Richard Frase

Richard Frase

Dechert LLP

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US Hedge Fund Managers: Accessing Capital and Marketing in Europe

Recent regulatory change has made the marketing of hedge funds in the European Economic Area (the “EEA”) more involved, particularly for managers based outside the EEA. This appears to have led some US investment advisors to...more

9/27/2016 - AIFMD Capital Formation Cross-Border EEA EU Fund Managers Hedge Funds Institutional Investment Investment Adviser Marketing Pension Funds Popular Private Placements UCITS

European Parliament Votes to Object to PRIIPs Implementing Legislation

The European Parliament voted to object to draft regulatory technical standards (“RTS”) implementing the Packaged Retail and Insurance Investment Products (PRIIPs) Regulation (the “Regulation”) on 14 September 2016. The draft...more

9/20/2016 - ECON EU European Supervisory Authorities (ESAs) Financial Markets Financial Sector Insurance Industry MiFID II Packaged Retail And Insurance-Based Investment Products (PRIIPS) Retail Investors RTS UCITS

FSB Issues Proposed Activities-Based Financial Stability Recommendations for the Global Asset Management Industry

The Financial Stability Board (FSB), an international body established by the G-20 in response to the 2008 financial crisis, on June 22, 2016 released its third Consultative Document relating to the regulation and oversight...more

7/8/2016 - Asset Management Comment Period Financial Crisis FSB G-SIFI Global Market Proposed Regulation

The Regulation on Key Investor Documents for Packaged Retail and Insurance-Based Investment Products – Key Points for EU and...

In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more

7/7/2016 - Asset Management EU MiFID II Packaged Retail And Insurance-Based Investment Products (PRIIPS) Regulation Technical Standards (RTS) Special Purpose Vehicles UCITS

Financial Services Quarterly Report - Second Quarter 2016: MiFID II: Key Considerations for Asset Managers

The Council of the European Union on 13 May 2014 formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive (MiFID), which has been in force since 2007. The new...more

7/6/2016 - AIFMD Asset Management Commodities Cross-Border Transactions Derivatives Equity Markets ETFs EU European Securities and Markets Authority (ESMA) Investor Protection MiFID MiFID II MiFIR OTC Pooled Investment Vehicles Reporting Requirements Retail Investors UCITS

UK Votes To Leave The EU: What Does it Mean for Asset Managers?

The voters have spoken. Britain will (absent any new deals) leave the EU. Under the EU Treaty, the exit process should take at least two years. During this two-year period, UK-based asset management entities, including...more

6/27/2016 - AIFM AIFS Asset Management EU Foreign Investment Member State MiFID II Referendum Votes UCITS UK UK Brexit

Financial Stability Board Issues Proposed Recommendations to Address Perceived Structural Vulnerabilities in the Asset Management...

The Financial Stability Board (FSB), which was established by the G-20 in response to the 2008 financial crisis, on June 22, 2016 issued proposed specific recommendations to address certain perceived threats that the asset...more

6/24/2016 - Asset Management Comment Period Financial Crisis FSB Proposed Regulation

Brexit: What does it mean for asset managers?

The European Union (EU) is made up of 28 member states committed, through a series of treaties, to ever closer economic and political union. As such it exercises considerable power, both internally and internationally. It is...more

3/24/2016 - AIF AIFM Asset Management EMIR EU Member State MiFID Referendums Treaty of Lisbon UCITS UK UK Brexit

What's Happening on UCITS V?

Where are we on implementation? Are we nearly there yet? Yes and no. The UCITS V directive comes into force on 18 March 2016. But: Additional implementing rules (known as "Level 2") on the duties of UCITS...more

2/29/2016 - AIFMD Depository Institutions Disclosure Requirements EU European Securities and Markets Authority (ESMA) Financial Conduct Authority (FCA) Remuneration UCITS UK

European Commission and CFTC Publish Announcement on EU/US Clearing Equivalence

The European Commission and the U.S. Commodity Futures Trading Commission (“CFTC”) announced a “common approach for transatlantic CCPs” on 10 February 2016. Under this “common approach,” the European Commission has pledged to...more

2/16/2016 - CCPs CFTC EMIR EU European Commission European Securities and Markets Authority (ESMA)

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

1/4/2016 - Asset Management Enforcement Actions Financial Conduct Authority (FCA) Financial Crimes Fines FSMA Insider Trading Market Abuse Personal Liability UK

Confirmed Start Dates for Clearing Under EMIR

Commission Delegated Regulation (EU) 2015/2205 (the “Regulation”) supplementing the European Markets Infrastructure Regulation (“EMIR”) was published on 1 December in the Official Journal of the European Union....more

12/3/2015 - Derivatives EMIR EU Interest Rates Swaps

MiFID II – Still arriving on January 3, 2017

Frequent subscribers of this blog may remember MiFID I coming into force on 1 November 2007, fundamentally revising the existing rules applicable to, amongst others, European firms providing portfolio management and broker...more

11/9/2015 - EU European Securities and Markets Authority (ESMA) Financial Institutions Investment Management MiFID Regulation Technical Standards (RTS)

Application of the European Market Infrastructure Regulation to Alternative Investment Fund Managers

European investment managers of non-UCITs funds will have to be authorised as an alternative investment fund manager (known as an “AIFM” under AIFMD) under the Alternative Investment Fund Managers Directive (“AIFMD”) from 22...more

7/12/2014 - AIFM AIFMD CCPs CTFC Derivatives Dispute Resolution EMIR EU European Securities and Markets Authority (ESMA) Financial Conduct Authority (FCA) Fund Managers FX Forwards Investment Portfolios ISDA Legal Entity Identifiers Nasdaq OTC Risk Mitigation Swaps Trade Repositories

No KIIDing - Hefty Fine from UK Regulator Underlines Importance of Compliance by UCITS

A fine of over £18 million was recently imposed by the UK regulatory body, the Financial Conduct Authority (the “FCA”), on a fund manager for a range of compliance breaches, including failing to ensure that its KIIDs were...more

6/7/2014 - Asset Management Compliance Derivatives EU Financial Conduct Authority (FCA) Fines Investment Funds Investors Popular UCITS UK

Reform of the Derivative Markets in the European Union

The phased-in implementation of the European Market Infrastructure Regulation1 (EMIR), the European Union’s wide-ranging reform of its derivative markets, is due to continue throughout 2014. Risk mitigation rules were...more

3/27/2014 - AIFM AIFMD Derivatives EMIR EU Financial Regulatory Reform UCITS

EMIR FX Forward Reporting Delayed as ESMA Asks European Commission to Clarify Derivatives Definition

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

2/14/2014 - Derivatives EMIR EU European Commission European Securities and Markets Authority (ESMA)

ISDA Adopts Model Arbitration Clauses for Use with ISDA Master Agreements

Following extensive consultation with its members, in September 2013 the International Swaps and Derivatives Association (“ISDA”) published seven model international arbitration clauses (the “Model Arbitration Clauses”) for...more

10/23/2013 - Arbitration Cross-Border ISDA OTC Swaps

Update on UK and European Regulatory Developments - October 2013

The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments. In This Issue: - Part A – Regulation of Financial...more

10/21/2013 - AIFMD Cross-Border Transactions Dodd-Frank European Securities and Markets Authority (ESMA) FATCA Financial Conduct Authority (FCA) Financial Markets Financial Transaction Tax Investment Management Mandatory Clearing Requirements MiFID Money Market Funds OTC REIT Swaps Trade Market Abuse

Financial Conduct Authority Guidance on AIFM Directive Remuneration Provisions

The UK Financial Conduct Authority (FCA) released proposed guidance on 6 September 2013 on its implementation of the remuneration provisions in the AIFM Directive (the AIFM Remuneration Code) for UK alternative investment...more

10/17/2013 - AIFM AIFMD EU European Securities and Markets Authority (ESMA) Financial Conduct Authority (FCA) Remuneration UCITS UK

Forthcoming Rules Under EMIR on Dispute Resolution and Portfolio Reconciliation

The European Commission’s regulation on clearing of OTC derivatives (EMIR) requires counterparties to OTC derivative contracts that are not cleared by a central counterparty to mitigate their trading risks by using a number...more

8/28/2013 - Derivatives EMIR EU European Commission Financial Conduct Authority (FCA) ISDA OTC Risk Mitigation

New Deadline set for FCA Applications for New Permissions under the Alternative Investment Fund Managers Directive

UK asset managers may have understood that they had until July 2014 to apply to become Alternative Investment Fund Managers (AIFMs) under the AIFM Directive (AIFMD). However, in a recent statement, the UK Financial Conduct...more

8/23/2013 - AIFM AIFMD Applications EU Financial Conduct Authority (FCA) Fund Managers UK

FCA Publishes Final Rules and Guidance to Implement AIFM Directive

The UK Financial Conduct Authority (FCA) published its Policy Statement 13/5 on 28 June 2013, containing its (substantially) final rules and guidance to implement the Alternative Investment Fund Managers Directive...more

7/1/2013 - AIFM AIFMD Alternative Investment Funds European Securities and Markets Authority (ESMA) False Claims Act (FCA) Investors

Financial Services – Update on UK and European Regulatory Developments - May 2013

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union. In this issue: - Part A – Regulation of Financial Markets - Part B –...more

5/10/2013 - AIFMD Asset Management EU European Securities and Markets Authority (ESMA) Financial Conduct Authority (FCA) OTC UCITS

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