AIFMD Passport

Under the AIFMD as it currently stands, a marketing passport is only available to EEA AIFMs marketing EEA AIFs (strictly speaking the AIFMD only refers to EU AIFMs etc. although the FCA, in both the Handbook and on its website, prefers to use ‘EEA’). As such non-EEA AIFMs, and EEA [...]

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AIFMD: Marketing Reminder

As mentioned in Regulatory Roundup 55 the AIFMD transitional period ends 21 July 2014 and after that date Alternative Investment Fund Managers should either be authorised under the AIFMD or have already submitted an authorisation application. Firms falling in the latter category must comply with all relevant AIFMD requirements after [...]

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UCIS: FCA Actions

The FCA, like the FSA, continues to have an interest in the promotion of unregulated collective investment schemes (UCIS) – see e.g. FCA Risk Outlook 2013 covered in Regulatory Roundup 47. The latest to suffer the Regulator’s wrath are John Leslie and Jeffrey Bennett. In addition to each having a [...]

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Soliciting in the US

In a statement made by Mary Schapiro, Chairman of the SEC, the possibility of removing the current prohibition against general solicitation and general advertising in certain securities offerings was raised. The proposal stems from the Jumpstart Our Business Startups Act (‘JOBS Act’), the aim of which is to increase the [...]

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New Restrictions on UCIS

Regular Readers of Regulatory Roundup will be aware of both the FSA’s continuing concerns on the promotion of unregulated collective investment schemes (UCIS) and its readiness to take relevant regulatory action against both firms and individuals where transgressions have occurred – see link to UCIS Enforcement Notices for further details. [...]

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UCIS Marketing Woes

Regular readers of the FSA’s website will be aware of its continuing interest in unregulated collective investment schemes (UCIS) e.g. they feature in the FSA’s Conduct Risk Outlook 2012 in a list of the most significant retail conduct risks (see Regulatory Roundup 39). Furthermore the Regulator is prepared to take [...]

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Financial Promotions

The FSA has published ‘Finalised guidance’ on financial promotions. ‘Financial Promotions , Fund Performance and Image Advertising’ is probably self-explanatory from its title. For most investment firms, the performance rules (COBS 4.6) will only be relevant where the recipient is likely to be a retail client. Having said that, the [...]

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AIFM (cont)

The Alternative Investment Fund Managers Directive proposal saga continues to rumble on (the original draft Directive was issued at the end of April last year). After the ‘Swedish Proposal’ we now have the ‘Spanish Proposal’. A quick recap on the original proposals: It would impact on all ‘Alternative Investment Funds’ [...]

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