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
Chancellor George Osborne delivered his fifth coalition Budget today. In a wide-ranging statement, there are a significant number of tax-focused proposals that will make changes across the U.K. tax system. Some of these...more
On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or...more
The UK Financial Conduct Authority’s new guidance on AIFMD remuneration requirements has now provided some clarity for EU and non-EU managers, including relief from many of the requirements for small UK managers....more
ESMA Q&A on Application of AIFMD -
On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more
The EU Alternative Investment Fund Managers Directive (AIFMD) has now been in force for some six 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
The Financial Conduct Authority (FCA) has issued guidance on the application procedure for modifying the “funds under management” rule. This modification will allow alternative investment fund managers (AIFMs) that use...more
EU Member States were obliged to implement the Alternative Investment Fund Managers Directive into their laws by this past July. As we have reported previously, most of the major countries for fund investors have published...more
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
This alert will be of interest to U.K.-authorised investment management firms preparing to submit applications for variation of permission (VOP) to the Financial Conduct Authority (FCA) in connection with the implementation...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
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
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 Cayman Islands have moved forward in terms of peer reviews and AIFMD compliance.
OECD – Successful Compliance Ratings
The Global Forum of the Organisation for Economic Co-operation and Development met in...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
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
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 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
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
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