Richard Heffner

Richard Heffner

Dechert LLP

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Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures - The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more

6/6/2015 - Asset Management Custody Rule Deutsche Bank Enforcement Actions EU FATCA FCA Fines HMRC Investment Funds Libor Merrill Lynch MiFID II Reporting Requirements Transaction Reporting UK

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

UCITS: New KIID Q&A - ESMA published revised Q&A’s on the KIID on 26 March 2015. The Q&A includes a new question on the treatment of past performance information in case of fund mergers....more

4/28/2015 - AIFMD Asset Management EMIR ESMA EU Fund Managers Investment Funds Memorandum of Understanding MiFID II Money Market Funds Shadow Banking Singapore Swaps UCITS

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Tax: HMRC Publishes Filing Dates for New AIFM Mechanism for Partnership Deferred Remuneration Arrangements - The Finance Act 2014 introduced a provision intended to help partnerships (including LLPs) that are AIFM...more

4/23/2015 - AIFM AIFMD AIFS Asset Management Business Taxes Corporate Governance EU FCA Financial Services Industry HMRC Investment Companies Investment Funds MiFID II Partnerships UK

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

EMIR: Non-Deliverable FX Forwards and Interest Rate Swap Clearing - Non-deliverable FX forwards - ESMA confirms that EMIR clearing requirements will not apply to non-deliverable FX forwards, though reserves its...more

4/2/2015 - Benchmarks Capital Markets Crowdfunding EMIR ESMA European Commission FX Forwards Interest Rates Investment Funds MiFID II Swap Clearing

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

FCA Study on Competition in Investment and Corporate Banking Services - The FCA has announced plans to launch its first wholesale market study into investment and corporate banking to assess whether competition in the...more

3/31/2015 - Banking Sector Disclosure Requirements ESMA European Commission FCA Investment Funds MiFID Trade Market Abuse TRUP UK

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

EU Passes New Council Directive to Implement “EU-FATCA" - The Council Directive passed by the EU on 1 December 2014 implements the OECD’s Common Reporting Standard (CRS) in Europe. The Directive has to be implemented...more

3/10/2015 - AIFMD Asset Management Benchmarks CCPs EIOPA EMIR ESMA ETFs EU FATCA Insolvency Investment Funds MiFID II Money Market Funds Regulatory Agenda Sovereign Debt Swap Clearing Swaps UCITS

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

AIFMD – FCA Publishes Information to Assist Alternative Investment Fund Managers with Annex IV Reporting - New FCA Q&As on GABRIEL for Annex IV reporting: On 20 January 2015, the FCA published a new Q&As document to...more

3/4/2015 - AIFMD Alternative Investment Funds Financial Conduct Authority Investment Funds Regulatory Agenda UK

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

CSSF Reminder Regarding Nomination of Depositaries of Bearer Shares - The Luxembourg regulator for the financial services industry (CSSF) has issued a press release and a FAQ in relation to the immobilization of bearer...more

2/20/2015

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

ICAV Update - Bill Passed by Lower House of Parliament: On 28 January 2015, the lower house of the Irish Parliament, the Dail, approved the draft legislation, including various amendments recommended during the Report...more

2/17/2015 - EU ICAV Investment Funds Ireland

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

On 15 January 2015, the German Investment Fund Association BVI issued its latest investment statistics report, giving an overview of the net assets and net sales within the German investment fund and asset management markets....more

2/12/2015 - Asset Management Germany Investment Funds

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

According to a change of the German Investment Code (Kapitalanlagegesetzbuch – KAGB), which entered into force on 21 December 2014, a German Investment Management Company’s risk management process has to ensure that the...more

2/11/2015 - Credit Ratings Germany Investment Funds

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

In November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the minimum investment criteria of German retail closed-ended funds, with a view to avoid so-called blind pool...more

2/10/2015 - Germany Investment Funds New Guidance

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

On 4 November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the requirements that have to be met to extend the term of a German retail closed-ended fund. According to Bafin,...more

2/7/2015 - BaFin Financial Services Authority Germany Investment Funds Retail Closed-Ended Funds

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

On 26 January 2015, the AMF clarified both content and modalities of the reporting obligations by financial investment advisors associations, submitted on an annual basis. ...more

2/5/2015 - France Investment Adviser Reporting Requirements

Investment Funds Update - Europe Key legal and regulatory updates for the funds industry from the primary European asset...

The AMF introduces new technical data requirements in the authorization procedure for the management of new regulated markets or multilateral trading facilities (MTF)....more

2/4/2015 - France Investment Funds New Legislation

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

On 1 January 2015 article 315-67 of the General Regulation of the AMF, which was enacted on 10 September 2014, entered into force. Under the terms of this investment services providers...more

2/3/2015 - France Investment Funds New Legislation

An early gift from the Treasury and the results of our AIMFD Readiness Survey

Following implementation of the Alternative Investment Fund Managers Directive (AIFMD or the Directive) into UK law in July 2013, the UK Financial Conduct Authority (FCA) advised UK firms in August 2013 to apply for...more

12/23/2013 - AIFMD Compliance FCA UK

AIFMD Reporting Obligations – ESMA Issues Its Final Report

The European Securities and Markets Authority (ESMA) published its long-awaited final report (the Report) on 1 October 2013, setting out detailed guidelines relating to (i) the reporting obligations under Articles 3(3)(d) and...more

10/8/2013 - AIFM AIFMD EEA ESMA EU European Commission

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 FCA Fund Managers UK

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