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FCA Publishes Final Guidance on AIFMD Remuneration Requirements

This alert will be of interest to FCA-authorised investment management firms that are registering, or are currently considering registering, as alternative investment fund managers (“AIFMs”). ...more

"The Future of Marketing Non-EU Alternative Investment Funds in Europe"

Adopted by the European Parliament in 2010 and implemented by EU member states in July 2013, the Alternative Investment Fund Managers Directive (the Directive) seeks to protect investors and mitigate market instability by...more

Financial Services Quarterly Report - Fourth Quarter 2013: Management of French Funds and Access to the French Market: New...

Further to the implementation of the AIFM Directive in France, new cross-border management and distribution possibilities are now available for investment products in the form of alternative investment funds (AIFs)....more

UK Tax Shake Up for Partnerships

In light of tax changes proposed for April 2014, partnerships may need to reconsider their members’ classification and/or duties to maintain the most tax efficient positions. The UK Government’s recently published...more

HM Treasury Identifies Potential Changes to AIFMD Authorisation Requirements for U.K. AIFMs

This alert will be of particular relevance to U.K. alternative asset managers, preparing to submit variation of permission applications to the U.K. Financial Conduct Authority in relation to the Alternative Investment Fund...more

UK Finance Bill - Key Points

The UK Finance Bill 2014 was published in draft form on 10th December 2013 and the proposed legislation now enters a period of consultation, which will end on 4th February 2014. A full analysis of each and every measure...more

The Alternative Investment Fund Managers Directive—a guide for US managers

The EU Alternative Investment Fund Managers Directive (AIFMD) has now been in force for several months. This overview note is aimed at US managers who have not yet had to get to grips with the AIFMD but will need to raise...more

FCA Publishes Statement on Reporting Requirements of AIFMs

On November 4, the FCA published a statement on reporting requirements for managers of AIFs (AIFMs) under the AIFMD. In certain circumstances, firms already authorized as AIFMs will be required to provide regulatory...more

ESA Issues ESMA and EBA Consultation for Securities and Banking Complaints Handling

On November 6, the Joint Committee of the European Supervisory Authorities (ESAs) issued a consultation paper by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) concerning draft...more

Orrick's Financial Industry Week In Review - November 12, 2013

CFTC Proposed Rule on Commodity Pools - On November 5, the CFTC issued a proposed rule that would require that all registered introducing brokers (IBs), commodity pool operators (CPOs) and commodity trading advisors...more

The New Luxembourg Limited Partnership Regime

At the time of the transposition of the AIFMD into Luxembourg law, the Luxembourg government took the opportunity to reform the limited partnership regime, from both a corporate and fiscal perspective. The reform aims to make...more

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

Private Equity Newsletter - Autumn 2013 Edition: The Impact of the Alternative Investment Fund Managers Directive on Private...

Much has been written about the impact of the Alternative Investment Fund Managers Directive (the “AIFMD”) on the marketing and management of private equity and other alternative investment funds, but the impact of the AIFMD...more

Financial Services Quarterly Report - Third Quarter 2013: European Fund Regulation – Just Like London Buses?

It is often said that you wait a considerable amount of time for a London bus to arrive, and then three turn up at once. If they are all going in the same direction, then (barring a breakdown) your choice should be...more

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

What should UK and non EU AIFMs be doing now and how can we help?

The AIFMD trigger date occurred on 22 July this year, with a 12-month transitional period (TP) in place in the UK for (i) existing UK managers of AIFs (UK AIFMs), and (ii) non-EU managers of AIFs (Non-EU AIFMs) actively...more

AIFM Remuneration Code Guidance

Summary - The UK’s Financial Conduct Authority (“FCA”) has published draft guidance on the application of rules on remuneration (the “AIFMD Remuneration Rules”) to FCA-authorized firms, once they become authorized as...more

The EU’s Alternative Investment Fund Managers Directive: Marketing Impact On Non-European Fund Managers

Alternative investment fund managers based outside the European Economic Area (EEA) who wish to market their alternative investment funds (AIFs) to European investors are rightly concerned about additional restrictions and...more

FCA Publishes FAQs on Passporting Under AIFMD

On August 27, the FCA published a new webpage setting out frequently asked questions (FAQs) on passporting arrangements under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD)....more

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

Final ESMA Guidelines on Key Concepts of the AIFMD Published

On August 13, the European Securities and Markets Authority (ESMA) published the final version of its guidelines on key concepts of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) (ESMA/2013/611)....more

AIFMD Update: U.K. Complies with Remuneration Guidelines

The U.K. Financial Conduct Authority (FCA) has written to the European Securities and Markets Authority (ESMA) to confirm that the FCA will comply with the ESMA guidelines relating to remuneration policies under the...more

Alternative Investment Fund Managers Directive: Cyprus in the AIFMD Era

In This Issue: - Highlights of AIFM Law provisions - Licensable AIFMs pursuant to the AIFM Law - Depositary - Cross-border management and marketing of AIFs (Passport) - On 5 July 2013 Cyprus transposed...more

After AIFMD, the Central Bank of Ireland Turns its Attention to Loan Origination Funds

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

ESMA Finalises Cooperation Agreements for Alternative Investment Funds

On July 18, the European Securities and Markets Association (ESMA) published a press release stating that it has approved seven Memoranda of Understanding (MoUs) between EU securities regulators and non-EU authorities...more

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