Application (1) This chapter applies to the
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 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 informationAIFMD Implementation Fund Marketing
European Private Equity AND Venture Capital Association AIFMD Implementation Fund Marketing A closer look at marketing under national placement rules across Europe Edition December 0 EVCA Public Affairs
More informationwww.compliancemonitor.com Take aim for AIFMD implementation The UK must implement the Alternative Investment Fund Managers Directive (AIFMD) by 22 July. Kam Dhillon and Emma Radmore line up the fi nal
More informationAIFMD, alternative asset management made in Gibraltar
International Lawyers AIFMD, alternative asset management made in Gibraltar Speakers: Peter Montegriffo & James Lasry Date: 4 April 2014 Presentation Overview Speaker: Peter Montegriffo Gibraltar in Europe
More informationAIFMD: the road to implementation
AIFMD: the road to implementation Analysis of results September 2013 The survey: introduction There has been a lot of attention in recent months on the progress of managers toward the adoption of the
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 informationContents. 1. Introduction to this report Executive summary Legal framework for the UK financial services sector...
Contents 1. Introduction to this report... 1 2. Executive summary... 4 3. Legal framework for the UK financial services sector... 5 4. Analysis of the Brexit scenarios... 21 5. Business line analysis...
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 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 informationFeedback Statement. Guidance Notes. Guernsey Depositary Requirements Article 36 of AIFMD
Feedback Statement Guidance Notes Guernsey Depositary Requirements Article 36 of AIFMD Glossary of Terms AIFMD Directive 2011/61/EU on Alternative Investment Fund Managers AIFM Alternative Investment Fund
More informationReporting Annex IV transparency information under the Alternative Investment Fund Managers Directive
Reporting Annex IV transparency information under the Alternative Investment Fund Managers Directive December 2017 Page 1 of 19 As a full-scope UK AIFM (Alternative Investment Fund Manager AIFM ), small
More informationReporting transparency information to the FCA. Questions and answers
Reporting transparency information to the FCA Questions and answers December 2017 Introduction... 3 Section 1 - Introduction to AIFMD Reporting Requirements... 4 Section 2 - AIFMD Submission through Gabriel...
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 informationFSMA_2017_05-01 of 24/02/2017
FSMA_2017_05-01 of 24/02/2017 This Communication is addressed to Belgian alternative investment fund managers who intend to market, to professional investors, units or shares of European Economic Area
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 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: 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 informationLuxembourg Investment Vehicles
Luxembourg Investment Vehicles An overview of the legal and regulatory requirements May 2018 kpmg.lu Editorial team Valeria Merkel Mickael Tabart Giuliano Bidoli Pascale Leroy Ravi Beegun Victor Chan Yin
More informationInvestment Funds sourcebook. Chapter 10. Operating on a cross-border basis
Investment Funds sourcebook Chapter Operating on a cross-border basis .5 National private placement.5.1 Application This section applies to the following types of AIFM that intend to market an AIF in the
More informationHedge Funds Workshop
H Hedge Funds Workshop Boston 7 October 2011 Welcome & introduction Marc Saluzzi Chairman, ALFI Boston 7 October 2011 Presentation slides will be available on the ALFI website www.alfi.lu under: conferences
More informationClient Update U.S. Fund Managers ESMA s Advice on the Extension of the AIFMD Passport (Take Two)
1 U.S. Fund Managers ESMA s Advice on the Extension of the AIFMD Passport (Take Two) LONDON Sally Gibson sgibson@debevoise.com Geoffrey Kittredge gkittredge@debevoise.com On Tuesday, July 19, 2016 more
More informationJersey for Funds. Delivering Expertise, Flexibility and Innovation.
Jersey for Funds Delivering Expertise, Flexibility and Innovation www.jerseyfinance.je Jersey for Funds P1 A Tradition of Funds Expertise Jersey has been at the forefront of services for more than 50 years.
More informationCONSULTATION PAPER SEPTEMBER 2013
CONSULTATION PAPER SEPTEMBER 2013 DIRECTIVE 2011/61/EU ON ALTERNATIVE INVESTMENT FUND MANAGERS ( AIFMD ) PROPOSALS ON A BAILIWICK OF GUERNSEY OPT IN AIFMD EQUIVALENT REGIME FOR GUERNSEY LICENSED FUND MANAGERS
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 informationFRN or AIFM national code or AIFM legal entity identification code (LEI)
1 Contact details and timings for this application Notification of intention to provide or amend cross border services in another EEA state for marketing an AIF (article 32); and/or notification of intention
More informationPreparing for the withdrawal is not just a matter for EU and national authorities but also for private parties.
EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR FINANCIAL STABILITY, FINANCIAL SERVICES AND CAPITAL MARKETS UNION Brussels, 8 February 2018 NOTICE TO STAKEHOLDERS WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES
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 informationPrivate Investment Funds November 29, Another Milestone for the AIFMD Time for Non-EU Private Equity Advisers to Take Stock?
ROPES & GRAY ALERT Private Investment Funds November 29, 2011 Another Milestone for the AIFMD Time for Non-EU Private Equity Advisers to Take Stock? The Alternative Investment Fund Managers Directive (
More informationBREXIT AND ALTERNATIVE ASSET MANAGERS
BREXIT AND ALTERNATIVE ASSET MANAGERS MANAGING THE IMPACT April 2018 Sponsored by ALTERNATIVE INVESTMENT MANAGEMENT ASSOCIATION 1 CONTENTS CONTENTS 1 EXECUTIVE SUMMARY 4 2 MANAGING THE IMPACT OF BREXIT
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 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 informationThe EU Alternative Investment Fund Managers Directive the offshore angle
BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com The EU Alternative Investment Fund Managers Directive the offshore angle
More information2018 ANNUAL INDUSTRY SURVEY
2018 ANNUAL INDUSTRY SURVEY USA CAYMAN BVI UK GUERNSEY JERSEY LUXEMBOURG THE NETHERLANDS CYPRUS HONG KONG SINGAPORE MAURITIUS WHILE 2017 PROVED YET ANOTHER TUMULTUOUS YEAR IN THE POLITICAL SPHERE, AND
More informationThe definitive source of actionable intelligence on hedge fund law and regulation
The definitive source of AIFMD Answers to Questions Most Frequently Asked by U.S. and Other Non- E.U. Managers on the Impact and Implementation of the AIFMD By Samuel K. Won and Simon Whiteside The Alternative
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 informationShifting Tides: Developing Regulatory Strategy in a Dynamic Environment
Shifting Tides: Developing Regulatory Strategy in a Dynamic Environment Shay Lydon (Partner) and Brónagh Maher (Professional Support Lawyer) There has been a significant volume of commentary on the challenges
More informationREPORTING ANNEX IV TRANSPARENCY INFORMATION UNDER THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
REPORTING ANNEX IV TRANSPARENCY INFORMATION UNDER THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE For SMALL NON-EEA AIFMs and ABOVE-THRESHOLD NON-EEA AIFMs marketing in the UK under the UK National
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 informationAlternative Investment Fund Managers Directive (AIFMD) material change notification
3 AIF Details Alternative Investment Fund Managers Directive (AIFMD) material change notification Name of alternative investment fund manager Firm reference number (FRN) Legal entity identification code
More informationEligibility? Activities covered? Clients covered? Application or notification required? N/A N/A N/A N/A N/A N/A N/A
NO DEAL BREXIT TRACKER Governments in European Economic Area (EEA) member states are announcing domestic measures in order to prepare for the UK's withdrawal from the EEA. The table below monitors these
More informationSnapshot. Marketing Funds and Investment Management & Advisory Services in Europe. aosphere.com
Snapshot Marketing Funds and Investment Management & Advisory Services in Europe 2017 Rulefinder MARKETING RESTRICTIONS Asset management Snapshot: Marketing Funds and Investment Management & Advisory Services
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 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 informationJoint Report Signals Post-Brexit Reciprocal Protection for EU and UK Citizens
Legal Update December 21, 2017 Joint Report Signals Post-Brexit Reciprocal Protection for EU and UK Citizens The European Union agreed on December 15, 2017, to progress Brexit negotiations to the second
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: cliff-edge risks in international capital markets By Paul Richards
Brexit: cliff-edge risks in international capital markets By Paul Richards Summary The UK is proposing to leave the EU Single Market in financial services when it leaves the EU. Cliffedge risks will arise
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 informationCall for Evidence: AIFMD Passport and Third Country AIFMs
Via ESMA Website European Securities and Markets Authority 103 Rue de Grenelle 75007 Paris France Re: Call for Evidence: AIFMD Passport and Third Country AIFMs Dear Sir or Madam: Managed Funds Association
More informationAIFMD: Impact of Fund Remuneration Provisions on U.S.-Based Investment Managers
EU EDITION The Financial Services Newsletter of Rothstein Kass June 2013 AIFMD: Impact of Fund Remuneration Provisions The July 22, 2013, deadline for the implementation of the European Directive on Alternative
More informationAIMA/PwC Global Distribution Survey 2017/ Contact Details
1. Contact Details 1. Please supply the following basic identifying information. Data from this survey will only be presented in the aggregate and will not be attributed to any specific person or firm.
More informationREPORTING TRANSPARENCY INFORMATION TO THE FCA
REPORTING TRANSPARENCY INFORMATION TO THE FCA QUESTIONS AND ANSWERS Page 1 of 61 INTRODUCTION The purpose of these Questions and s is to provide information to Alternative Investment Fund Managers about:
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 informationALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (PRIVATE PLACEMENT AND REGISTRATION FEES AND MISCELLANEOUS DIRECTIONS) INSTRUMENT 2013
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (PRIVATE PLACEMENT AND REGISTRATION FEES AND MISCELLANEOUS DIRECTIONS) INSTRUMENT 2013 Powers exercised by the Financial Conduct Authority A. The Financial
More informationCODES OF PRACTICE FOR ALTERNATIVE INVESTMENT FUNDS AND AIF SERVICES BUSINESS
ALTERNATIVE INVESTMENT FUNDS (JERSEY) REGULATIONS 2012 FINANCIAL SERVICES (JERSEY) LAW 1998 IN RELATION TO AIF SERVICES BUSINESS CODES OF PRACTICE FOR ALTERNATIVE INVESTMENT FUNDS AND AIF SERVICES BUSINESS
More informationClient Update MiFID II Reshapes Fundraising to European Clients: What Investment Firms and Fund Sponsors Need to Know
1 Client Update MiFID II Reshapes Fundraising to European Clients: What Investment Firms and Fund Sponsors Need to Know On January 3, 2018, the revised Markets in Financial Instruments Directive and corresponding
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 informationThird Country Treatment under AIFMD
Third Country Treatment under AIFMD Contents Background AIFMD Status Third countries What is at stake? The Way Forward Annex I: Overview of the PE/VC Industry s Key Concerns and Messages 2 Background On
More informationPossible Brexit scenarios for asset managers who are managing a UCITS or AIF
Possible Brexit scenarios for asset managers who are managing a UCITS or AIF June 2016 This note provides a high-level overview of the potential consequences post-brexit for managers of a UCITS or an AIF,
More informationBrexit. The impact on Market Infrastructure. 3 August 2016
Brexit The impact on Market Infrastructure 3 August 2016 Introduction Introduction Where are we now? What happens next? What is at stake for market infrastructure? What regulations will apply until Brexit?
More informationALTERNATIVE! INVESTMENT LAW
A BNA, INC. ALTERNATIVE! INVESTMENT LAW REPORT Investment Advisers The New E.U. Directive On Alternative Investment Fund Managers BY LEONARD NG, OF SIDLEY AUSTIN LLP, LONDON. Introduction O n November
More informationThe Perimeter Guidance Manual. Chapter 8. Financial promotion and related activities PAGE 1
The Perimeter Guidance Manual Chapter Financial promotion and 1 PERG : Financial promotion and Section.37 : AIFMD Marketing.37 AIFMD Marketing.37.1 Introduction... and purpose (1) Part 6 (Marketing) of
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 information1.1 FCA Appoint Andrew Bailey as Chief Executive page FCA Policy Development page 2
Regulatory Update ISSUED 25 th FEBRUARY 2016 UK Edition INDEX JANUARY 2016 1.0 FCA NEWS 1.1 FCA Appoint Andrew Bailey as Chief Executive page 2 1.2 FCA Policy Development page 2 2.0 MIFID II/MIFIR UPDATES
More informationLos Angeles Seminar. 10 October irishfunds.ie
Los Angeles Seminar 10 October 2017 2 irishfunds.ie PREMIUM SPONSORS 3 irishfunds.ie EVENT SPONSORS 4 irishfunds.ie Los Angeles Seminar Welcome Remarks Pat Lardner Chief Executive - Irish Funds 5 irishfunds.ie
More informationAIFMD Access to EU capital made simple
AIFMD Access to EU capital made simple Who is? is a global advisory, administration and family office firm providing seamless multijurisdictional legal, fiduciary, investment and fund administration services
More informationPossible Brexit scenarios for asset managers who are managing a UCITS or AIF
Possible Brexit scenarios for asset managers who are managing a UCITS or AIF June 2016 This note provides a high-level overview of the potential consequences post-brexit for managers of a UCITS or an AIF,
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 informationSOLUTIONS FOR ASSET MANAGERS
SOLUTIONS FOR ASSET MANAGERS SOLUTIONS FOR ASSET MANAGERS MODERATOR Chris Edge Managing Director, PwC, Luxembourg EXPERTS Steve Bernat Thierry Lohest Denise Voss Alex Chu CEO Luxembourg, Carne Group Partner,
More informationEuSEF and EuVECA management and marketing notifications
EuSEF and EuVECA management and marketing notifications Name of alternative investment fund manager: Firms reference number (FRN) Legal entity identification code (LEI) Important information you should
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 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 informationRelevant reporting requirements in each EEA States will also have to be checked.
UK FRC communication on possible no deal Brexit On 21 February 2019, the UK FRC issued a communication for accountants and auditors in case of a no-deal Brexit exit. It sets out important issues to consider
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 informationLavery CAPITAL. Impact of the possible extension of the European passport regime on Canadian fund managers. 1. Criteria for the qualification of AIFs
Legal newsletter to investment fund / venture capital fund managers and investors Impact of the possible extension of the European passport regime on Canadian fund managers with the collaboration of ANDRÉ
More informationEU and US developments in the regulation of funds and derivative trading
EU and US developments in the regulation of funds and derivative trading FIRMA 28 th National Risk Management Training Conference Orlando, Florida Mark Compton Jerome Roche Partner Partner +44 (0)20 3130
More information