Asset Management

News & Analysis as of

FCA to Impose Remedies in Asset Management Sector

On 18 November 2016, the UK’s Financial Conduct Authority (FCA) published interim findings from its year-long study of the country’s asset management sector—concluding that price competition is weak in several areas, and...more

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

EMIR – European Commission adopts revised rules for reporting to trade repositories under EMIR - The European Commission adopted revised rules for reporting to trade repositories under EMIR on 26 October 2016. The...more

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

FCA Publishes Final Rules Removing Certain Ineffective Disclosure Requirements - The FCA published a policy statement on 11 October 2016, removing certain ineffective disclosure requirements from the FCA Handbook...more

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

ALFI Response to IOSCO Consultation Report on Good Practices for the Termination of Investment Funds - ALFI responded to the IOSCO Consultation Report on Good Practices for the Termination of Investment Funds which...more

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

Central Bank launches ORION II platform to authorise all QIAIFs applications - All QIAIFs applications (including ICAVs) will be processed via the CBI’s ORION platform allowing consistency with other legal structures and...more

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

German Investment Fund Association Extends Rules of Conduct - The general meeting of the German Investment Fund Association BVI (Deutscher Fondsverband) agreed to revised rules of conduct for the fund industry which will...more

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

AMF Doctrine – Management Fees - The AMF, within the framework of the FROG Working Group (French Routes and Opportunities Garden, whose role is to develop the French asset management industry), updated on 8 November 2016...more

FCA to Impose Remedies in Asset Management Sector including Further Investigation into Investment Consulting

On 18 November 2016 the Financial Conduct Authority (“FCA”) published its highly anticipated interim report into competition in the asset management industry. The report finds that price competition is weak in a number of...more

Bridging the Week - November 2016 #3

Federal District Court Approves Flash Crash Spoofer’s US $38 Million Settlement; Federal Appeals Court Appears Sympathetic to Michael Coscia’s Claim That Spoofing Prohibition Is Too Vague - The US federal court handling...more

DOL “Investment Advice” FAQs: Considerations for Investment Advisers, Broker-Dealers and Insurance Companies

The U.S. Department of Labor (DOL) issued in April 2016 the final version of its controversial “investment advice” regulation and various related exemptions (collectively, Final Rules), which are widely expected to have a...more

The Next Generation of Funds in Asia: Hong Kong’s Open-ended Fund Company

On 10 June 2016, the Securities and Futures (Amendment) Bill 2016, which introduces the legal framework for the open-ended fund company (“OFC”) regime, was enacted as an ordinance (“Ordinance”) in Hong Kong. The Ordinance is...more

Forfeiture of an LLP Member's Profit Share

A recent English Court decision confirms that members of LLPs who breach their fiduciary duties are at risk of having their remuneration (including that received by way of profit share) forfeited. This is in addition to...more

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

EMIR – Revised List of CCPs and New Rules to Mitigate Risks in Non-Cleared OTC Derivative Transactions ESMA updated its list on 29 September 2016 of third-country central counterparties recognised to offer services and...more

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

FCA Publishes Third MiFID II Consultation Paper - The FCA published its third consultation paper on 29 September 2016, on the implementation of the Markets in Financial Instruments Directive (MiFID II)....more

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

Luxembourg VAT authorities: Circular on VAT Treatment of Director Services - The Luxembourg VAT authorities published Circular n° 781 on 30 September 2016 regarding the VAT treatment of director services and a...more

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

Central Bank Issues "Dear Chairman" Letter Regarding Directors' Time Commitments for Each Sub Fund - The Central Bank of Ireland issued a “Dear Chairman” letter on 8 September 2016, concerning its review of the number of...more

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

Exception from the License Requirement for Investment Intermediaries in the Future Only in Case of a First Public Offer of Investment Assets (Vermögensanlagen) - As of 31 December 2016, investment advisors and...more

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

AMF Communication – Brexit – Launch of the AGILITY program - Pursuant to the Brexit, the Autorité des Marchés Financiers (the French Financial Markets Authority, the “AMF”) launched a dedicated program called “AGILITY”...more

When just saying “no” is a good thing

In the hectic world of financial services, registered representatives and investment adviser representatives are always looking to increase their assets under management. At what cost? Are there situations where you would be...more

Zika Keeps Investors Away From ABS East, But Not From CLOs

Although registration was up this year for IMN’s 22nd Annual ABS East conference held at the Fontainebleau Miami Beach earlier this month, attendance was lower than it’s been in previous years as many industry participants...more

Your daily dose of financial news - The Brief – 10.3.16

Deutsche Bank’s penchant for dealing in risk—in the form of currency swaps, bond sales, or derivatives, among others—has left it (and its highly leveraged balance sheet) particularly vulnerable amidst last week’s news of...more

Financial Regulatory Developments Focus - September 2016

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

Single-Investor Products Assume Leading Role in Private Equity Capital Raising

Since 2010, asset managers using private, single-investor structures have raised around $128 billion, according to Bain & Co.’s Global Private Equity Report 2015. This figure rivals — and for some asset managers, may exceed —...more

GPs Operating in Japan: Follow-Up Information Disclosures for Article 63 Filers Is Required

GPs that operate limited partnerships based on the exemption under Article 63 of the FIEA and have recently completed a renewal filing around the end of the grace period (August 31, 2016) are required to prepare Form 20-2...more

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

AMF Doctrine – Authorisation of “Pre-Marketing” Activities - The AMF updated its Position n° 2014-04, which is a guide to the marketing regime of UCITS and AIFs in France. These changes have been implemented following...more

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