Asset Management

News & Analysis as of

Draft UK Income-based Carried Interest Legislation Published

Proposed new UK rules will tax carried interest in certain funds as income, with only specified funds entitled to capital gains treatment - The UK government published draft legislation on 9 December 2015 amending the...more

In Principle: 10 Things You Need to Know for 2016

Financial regulation is in a constant state of flux or, if you are feeling generous, evolution. In this publication, we focus on 10 key issues that we believe firms should be aware of going into 2016: - increased...more

Jawbone Successfully Leverages Patent Portfolio as Collateral in Fund Raising Efforts

Fitness device maker Jawbone was recently featured in a Re/code article announcing that the company had raised $165 million in new funding. The article mentioned another aspect of the Jawbone’s fundraising efforts; the...more

Draft Bill on Open-Ended Fund Companies Gazetted

Following public consultation in March 2014, the Financial Services and the Treasury Bureau (FSTB) has now published the “Consultation Conclusions on Open-ended Fund Companies”, and the related Securities and Futures...more

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

FCA Issues First MiFID II Consultation Paper The FCA issued its first MiFID II consultation paper (CP 15/43) on 15 December 2015, principally on issues related to secondary market trading of financial instruments. The...more

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

Prospectuses for securities: New CSSF Circular 15/632 - CSSF press release 15/60 introduces the new CSSF Circular 15/632. The purpose of this circular is to detail the technical specifications regarding the submission to...more

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

Guidance Regarding Cash Accounts for UCITS and AIF Umbrella Funds - The Central Bank of Ireland (the “Central Bank”) issued guidance on cash accounts for UCITS and AIF umbrella funds on 22 December 2015....more

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

German Federal Government Passes Draft Bill to Amend Financial Market - The German federal government passed the draft bill to amend financial market laws on 6 January 2016 (“Erstes Finanzmarktnovellisierungsgesetz”,...more

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

ELTIF Regulations in France - The 2015 Amending Finance Law (law n° 2015-1786) included several provisions modifying the French Monetary and Financial Code (Code monétaire et financier) in order to implement under French...more

Legal Trends: Commercial Real Estate

Lenders remain aggressive as competition for prime real estate lending opportunities in Canada intensifies. Borrowing rates remain at historical lows and other lending terms have become increasingly favourable for borrowers....more

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

Legal Trends: Capital Markets

We expect economic conditions, including those discussed in our M&A Trends piece?, to continue to create opportunities in the M&A market. As well-positioned issuers pursue these opportunities, some acquirers will access the...more

New IIROC Cybersecurity Risk Management Guides – Voluntary?

On December 21, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) published two excellent resources to help IIROC-regulated firms address cybersecurity threats. The resources are aimed, in particular, at...more

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

Other EU Developments – Deal Reached on Benchmark Regulation and Revisions to Prospectus Directive - Benchmark Regulation - The European Commission and the Luxembourg Presidency reached agreement with the...more

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

HM Treasury Publishes Draft Technical Legislative Amendments for UCITS V - HM Treasury published a consultation on 23 October 2015, including a draft statutory instrument, on technical changes to the Financial Services...more

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

CSSF Press Release 15/49 Relating to the New Transparency Requirements for Issuers of Securities and Notifications of Major Holdings - In press release 15/49, the CSSF provides clarifications in relation to the...more

Finance Bill 2016: asset manager remuneration reform

Following years of targeting the banking industry in order to increase tax revenue, the UK Government has started to focus its attention more keenly on the remuneration of asset managers (particularly carried interest...more

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

Central Bank Management Feedback Statement and Guidance (CP86) - The Central Bank published its feedback statement on CP86: Fund Management Company Boards (the “Feedback Statement”) and related Guidance on Fund...more

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

BaFin Issues Announcement on Fair Treatment of Investors - BaFin issued an announcement on the fair treatment of investors with regard to information on portfolio data on 13 November 2015. According to the German...more

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

Socially Responsible Investment in France - The Autorité des Marchés Financiers (“AMF”) published a report on the French market practice with respect to Socially Responsible Investment (“SRI”). The study focused on...more

CRD IV and UCITS V remuneration rules – their impact on asset managers

CRD IV and UCITS V are the latest iterations of the Directives governing EU credit institutions and investment firms and UCITS funds and management companies. European Economic Area (“EEA”) Member States were required to...more

Dodd-Frank 5 Years Later: Where Are We Now? Derivatives Regulation for Asset Managers

Assessing the practical implications of derivatives regulations for investment advisers and investment funds of: position limits and aggregation rules, uncleared swaps margin rules, etc. Since the enactment of the...more

FCA To Investigate Competition In Asset Management

The Financial Conduct Authority (FCA) published the Terms of Reference for its asset management market study on 18 November 2015. The study follows a wider review of competition in the wholesale sector launched in July 2014....more

FCA Enforcement: Recent Action Against Former Investment Analyst for “Cherry Picking”

On November 17, the UK Financial Conduct Authority (FCA) published its final notice addressed to Mothahir Miah, a former investment analyst at a large UK institutional asset manager, fining him £139,000 and banning him from...more

FCA publishes asset management review TOR

FCA has published the terms of reference (TOR) for its market study into competition in the asset management industry. It says that over the next year it will assess...more

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