FX Global Code

Of Relevance to: FX Market Participants This new Code is relevant to all FX market participants, whether buy-side or sell-side, regardless of ‘product’, including E-Trading Platforms (page 4 provides a guide to the types of entities to which the Code will be relevant – ranging from the treasury operations of [...]

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Mandatory Use of SFC Online Portal

Of interest to: Hong Kong Licenced Firms Effective 1 February 2017, all Hong Kong Securities and Futures Commission (“SFC”) applications, notifications and annual returns filed by Licensed Representatives (which includes Responsible Officers) must be submitted by way of the SFC’s online portal https://portal.sfc.hk/sfcportal/signin?locale=en (“Portal”). Submissions by Licensed Corporations and their [...]

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AIFMD Comes Into Force

The Alternative Investment Fund Managers Directive (AIFMD) – see past Regulatory Roundups e.g. No. 15 – has taken a long time coming (the original proposal was back in April 2009) but the clock has now started ticking. The Directive came into force on 21 July 2011 – the twentieth day [...]

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AIFMD & ESMA

The European Securities and Markets Authority (ESMA – previously CESR) has published a 430+ page consultation on implementing measures for the AIFMD. Issues addressed include ‘General provisions’ (e.g. organisational requirements; valuation; identification of AIF); Depositaries (e.g. liability regime; duties and functions); and Transparency and leverage (including definition and appropriate methods [...]

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Dodd-Frank revisited

Following on from Regulatory Roundup #17 we have had requests for further details on the regulatory developments within the US. As you will know, the ‘Dodd Bill’ was enacted on 21 July which will have an impact on both certain US investment advisers and non-US investment advisers that have US [...]

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Who, where and what ESAs

As you will be aware from Regulatory Roundup #15, the European Commission has proposed the establishment of a European System of Financial Supervisors (ESFS) which will be composed of national supervisors and three new European Supervisory Authorities (ESA). The latter will be created by the transformation of the three existing [...]

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AIFM directive delay

Rapporteur Jean-Paul Gauzès has now announced that the Parliamentary vote on the AIFM directive will be delayed from July until September. The UK is said to be pushing for second chance passports into individual countries for non EU funds that fail to qualify for a license because they do not [...]

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