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 [...]
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 [...]
FATF has updated its list of jurisdictions which have strategic AML/CTF deficiencies (see Regulatory Roundup 23 for details of previous position) as well as updating its Public Statement on Iran and the Democratic People’s Republic of Korea. Argentina can be added to the list which was the subject of a [...]
A letter from the US Securities and Exchanges Commission (‘SEC’) to the North American Securities Administrators Association, sent on 8 April, provides an indication that the SEC will look to delay the deadline for firms required to register with the regulator in accordance with the Dodd Frank Act, from 21 [...]
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. [...]
The FSA have signed a Memorandum of Understanding with FINRA, the largest independent regulator for all securities firms doing business in the US. The MOU is now effective and provides a ‘formal basis for co-operation, including the exchange of information and investigative assistance’. The two regulators believe that the result [...]
An article on short selling in Regulatory Roundup 10 advised that a CESR report recommended the introduction of a pan-European short selling disclosure regime. The European Commission has now published a proposal to harmonise short selling rules across the EU. In line with the CESR report, the proposal would require [...]
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 [...]
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 [...]
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 [...]
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 [...]
The US President has this week signed the H.R. 4173 ‘Restoring American Financial Stability Act of 2010’ (which can be found via the link). Contained within ‘Title IV–Regulation of Advisers to Hedge Funds and Others’ (see section 401) ‘The Private Fund Investment Advisers Registration Act of 2010’ can be found. [...]
In early June the FSA held a presentation on the AIFM directive. The link will take you to the slides used for the FSA’s AIFM directive presentation. Slides 14 & 15 concern marketing and firms could find them useful as an aide memoire. The slides contain domicile of fund vs. [...]
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 [...]
Whilst we are on things European, a reminder that the European Commission has adopted legislation that will implement a new supervisory framework for the EU, which will include the disappearance of CESR. As might be imagined, this will also introduce a host of new acronyms. A European Systemic Risk Board [...]
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 [...]
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. [...]
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 [...]
The Regulatory Roundup of 19 November contained details of the Private Fund Investment Advisers Registration Act 2009, which in its original form could have had implications for UK fund managers responsible for funds with U.S. investors (the ‘Kanjorski bill’ – HR 3818). On 11 December the House of Representatives passed [...]
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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