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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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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Middle East Events

Following the recent developments in the Middle East the FSA has issued a short statement on the need for firms to be alert to the possible impact the events may have on their anti-money laundering procedures. They advise that the regulations relating to Politically Exposed Persons (PEPs) are particularly relevant. [...]

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OTC Clearing

The European Commission has issued a proposal on the regulation of OTC derivatives, central counterparties and trade repositories. The proposal will apply to all OTC derivatives, whether based on commodities, climatic variables, interest rates or even good old securities. Technically it’s all the derivative contracts set out in (4) to [...]

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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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Client categorisation

Following an approach from the European Commission, CESR is consulting on aspects relating to client categorisation as currently set out in MiFID (which in turn is reflected in COBS 3, ‘Client categorisation’). As you will know, COBS 3.5.2 lists those entities which a firm can classify as a per se [...]

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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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EU Legislative Process

There has, of course, been an abundance of articles on the AIFM Directive recently. The quality of reporting is variable, with some headlines suggesting that it’s all over (see the last Regulatory Roundup for an accurate assessment of the situation). It would therefore be worth providing a brief explanation of [...]

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US and Investment Advisors

There have been further developments in respect of the proposed Private Fund Investment Advisers Registration Act 2010 (see Regulatory Roundup 18 January and previous). Senator Christopher Dodd’s financial reform proposals passed the Senate Committee on Banking on 23 March with a 13-10 vote, without a single Republican voting for it. [...]

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FATF

It may be recalled that the Financial Action Task Force (FATF) used to maintain a list of ‘Non-Cooperative Countries and Territories’ – a total of 23 countries/territories appeared on the list at one time or another. As and when a listed entrant made significant progress in addressing AML/CFT deficiencies it [...]

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US Regulatory Developments

As you will be aware, AIMA has recently reiterated its support for the proposed registration of hedge fund managers in the US in the interests of financial stability. The move comes as the Private Fund Investment Advisers Registration Act of 2009 won support from the House Financial Services Committee. In [...]

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