There has been an increasing focus within Europe on alternatives to bank-based credit. Loan origination funds, which look to source loan assets for their investment portfolio by directly originating loans (rather than...more
4/16/2015
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Diversification ,
Borrowers ,
Central Bank of Ireland ,
Closed-End Funds ,
Disclosure Requirements ,
Due Diligence ,
ESRB ,
European Securities and Markets Authority (ESMA) ,
Institutional Investors ,
Lenders ,
Loans ,
Risk Mitigation ,
Stress Tests
In our January 2014 DechertOnPoint - Yes - ICAV! Irish Minister for Finance Announces New Irish Corporate Fund Vehicle - we outlined details of the proposed new Irish corporate investment fund vehicle and the enhancements...more
Regulators in Hong Kong and China recently announced the imminent launch of “Stock Connect” on next Monday, November 17, 2014. Stock Connect gives a wide array of fund managers, private investors, and other market...more
Following the adoption by the U.S. Securities and Exchange Commission (“SEC”) of amendments to the rules governing U.S. money market funds (“MMFs”), the focus is shifting to Europe. In fact, the prospects for sensible MMF...more
Dechert commented on the Central Bank's Discussion Paper on Loan Origination by Investment Funds in our OnPoint “After AIFMD, the Central Bank turns its attention to loan origination funds” (July 2013)....more
In our January 2014 OnPoint - Yes - ICAV! Irish Minister for Finance Announces New Irish Corporate Fund Vehicle - we outlined details of the proposed new Irish corporate investment fund vehicle and the enhancements that it...more
Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more
5/9/2014
/ Bailout ,
Cross-Border ,
Equity Markets ,
EU ,
Fitch ,
Foreign Markets ,
Investment Funds ,
Ireland ,
Moody's ,
Pensions ,
S&P ,
UCITS
The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more
The Central Bank of Ireland (the “Central Bank”) issued feedback on 28 March 2014 to its consultation in relation to whether investment structures, most notably exempt unit trusts (“EUTs”), should be considered to be...more
There has been another very significant twist in the somewhat chaotic implementation of the European Market Infrastructure Regulation (EMIR) as the European Securities and Markets Authority (ESMA) has today requested the...more
The European Market Infrastructure Regulation (Regulation No. 648/2012), known as “EMIR”, requires entities that transact derivatives to report prescribed details of any financial derivative instruments (“FDIs”) they conclude...more
It’s been a rocky road for Dublin over the past few years, but last month’s exit from the European Union-International Monetary Fund bailout and last Friday’s welcome news that Moody’s would follow Fitch and S&P by upgrading...more
The Irish Minister for Finance published the General Scheme of the Irish Collective Asset-management Vehicle (ICAV) Bill 2014, shortly before Christmas (20 December).
The ICAV is a new corporate vehicle designed...more
The Central Bank of Ireland (“Central Bank”) has today issued a consultation paper (CP 77) on the publication of a draft UCITS Rulebook. The consultation period will close on 28 March 2014.
The UCITS Directive is...more
Having been one of the first countries to implement the Alternative Investment Fund Managers Directive (“AIFMD”) and, as far as we can gather, having been the first country to approve an Alternative Investment Fund Manager...more
The Central Bank of Ireland (Central Bank) is now accepting applications for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) on an informal basis. Applications can be made on the Central Bank’s...more
The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more
3/30/2013
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Commodities ,
Derivatives ,
EFTs ,
EU ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Hedge Funds ,
Portfolio Managers ,
Stocks ,
UCITS
First bankers, now managers of UCITS funds are in the firing line for the European Union assault on bonuses.
As widely reported in the financial press this week, the European Parliament’s Economic and Monetary Affairs...more
The European Securities and Markets Authority (“ESMA”) published final guidelines on repurchase (repo) and reverse repurchase agreements for UCITS funds on 4 December 2012. This is a follow-up to ESMA’s publication in July...more