CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS
|
|
- Noel Cummings
- 8 years ago
- Views:
Transcription
1 CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS Carmignac Gestion welcomes the publication of the Green Paper and congratulates the European Commission for a high quality and wide ranging report on the state of the investment fund industry. We appreciate the possibility to contribute our views regarding the future regulatory environment for our industry, as our industry is called to play a fundamental role in securing the savings of European citizens and providing for their future retirement benefits. Moreover, as being an active member of the French Asset Management Association (AFG) and the European Fund and Asset Management Association (EFAMA), we support both comments. 1/ GENERAL BACKROUND Founded in 1989 by Edouard Carmignac, a stockbroker since 1984, Carmignac Gestion has become one of the leading independent management companies in France. The shareholding structure reflects the independence of the company and the entrepreneurial spirit of the staff. Approved by the French Financial Markets Authority, Carmignac Gestion guarantees its clients objectivity and transparency as regards its investment decisions. Its share capital is entirely held by its managers and employees, and amounts over Eur 50 million. Carmignac Gestion manages over Eur 4 billion on behalf of 8,000 European retail investors, asset managers and institutional clients, which is invested outside of France in 40 financial centres around the world. The international distribution of its product ranged is managed through the Luxembourg subsidiary which has been operating since January Highly internationalised, the company maintains close, steady relations with the managers of companies whose stocks are included in the funds portfolio and with the foreign correspondents, brokers and institutional managers allowing it to cover all foreign stock markets, particularly New York, Tokyo, London, Hong Kong and Sydney. Carmignac Gestion is distinguished by its original management style: our international, nonbenchmarked, active management, based on our best ideas and an opportunistic approach, aims to achieve absolute return, or more specifically, the best possible performance in light of the investor s appetite for risk. Since 2003 Carmignac adopted a policy of cross-border distribution in line with the objectives of UCITSIII. Our funds are now approved for distribution in Germany, Italy, Switzerland, Luxembourg, Belgium and Spain. and this process will continue. As an independent French fund management company we have worked through with varying degrees of difficulty the registration process in 7 European countries. Our experience, whilst not unique, is the foundation for our evolvement and desire to see Pan European Fund distribution a reality not only on paper but an effective part of investment possibilities within Europe, working in a pragmatic and efficient manner.
2 2/ GENERAL COMMENTS We strongly support the series of actions already undertaken by the Commission and CESR to find a path for more consistent and harmonised implementation of the UCITS Directive. We are already grateful to the Commission and CESR for these restless efforts. And we would be extremely pleased if we were able to notice that they reached their goals. Unfortunately, our experience is that, although progress has been and can still be made, many difficulties have their roots in the wording of the Directive itself but also in the system it has devised. Apart from the EFAMA and the AFG answers to the 19 questions posed by the Commission that we support, in a short term perspective, we would like to put the emphasize on several issues, that from our recent practical experience, should be solved by the Commission and would help in the reach the aim of a single market while maintaining the current high levels of investor protection. Definition of a simple, harmonised format for the Simplified prospectus Despite the provision of Schedule C from the amended Directive 85/611 concerning the short prospectus, the short prospectus still contains too much information and prospectuses from different countries are no longer comparable for the investor. Regarding transitional issues and Commission s Recommendations on the simplified prospectus, consistent implementation across Europe is crucial. The absence of consistency in implementation will unavoidably lead to new cross-border barriers. In this context we would like to point out that the Commission should pro-actively accompany implementation with a more precise advice and in a text of binding nature (as compared to the non-binding Recommendations it adopted). In particular, we can already acknowledge today that the Recommendation on the Simplified Prospectus - because of its non-binding nature notably - fell short of achieving its goal to create a fully harmonised marketing tool to the benefit of European household investors and the fund industry. In assessing the implementation of its Recommendation, the Commission should reconsider it and remember that the simplified prospectus was aimed at both: easing cross-border distribution in using a European single harmonised document on the basis of which units of UCITS may be purchased without any possible request by the host country s competent authority for additional information; providing European investors for simple, reliable and comparable information about the essentials of a fund before investing in this fund. In practice, simplified prospectuses are often as long as the full prospectus, look very different from one country to the other and include more or less diverging information. TER s in particular do not have the same scope and hence differ for the same fund.
3 In some Member States, the so-called simplified prospectus became even longer than its predecessor document, without any added value for the investor. It was recognised by some national regulators which have now to consider setting up super-simplified prospectuses. Due to the lack of legal certainly coming notably from the non-binding nature of the Recommendation on the simplified prospectus, cross-border distribution has become more complicated and more expensive than before. The Commission should reconsider the approach taken by the UCITS Contact Committee, which ended in the above-mentioned Recommendation and consider returning to the way shown by the FEFSI/EFAMA model for instance. A European harmonised simplified prospectus becoming mandatory in a precise format through a European binding text (European Regulation) following the principle of maximum harmonisation would solve the issue. Simplification of notification and registration procedures The existing regimes remain very different from a Member State to another one. The documents to be provided for the registration of a fund are very different from one country to another, one country requiring constitutive documents duly apostilled with a sworn translation whereas other countries simply accept an English translation of these documents. Regarding simplification of notification procedures, the current Articles 44, 45 and 46 of the UCITS Directive prevent a true product passport. Even if CESR were able to find an agreement among regulators on the process to follow regarding cross-border notification, the UCITS Directive leaves some significant powers of interpretation of the relevant Articles in the hands of the host Member State, in particular as marketing and advertising have not been harmonised by the Directive. A true product passport is not possible in practice as long as the existing wording of the relevant Articles of the Directive remains. The asset management industry need a lighter regime for notification procedure through lighter powers for the Host Member State authorities (in line with the general country of origin principles of the Treaty). This can be achieved only if the Directive does not allow national regulators to reject funds domiciled in another Member State on the ground of the existing Directive provisions. Moreover, the list of documents to be submitted should be shortened (e.g. annual report). We have estimated the average UCITS III registration cost of one fund between and Euros. To illustrate the Commission the expensive costs induced by the registration process, our asset management company has spent in 2004, euros in legal and translation costs (which represents 1,3% of its turnover) for the registration of 10 funds in Germany, Italy, Luxembourg, Belgium and Spain (registration which has not been yet fully completed). Fund mergers and master feeder
4 Fund mergers and the creation of feeder funds investing in a master funds situated in another European country are not possible today from a practical point of view. However, in the numerous existing cases of the same fund pattern currently offered locally under different national domiciles, we consider that cross-border mergers of funds should be facilitated within the Union. At domestic level, mergers of funds have already been tested successfully (e.g. around fund mergers in France, out of fund mergers in the EU). This success shows the need for mergers. First, these mergers offer economies of scale. Second, these mergers offer an opportunity to rationalise the range of products, making it easier to be understood by investors. From a pragmatic point of view, the easiest and hence quickest measures for cost efficiency would be to authorise European cross-border master-feeders. The master-feeder architecture does not conflict with the Commission s and Member States legitimate concerns on investors protection, because both the master fund and the feeder funds will have to be UCITS managed by UCITS management companies. Master-feeders lead to a reduction of costs and, at the same time, ease the access to harmonised products by investors. Lastly, from an investor protection perspective, master-feeders are totally transparent and probably easier to explain than other pooling techniques (in particular, virtual pooling which might raise questions about the operational risks involved, the need for complex contractual arrangements and valuation processes). In France, domestic master-feeders have had a very significant success: the French master-feeder fund market represents more than 7% of general UCITS AUM, through 577 master funds/. 3/ PRIORITY ACTIONS While monitoring the consistent and efficient implementation of existing rules, the Commission intends to: publish in the autumn of 2005 an interim report on how national authorities have implemented the CESR guidelines on transitional provisions regarding UCITS III; encourage CESR to adopt by the autumn of 2006 guidelines on how to simplify notification procedures; publish in the autumn of 2005 an assessment of how Member States have implemented the Commission s two Recommendations of April 2004 on the use of derivatives and the simplified prospectus; adopt in the second half of 2006 implementing legislation on eligible assets of UCITS. This issue is currently dealt with by CESR, which will deliver its advice to the Commission in January While fully supporting these four priority actions, we would like to make the following comments:
5 Firstly, notification procedures degenerated during the past 15 years to extremely burdensome multiple registration procedures, and they must be brought back to what they should be, i.e. notification. However, simplification and harmonisation of notification procedures can only be a first measure. Ultimately, a passport must allow for border-crossing free of notification. This, however, would require new regulation making it a longer term issue. Secondly, assessments and reports on how CESR s guidelines on transitional issues and the Commission s Recommendations on derivatives and the simplified prospectus are implemented at national level are an important step. However, assessments and reports are not enough. If necessary, action must follow to provide for consistent implementation across Europe. Any absence of consistency in implementation unavoidably leads to new crossborder barriers. In this context we would like to point out that the Commission should not wait until bad implementation of EU legislation has happened, but should pro-actively accompany implementation with more precise advice. Regarding the Simplified Prospectus, and without anticipating the Commission s assessment, we must state today that it has fallen short of achieving its goal to create a fully harmonised marketing tool to the benefit of the fund industry and European household investors. Worse still, we now have an additional layer of superfluous, if not confusing information:(i) in many cases the Simplified Prospectus contains too much information, lacks focus and (ii) prospectuses from different countries are no longer comparable. Finally, instead of becoming cheaper and easier, cross-border distribution has become more expensive and more complex. A very good example of how a good piece of legislation can turn to bad as a result of institutionalised gold-plating. In assessing the implementation of its Recommendation, the Commission should reconsider it and remember what the simplified prospectus was aimed at: making cross-border distribution easier by using one single harmonised document on the basis of which units of UCITS may be purchased while the host country s competent authority may no longer ask for additional information; providing European household investors with simple, reliable and comparable information he/she should know before investing in a fund. The Commission should reconsider the approach taken by the UCITS Contact Committee which resulted in the above-mentioned Recommendation, and consider returning to the way shown by the FEFSI model. We support the initiative of the EFAMA which will finalize the update of its model prospectus in the near future and thus it is hoped contribute to more clarity. Finally, the announced MiFID Level 2 regulation is not to be forgotten. Without modification to the UCITS Directive, the Commission should use the section on distribution and suitable advice to bring the single market for investment funds one step closer, thereby largely solving the two key problems, that of quality distribution and good advice. and that of the creation of a level playing field between funds and other retail saving products at the point of sale. Yours sincerely,
6 Carmignac Gestion
Carlo Comporti Committee of European Securities Regulators (CESR) 11-13, Avenue de Friedland 75008 Paris. Paris, 23 December 2009. Ref.
EP/BDG/VH- n 2646_12/Div. Carlo Comporti Committee of European Securities Regulators (CESR) 11-13, Avenue de Friedland 75008 Paris Paris, 23 December 2009 AFG RESPONSE TO CESR S CONSULTATION ON A COMMON
More information18 Square de Meeûs B-1050 Bruxelles +32 2 513 39 69 Fax +32 2 513 26 43 e-mail : info@efama.org www.efama.org
EFAMA REPLY TO THE CONSULTATION PAPER ON CESR S TECHNICAL ADVICE TO THE EUROPEAN COMMISSION ON LEVEL 2 MEASURES RELATING TO MERGERS OF UCITS, MASTER-FEEDER UCITS STRUCTURES AND CROSS- BORDER NOTIFICATION
More informationmaster-feeder structures: made in luxembourg UCITS IV
master-feeder structures: made in luxembourg UCITS IV What is a master-feeder structure? One of the main features of the UCITS IV Directive is the master-feeder structure, which provides for pooling of
More informationUCITS IV: Management Companies, and passports. February 2011
February 2011 This briefing paper sets out the new provisions which will apply to UCITS Management Companies, explains how the passport is now designed to work, and summarises the changes made to the long
More informationICAV - the New Irish Collective Asset-management Vehicle Mark Browne Dechert LLP
ICAV - the New Irish Collective Asset-management Vehicle Mark Browne Dechert LLP Ireland enacted legislation earlier this year which provides for a new type of corporate fund the Irish Collective Assetmanagement
More informationPackaged Retail Investment Products Draft Position paper following The European Commission PRIPs Workshop, Brussels, 22 October 2009
Packaged Retail Investment Products Draft Position paper following The European Commission PRIPs Workshop, Brussels, 22 October 2009 Executive Summary * We strongly support the new horizontal approach
More informationPublic consultation on Building a Capital Markets Union COM/2015/63 green paper
Public consultation on Building a Capital Markets Union COM/2015/63 green paper Jelena Soskic European Policy Advisor jso@danskerhverv.dk phone: +32 486 03 04 53 The Danish Chamber of Commerce welcomes
More informationEFAMA response to the Commission s Call for Evidence on Directive 1997/9/EC on Investor-Compensation Schemes
EFAMA response to the Commission s Call for Evidence on Directive 1997/9/EC on Investor-Compensation Schemes EFAMA s Register ID number: 3373670692-24 Introduction EFAMA 1 is grateful to the European Commission
More informationCOMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE
EN EN EN EUROPEAN COMMISSION Brussels, COM(2010) COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE Removing cross-border tax obstacles
More informationCESR Consultation Paper on UCITS Management Company Passport
News Bulletin October 24, 2008 CESR Consultation Paper on UCITS Management Company Passport Background On 30 th September 2008, the Committee of European Securities Regulators ( CESR ) issued a consultation
More informationOn behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY
Date: 9 August 2011 On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY Interest Representative Register ID: 60975211600-74 Subject: To: Response
More informationREPORT ON FUNDS OF HEDGE FUNDS
REPORT ON FUNDS OF HEDGE FUNDS FINAL REPORT REPORT OF THE TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS JUNE 2008 REPORT ON FUNDS OF HEDGE FUNDS Table of Contents Page
More informationThe Alternative Investment Fund Managers Directive ( AIFMD )
The Alternative Investment Fund Managers Directive ( AIFMD ) The alternative investment funds industry is shortly to be subject to European authorisation and conduct of business requirements for the first
More information(Legislative acts) DIRECTIVES
1.7.2011 Official Journal of the European Union L 174/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund
More informationPWC. The retailisation of non-harmonised investment funds in the European Union (ETD/2007/IM/G4/95)
The retailisation of non-harmonised investment funds in the European Union (ETD/2007/IM/G4/95) Prepared for European Commission DG Internal Market and Services October 2008 PWC PricewaterhouseCoopers Luxembourg
More informationAFIC S RESPONSE TO THE REPORT OF THE ALTERNATIVE INVESTMENT EXPERT GROUP RELATING TO EUROPEAN PRIVATE EQUITY
AFIC S RESPONSE TO THE REPORT OF THE ALTERNATIVE INVESTMENT EXPERT GROUP RELATING TO EUROPEAN PRIVATE EQUITY The French Private Equity Association, the Association Française des Investisseurs en Capital
More informationAMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03
AMF Instruction Authorisation procedure for investment management companies, disclosure obligations and passporting DOC-2008-03 References: Articles 311-1 to 311-3, 311-7, 311-7-1, 313-53-1, 316-3 to 316-5,
More informationCONSULTATION ON A POSSIBLE STATUTE FOR A EUROPEAN PRIVATE COMPANY (EPC)
EUROPEAN COMMISSION Internal Market and Services DG MARKT/ 19.07.2007 CONSULTATION ON A POSSIBLE STATUTE FOR A EUROPEAN PRIVATE COMPANY (EPC) Consultation by the Services of the Internal Market Directorate
More informationOffer of Securities to Qualified Investors
Offer of Securities to Qualified Investors The Securities Law stipulates that the offer of securities to the public requires publication of a prospectus. Corporations, whose securities are offered according
More informationAsset Management in Europe: Facts and Figures. EFAMA s Second Annual Report
Asset Management in Europe: Facts and Figures EFAMA s Second Annual Report April 2009 Table of Contents 1 Key Findings... 3 2 Key Figures at end 2007... 4 3 Introduction... 5 3.1 The EFAMA s Annual Asset
More informationEUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW
14/05/12 EUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW London Stock Exchange Group s additional responses to the consultation on the future of European company law. The London
More informationCONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL FUNDS (EUVECA) AND EUROPEAN SOCIAL ENTREPRENEURSHIP FUNDS (EUSEF) REGULATIONS
EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union FINANCIAL MARKETS Asset management CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL
More informationIreland as an International Fund Domicile
Ireland as an International Fund Domicile Law Firm of the Year: Republic of Ireland, European Awards 2011, The Lawyer One of the most innovative law firms in Europe and the only Irish law firm to be commended
More informationKey Points. Ref.:EBF_007865E. Brussels, 09 May 2014
Ref.:EBF_007865E Brussels, 09 May 2014 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association countries.
More informationRegister ID number: 3373670692 24
EFAMA reply to European Commission consultation paper on Central Securities Depositories (CSDs) and on the Harmonisation of Certain Aspects of Securities Settlement in the European Union Register ID number:
More information1. CURRENT TRENDS 2. THE ROLE OF E-COMMERCE IN PROMOTING ACCESS TO FINANCIAL SERVICES 3. OBSTACLES TO E-COMMERCE FOR CREDIT PROVIDERS
Consultation response on the future of Electronic Commerce in the Internal Market and the implementation of the Directive on Electronic Commerce (2000/31/EC) October 2010 EXECUTIVE SUMMARY 1. CURRENT TRENDS
More informationTax-free. Welcome to the geography of tax avoidance. 1 Tax-free profits
Tax-free profits Welcome to the geography of tax avoidance 1 Tax-free profits International investment flows are often concentrated in countries with relatively small economies. Why? Welcome to the world
More informationBriefing Note: The European Venture Capital Fund and European Social Entrepreneurship Fund Regulations
Briefing Note: The European Venture Capital Fund and European Social Entrepreneurship Fund Introduction The European Venture Capital Fund ( EuVECA ) regulation and the ( EuSEF ) regulation (collectively,
More informationAFG would like to stress an important issue which is the way entities enter into these operations.
AGA n 4342/Div FSB Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland Paris, 15 December 2014 AFG response to the FSB s consultation on Strengthening
More informationPUBLIC CONSULTATION 1. INTRODUCTION
PUBLIC CONSULTATION ON LIMITATION PERIODS FOR COMPENSATION CLAIMS OF VICTIMS OF CROSS-BORDER ROAD TRAFFIC ACCIDENTS IN THE EUROPEAN UNION 1. INTRODUCTION For more than 10 years the European Union has developed
More informationPensionsEurope position paper on personal pension products
March 2014 PensionsEurope position paper on personal pension products About PensionsEurope PensionsEurope represents national associations of pension funds and similar institutions for workplace pensions.
More informationQ&A for changes to Vanguard s Ireland-domiciled fund range
Q&A for changes to Vanguard s Ireland-domiciled fund range As we broaden our presence in Europe, we are able to enhance our product suite by reducing costs and introducing a new share class structure designed
More informationPUBLIC CONSULTATION 1. INTRODUCTION
PUBLIC CONSULTATION ON LIMITATION PERIODS FOR COMPENSATION CLAIMS OF VICTIMS OF CROSS-BORDER ROAD TRAFFIC ACCIDENTS IN THE EUROPEAN UNION 1. INTRODUCTION For more than 10 years the European Union has developed
More informationInvestment Management OUR INVESTMENT MANAGEMENT CAPABILITIES B S P BONN STEICHEN & PARTNERS
Investment Management OUR INVESTMENT MANAGEMENT CAPABILITIES B S P BONN STEICHEN & PARTNERS The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead
More informationProperty authorised investment funds (PAIFs) where are we going?
Funds and Indirect Real Estate briefing May 2013 Property authorised investment funds (PAIFs) where are we going? Summary and implications The Government introduced tax breaks for UK property funds in
More informationCOMMISSION STAFF WORKING DOCUMENT. on the implementation of the definitive VAT regime for intra-eu trade
EUROPEAN COMMISSION Brussels, 29.10.2014 SWD(2014) 338 final COMMISSION STAFF WORKING DOCUMENT on the implementation of the definitive VAT regime for intra-eu trade EN EN 1. INTRODUCTION In international
More informationOUTSOURCING, HOSTING AND DATA PRIVACY ISSUES
OUTSOURCING, HOSTING AND DATA PRIVACY ISSUES 4 April 2013 James Castro-Edwards Solicitor Monica Salgado Advogada / Portuguese Lawyer OUR TEAM Speechly Bircham is an ambitious, full-service law firm with
More informationHSBC Securities Services: UK Tax Transparent Funds for Insurers
HSBC Securities Services: UK Tax Transparent Funds for Insurers Global Banking and Markets Cutting complexity to enhance growth The introduction of a UK domicile Tax Transparent Fund, also known as the
More informationSupplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)
Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC
More informationThe Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation Introduction Key requirements Scope Reuse requirements UCITS and AIF disclosure requirements Consequences of noncompliance Implementation timetable Introduction
More informationTransaction Reporting - What is Changing Under MiFID II
MiFID II Understanding and Practical Preparation Transaction Reporting - What is Changing Under MiFID II Transaction Reporting This paper forms part of MiFID II: understanding and practical preparation
More informationTHE COMMITTEE OF EUROPEAN SECURITIES REGULATORS. Consultation paper on UCITS Management Company Passport. September 2008 CESR/08-748
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/08-748 Consultation paper on UCITS Management Company Passport September 2008 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.: 33.(0).1.58.36.43.21
More informationHow To Choose An Exchange Traded Fund
ETFs and Tax Paul Amery, Moderator Editor www.indexuniverse.eu Yvonne Kunihira-Davidson, Panelist Director Burt, Staples & Maner LLP Nathan Hall, Panelist Partner KPMG Dan Draper, Panelist Global Head
More informationwww.pwc.ru/capital-markets Guide to listing of debt on European stock exchanges
www.pwc.ru/capital-markets Guide to listing of debt on European stock exchanges 2 PwC A number of European stock exchanges have become major centres for listing debt securities. The London, Irish and Luxembourg
More informationThe new EU Clinical Trials Regulation How NHS research and patients will benefit
the voice of the NHS in Europe Briefing September 2014 Issue 19 The new EU Clinical Trials Regulation How NHS research and patients will benefit Who should read this briefing? This briefing will be of
More informationCOMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document
EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament
More informationCESR Level 3 Guidelines on MiFID Transaction reporting
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/07-301 CESR Level 3 Guidelines on MiFID Transaction reporting May 2007 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.: 33.(0).1.58.36.43.21
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationARE THE POINTS OF SINGLE CONTACT TRULY MAKING THINGS EASIER FOR EUROPEAN COMPANIES?
ARE THE POINTS OF SINGLE CONTACT TRULY MAKING THINGS EASIER FOR EUROPEAN COMPANIES? SERVICES DIRECTIVE IMPLEMENTATION REPORT NOVEMBER 2011 EUROPEAN COMPANIES WANT WELL-FUNCTIONING POINTS OF SINGLE CONTACT
More informationDEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP
European Funds Practice DEFINITIVE ADVICE PRACTICAL GUIDANCE POWERFUL ADVOCACY LLP European Funds Practice Dechert s international Financial Services Practice features an industry-leading group of experienced
More informationThe Benefits of a Working European Retail Market for Financial Services
EFR Study Benefits of a Working EU Market for Financial Services 1 Friedrich Heinemann Mathias Jopp The Benefits of a Working European Retail Market for Financial Services Report to European Financial
More informationPublic consultation on Building a Capital Markets Union
Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green
More informationHSBC Global Investment Funds. Global Fund Solutions
HSBC Global Investment Funds Global Fund Solutions Introduction At HSBC Global Asset Management, we bring you the best of what our multi-specialist investment teams have to offer. HSBC Global Investment
More informationCross-border distribution of collective investment schemes
Cross-border distribution of collective investment schemes www.practicallaw.com/8-525-9194 Christophe Rapin, Alexander Vogel, Christophe Pétermann and Reto Luthiger In February 2012 there were 1,388 Swiss
More informationInterest Representative Register ID number: 5437826103-53. 10 August 2011. By email to: Markt-g4@ec.europa.eu. Dear Sir/Madam
Interest Representative Register ID number: 5437826103-53 10 August 2011 By email to: Markt-g4@ec.europa.eu Dear Sir/Madam A New European Regime for Venture Capital IMA represents the UK-based investment
More informationCONSULTATION DOCUMENT
EUROPEAN COMMISSION Directorate General Internal Market and Services FINANCIAL MARKETS Securities Markets Brussels, 10 April 2014 Disclaimer CONSULTATION DOCUMENT FX FINANCIAL INSTRUMENTS This document
More informationAgainst this background, would like to emphasise the following points:
Frankfurt am Main, 31 August 2012 BVI s Position Paper on the Commission s Proposal for a Directive of the European Parliament and of the Council amending the Directive 2009/65/EC (UCITS V) BVI 1 welcomes
More informationListing of Shares on the Luxembourg Stock Exchange
Listing of Shares on the Luxembourg Stock Exchange The firm in brief Elvinger, Hoss & Prussen, leaders in their fields since 1964, has broad experience of working on all kinds of capital market transactions
More informationRegulations affecting data management
ON THE RADAR: Regulations affecting data management Jacob Gertel, Senior Project Manager Legal & Compliance SIX Financial Information Today s focus: laws, regulations & directives relevant for you UCITS
More informationInvestment Funds in Luxembourg
SEPTEMBER 2007!@# Investment Funds in Luxembourg A TECHNICAL GUIDE Investment Funds in Luxembourg A Technical Guide September 2007!@# Contents Foreword 4 Preface 5 Overview of the Guide 7 1. Regulations
More informationHOW TO SET UP A GIBRALTAR EXPERIENCED INVESTOR FUND
HOW TO SET UP A GIBRALTAR EXPERIENCED INVESTOR FUND [2 nd Edition, June 2013] When taking the decision to establish an Experienced Investor Fund ( EIF ) in Gibraltar, various matters require consideration.
More informationAsset Management in Europe
May 2012 Asset Management in Europe Facts and Figures 5 th ANNUAL REVIEW Table of Contents Key Findings... 2 Key Figures... 3 1 The EFAMA Annual Asset Management Report... 4 2 AuM, Employment and Industrial
More informationBenefits for Collective Investment Vehicles in the EU
Volume 68, Number 6 November 5, 2012 Benefits for Collective Investment Vehicles in the EU by Petrina Smyth and Eimear Burbridge Reprinted from Tax Notes Int l, November 5, 2012, p. 581 Benefits for Collective
More informationVia E-mail and International Airmail
March 3, 2005 Via E-mail and International Airmail Mr. Fabrice Demarigny Secretary General The Committee of European Securities Regulators 11-13 avenue de Friedland Paris 75008 France Dear Mr. Demarigny:
More informationInstitutional Investors and Slovene Stocks in 2014
Institutional Investors and Slovene Stocks in 2014 Institutional Investors and Slovene Stocks in 2014 Capital markets were generally on a roller-coaster ride in 2014, with increased volatility and higher
More informationEuropean Securities Markets Expert Group
ESME read-across working group DP 1 November 2008 European Securities Markets Expert Group Differences between the Definitions of Qualified investor in the Prospectus Directive and Professional Client
More informationBCS, The Chartered Institute for IT Consultation Response to:
BCS, The Chartered Institute for IT Consultation Response to: A Comprehensive Approach to Personal Data Protection in the European Union Dated: 15 January 2011 BCS The Chartered Institute for IT First
More informationBriefing. A Guide to Investment Funds in the British Virgin Islands. Client briefing. February 2007. Anti-Money Laundering. Choice of Jurisdiction
February 2007 Briefing A Guide to Investment Funds in the British Virgin Islands BVI/IF/13776284 The success of the final product is dependant on making many decisions. Whether they are; determining the
More informationHow To Regulate Index Funds
INDEX FUNDS AND THE USE OF INDICES BY THE ASSET MANAGEMENT INDUSTRY TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2004 INDEX FUNDS AND THE USE OF INDICES BY THE
More informationPROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE
Ref. Ares(2010)892960-02/12/2010 PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE ON POSSIBLE LEVEL 2 MEASURES CONCERNING THE FUTURE DIRECTIVE ON ALTERNATIVE INVESTMENT FUND MANAGERS Table of Contents
More informationAGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris
AGA - n 4205_01/Div. ESMA 103 Rue de Grenelle 75007 Paris Paris, 30 January 2014 AFG comments to ESMA s consultation paper on the Revision of the provisions on diversification of collateral in ESMA s guidelines
More informationAlternative Asset Management Carlos Arenillas Vice-Chairman Comisión Nacional Mercado de Valores (CNMV) Spain
Alternative Asset Management Carlos Arenillas Vice-Chairman Comisión Nacional Mercado de Valores (CNMV) Spain 1 Brussels, October 2005 Index 1. Hedge funds: what are we talking about? 2. Remembering some
More informationPOLICY. Client classification. LAST UPDATED March 2014. Client classification policy March 2014 1
POLICY Client classification LAST UPDATED March 2014 1 Client classification policy Table of contents TABLE OF CONTENTS 2 1. OUTLINE OF THE MIFID 3 1.1. MiFID s aims 3 1.2. MiFID s scope 3 1.2.1. Investment
More informationA Guide to MiFID Investment Services in Ireland
A Guide to MiFID Investment Services in Ireland Contents Heading Contents Heading Page x MiFID Background Page 2 Application of MiFID in Ireland Page 4 Does your business come within the scope of the MiFID
More informationROMANIAN MUTUAL FUNDS ASSETS PARENTED BY ASSET MANAGEMENT BANKING COMPANIES DURING 2008-2013
ROMANIAN MUTUAL FUNDS ASSETS PARENTED BY ASSET MANAGEMENT BANKING COMPANIES DURING 2008-2013 Ioana POP-RADU Babes-Bolyai University, Doctoral School of the Faculty of Economic Sciences and Business Administration
More informationEuropean Demand for US Listed Equity Options Andy Nybo
European Demand for US Listed Equity Options Andy Nybo V09:029 September 2011 www.tabbgroup.com TABB Group Credit Default Swaps: Industry Projections March 2009 1 Executive Summary European investors believe
More informationInternational Tax Alert
Global Insights A Review of Key Regulatory Issues Impacting International Tax Practices European Union: German dividend withholding tax violates the principle of free movement of capital (ECJ, October
More informationSBA response to the Commission s Green Paper on the Capital Markets Union
SBA response to the Commission s Green Paper on the Capital Markets Union Introduction Below you will find responses from the Swiss Bankers Association (SBA) to some of the questions in the Green paper
More informationWORKING DOCUMENT DG MARKT SERVICES INITIAL ORIENTATIONS OF POSSIBLE ADJUSTMENTS TO UCITS DIRECTIVE (85/611/EEC) OVERVIEW OF KEY FEATURES
EUROPEAN COMMISSION Internal Market and Services DG WORKING DOCUMENT DG MARKT SERVICES INITIAL ORIENTATIONS OF POSSIBLE ADJUSTMENTS TO UCITS DIRECTIVE (85/611/EEC) OVERVIEW OF KEY FEATURES Important note:
More informationFBF position paper on the European Commission's proposal for a Directive on bank accounts ****
Paris, June 2013 FBF position paper on the European Commission's proposal for a Directive on bank accounts The French Banking Federation (FBF) is the professional body that represents all banks operating
More informationNovember 2011. Alternative Investment Fund Managers Directive (AIFMD) Frequently Asked Questions (FAQs)
November 2011 Alternative Investment Fund Managers Directive (AIFMD) Frequently Asked Questions (FAQs) Contents Scope In a nutshell, what is the AIFMD? 3 Who is subject to the AIFMD? 3 Can an Alternative
More informationEuroFinuse Response to Giegold - PRIPs Regulation and Its Impact on Retail
EuroFinuse Response to Sven Giegold MEP Call for Input on UCITS, PRIPs and IMD Legislation The European Federation of Financial Services Users (EuroFinuse) is deeply involved in the discussions on the
More informationSetting up a Gibraltar Asset Management Company
Setting up a Gibraltar Asset Management Company 1. Why choose Gibraltar as a jurisdiction in which to set up an asset management company Gibraltar is within the European Union Regulated in accordance with
More informationUCITS and Non-UCITS Funds in Ireland
Integrity Contents» Introduction 01» Why choose Ireland as a Fund Domicile? 02» Fund Structures in Ireland 02» UCITS Funds 03» Non-UCITS Funds 04» Specific Categories of Non-UCITS Funds 05» Approval, Regulation
More informationwww.pwc.com/lu/asset-management
www.pwc.com/lu/asset-management UCITS Quick Reference Guide Applicable legal framework As from 1 July 2011, Luxembourg UCITS funds are subject to the following main laws and regulations: Part I and Part
More informationMutual Insurance in Figures. Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM
Mutual Insurance in Figures Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM Disclaimer AISAM 2007 all rights reserved The entire content of this AISAM-statistics
More informationGreen Paper of the European Commission on Long-Term Financing of the Economy
June 2013 Green Paper of the European Commission on Long-Term Financing of the Economy Reply of NASDAQ OMX The NASDAQ OMX Group, Inc. delivers trading, exchange technology and public company services across
More informationConsultation Paper. ESMA Guidelines on Alternative Performance Measures. 13 February 2014 ESMA/2014/175
Consultation Paper ESMA Guidelines on Alternative Performance Measures 13 February 2014 ESMA/2014/175 Date: 13 February 2014 ESMA/2014/175 Responding to this paper The European Securities and Markets Authority
More informationNavigating the Regulatory Maze. AIFMD Impact on Service Providers
www.pwc.com Navigating the Regulatory Maze Navigating the Regulatory Maze AIFMD Impact on Service Providers January 2011 AIFMD Impact on Service Providers The Alternative Investment Fund Managers Directive
More informationHOW SMALLER COMPANIES NETWORK: LINKING FINANCE WITH REGIONAL DEVELOPMENT
HOW SMALLER COMPANIES NETWORK: LINKING FINANCE WITH REGIONAL DEVELOPMENT S ABINE DÖRRY E UROPEAN INVESTMENT BANK, 24 FEBRUARY 2015 2 OUTLINE 1. Introduction: Finance and Innovation 2. Relational economic
More informationZEW OEE. Current Trends in the European Asset Management Industry Lot 1. Report. Zentrum für Europäische Wirtschaftsforschung GmbH
OEE Observatoire de l'epargne Européenne ZEW Zentrum für Europäische Wirtschaftsforschung GmbH Current Trends in the European Asset Management Industry Lot 1 Service Contract ETD/2005/IM/G4/97 Report Zentrum
More informationEUROPEAN CENTRAL BANK
19.2.2013 Official Journal of the European Union C 47/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 24 May 2012 on a draft Commission delegated regulation supplementing
More informationQUESTIONNAIRE ON CONTRACT RULES FOR ONLINE PURCHASES OF DIGITAL CONTENT AND TANGIBLE GOODS
QUESTIONNAIRE ON CONTRACT RULES FOR ONLINE PURCHASES OF DIGITAL CONTENT AND TANGIBLE GOODS Information about the respondent 1. Please enter your full name OR the name of the organisation / company / institution
More informationEurope. NEW OPPORTUNITIES FOR DIVIDEND WITHHOLDING TAX REFUNDS EU / EEA Tax Exempt Entities Handbook
Europe NEW OPPORTUNITIES FOR DIVIDEND WITHHOLDING TAX REFUNDS EU / EEA Tax Exempt Entities Handbook 3rd Edition April 2012 I n t r o d u c t i o n We are pleased to present the third edition of this handbook,
More informationA new European regime for Venture Capital
Public Consultation Staff working paper A new European regime for Venture Capital Consultation document Important notice: this document is a staff working paper of D. G. Internal Market and Services for
More informationFROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP
FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for
More informationResponse from the Danish FSA regarding the consultation on the Review of the Insurance Mediation Directive (IMD)
European Commission DG Internal Market and Services B- 1049 Brussels 2 March 2011 Response from the Danish FSA regarding the consultation on the Review of the Insurance Mediation Directive (IMD) The Danish
More informationGlobal Client Group The Gateway to AWM
Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner
More informationRECOMMENDATIONS by THE COMPANY LAW SLIM WORKING GROUP on THE SIMPLIFICATION OF THE FIRST AND SECOND COMPANY LAW DIRECTIVES
RECOMMENDATIONS by THE COMPANY LAW SLIM WORKING GROUP on THE SIMPLIFICATION OF THE FIRST AND SECOND COMPANY LAW DIRECTIVES Conclusions submitted by the Company Law Slim Working Group I. FIRST COUNCIL DIRECTIVE
More information