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”).
New issuance of collateralised loan obligations (“CLOs”) rose last year to its highest level since the credit crunch. 2013 saw U.S. CLO issuance rise to about US$81 billion, from US$54 billion the year before while European...more
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
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
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
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
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 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
On November 5, ESMA published a speech given by the Chair of ESMA, Steven Maijoor, at the European Fund and Asset Management Association investment management forum. The speech states that...more
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
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
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
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
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
Pursuant to the market practice in France, distributors – such as investment service providers or financial advisors – are not paid directly by investors but rather receive a rebate or inducements from the issuer of the...more
On October 1, the European Securities and Markets Authority (ESMA) published guidelines on reporting obligations under Articles 3 and 24 of the Alternative Investment Fund Managers Directive (AIFMD) in Annex II of its final...more
In This Presentation:
- AIFMD Remuneration Rules: Not going away
- Are there any ways I could avoid this altogether?
- If not, could I partially avoid it or minimise its effect?
- When do I need to worry about...more
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
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
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
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
Beyond the general aspects of the U.S. Securities and Exchange Commission (SEC)’s new JOBS Act rules previously discussed in this series of articles, issuers who rely on new Rule 506(c) for an onshore offering and Regulation...more
European Banking Authority Publishes Responses to Consultation Paper on the Definition of Material Risk Takers for Remuneration Purposes -
The European Banking Authority (EBA) published a list of responses received to...more
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
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
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