UCITS IV: Management Companies, and passports. February 2011

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "UCITS IV: Management Companies, and passports. February 2011"

Transcription

1 February 2011

2 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 established UCITS product passport which aim to make the notification procedures for the crossborder marketing of funds more efficient. The UK has long established and comprehensive regulation of management companies for UCITS (and other types of funds) and has always supported the idea of a UCITS passport but, even so, introduction of the UCITS IV changes will have an impact on UK authorised fund managers, whether or not they in fact exercise either of the passports which will be available for the or for UCITS funds they manage. equirements for all UCITS management companies There are new requirements in the recast UCITS Directive which affect all UCITS management companies, irrespective of whether or not they wish to exercise the passport: prudential and organisational requirements In effect the existing SYSC provisions, which are currently, will become rules. Consequently it is thought likely that the practical effect for many UCITS management companies will be relatively light in the UK. UK firms generally already comply with these provisions (which are equivalent to the comparable MiFID provisions) whereas, in other EU Member States, it may well be that the management companies do not already comply with these provisions. UK authorised fund managers will need to check the new FSA provisions which it intends to insert in a new column in the Table of Applications in Annex 1 of SYSC 1 regarding organisational structure and decision making procedures; internal control arrangements; internal reporting and communication arrangements; staffing and management issues; and maintaining adequate and orderly records of such business and internal organisation. For your ease of reference, a copy of the table is attached to this briefing paper. Of course, for many, there is a delegation by the UCITS to an investment manager or other delegates. Note that, to prevent a mere letterbox presence of a, a new provision on delegation will be introduced, specific to the UCITS Directive, whereby a management company wishing to outsource must ensure that it retains enough resources and expertise to be able to oversee its delegate effectively. The FSA will expect a notification to be made before any delegation arrangement is put in place (and SUP is to be amended accordingly). In addition to the changes to the SYSC provisions, there are new provisions proposed in COLL 6.10 relating to the responsibilities of senior management to have effective control and oversight of the business, in particular as regards oversight of the implementation of investment objectives and strategies of each UCITS; ensuring there is a permanent and effective compliance function; and approval of the risk management policy for each UCITS (on which we comment further below). conduct of business requirements Again, although the provisions relating to inducements, best execution, aggregation and allocation of orders, personal account dealing and reporting of client orders are very familiar to UK fund managers, they may be unfamiliar to management companies established in other jurisdictions. It is thought that, under the FSA s COBS rules, relatively little change is required and so the UCITS IV changes should have relatively little impact on UK authorised fund managers. There will be some clarification so as to ensure application of the UCITS IV provisions properly for example, so that the inducement rules and best execution rules apply at the level of the UCITS scheme treating the UCITS scheme as the relevant client. UK firms will be very familiar with much of the relevant detail, the new UCITS provisions being derived in the main from the equivalent MiFID measures. There are a few new requirements which do not derive from MiFID, for example regarding standards of due diligence, exercise of voting rights, recording of transactions and fair treatment of unitholders, and the FSA propose to insert a new section in COLL at 6.6A covering these matters. The fair treatment of unitholders will now derive from the UCITS Directive wording but, given that it would automatically apply for a unit trust and that our open ended investment companies are unit trusts in corporate form, in practical terms this is unlikely to have any real impact. 1

3 risk management requirements The requirements for revised risk management processes will be the one area where UK authorised fund managers will have to consider substantive changes to their arrangements. The new requirements concern the risk management process for the company s organisation and procedures, and the way in which it monitors specific schemes. Management companies must establish and maintain a permanent risk management function which must be hierarchically and functionally independent from operating units. A must be able to demonstrate that appropriate safeguards against conflicts of interest have been adopted so as to allow an independent performance of risk management activities and that its risk management processes satisfy the requirements of UCITS Directive. The new provisions which are made in respect of Article 51(1) of the UCITS Directive will effectively replace the existing Commission ecommendation on the use of Financial Derivative Instruments by UCITS schemes. There will be various detailed changes to transpose the new provisions relating to valuation of OTC derivatives and exposures created by, and the cover required for, derivative and forward transactions. Certain matters though will still await some further European level work. For example, with the problematic options for using either the commitment approach or the value at risk approach, the FSA currently do not propose to include other advanced risk measurement methodologies because any such methodologies would first need to be approved by the European Securities and Markets Authority (ESMA) and it would seem premature to anticipate their work. Aside from the risk management issues relating to such investment matters there are new provisions proposed for COLL 6.11 and 6.12 designed to reflect the UCITS requirements for a risk management function which should be independent where this is proportionate in view of the size of the organisation and adequately resourced - and to bring together the existing UCITS III risk management process requirements with some new material on the necessary elements of the risk management process and measurement of risk, with stress testing and back testing as appropriate. Note that the FSA indicate in their Consultation that these provisions under Article 51(1) replace the current Commission ecommendation, albeit that that recommendation was made under a different Article. Despite the fact that many of the necessary arrangements will already be in place for UK management firms, it is probably inevitable there will be some considerable work in making sure that firms comply with the new provisions and introduce appropriate adjustments to their operations and procedures. Whilst much is based on the existing provisions of SYSC, COBS and COLL (derived, in respect of SYSC and COBS, from MiFID), there are some new elements notably for the distinct (and where possible independent) risk management function, identification and documentation of relevant risks, and regular reporting to senior management. Might HM Treasury and the FSA have under-estimated the costs of complying with these measures? The passport The United Kingdom has, as explained in the FSA s Compatibility Statement in the Consultation Document on Transposition of UCITS IV, consistently supported the introduction of the passport, and the FSA has confirmed that it is keen to ensure that firms are able to take full advantage of it from The interesting question may be whether, in practice, there may be more chance of management companies in other Member States (most notably in Luxembourg and Dublin) exercising the passport to manage UK authorised funds rather than UK UCITS management firms passporting out. Under the expanded UCITS IV provisions, the new passport will apply specifically to collective portfolio management, which will be distinct from any possibility of passporting individual portfolio management services etc under Article 6 of the Directive subject to the MiFID rules. The new provisions set out greater detail regarding the appropriate split of regulatory responsibilities (which is of itself something of a novelty for an EU passporting arrangement) between the regulator of the management company in its home member state and the regulator of the UCITS fund which it is appointed to manage: 2

4 the former, relating to the responsibility of the UCITS s home state, apply to all UCITS management companies, irrespective of any use of the passport, and are explained above. The measures relating to the organisation of the including delegation arrangements, risk management procedures, prudential rules and reporting requirements, and any other Level 2 measures drawn up to implement Article 12 of the recast UCITS Directive regarding prudential rules will, as explained above, apply generally to all UCITS management companies. the latter, relating to the responsibility of a UCITS fund s home member state, cover local rules relating to the constitution and functioning of the UCITS fund (which are specifically defined to include matters regarding valuation and accounting; pricing; dealing in units; investment matters; income distribution/reinvestment; disclosure and reporting requirements generally; the relationship with unitholders; marketing arrangements; any merging; restructuring or winding up or liquidation of the UCITS; exercise of unitholder voting rights or other rights in relation to these matters; and the obligations set out in the fund rules or the instruments of incorporation and in the prospectus of the UCITS fund). The UCITS fund s regulator is dealing with the concept of fund application rules. In the case of fund application rules, they will apply to the authorised fund manager of the UCITS scheme. For COLL purposes, authorised fund manager will be defined to include an EEA UCITS management company exercising an inwardly passporting right into the UK to manage a UK authorised fund. (Note that the term UCITS scheme is to be defined in the FSA lossary still to apply to a fund authorised in the UK. The term EEA UCITS scheme will be the definition which covers a UCITS fund authorised in any other EEA State.) Once the initial distinction above is achieved, there is a second set of distinctions to be made because a passporting can exercise passport rights either on a branch or services basis. This will involve some further complicated definition issues which will need to be worked through carefully. Indeed, in the HM Treasury/FSA Consultation Paper, it is mentioned that they are seeking the Commission s clarification that the responsibilities of respective regulators might overlap arising from the fact that two chapters of the Level 2 Directive are stated to be made under both Articles 12 and 14 but there is no attempt to clarify which of these measures are to be made under which Article. This is particularly of significance for branches, since Article 12 matters are for the home state and Article 14 matters are for the host state. For any fund management group considering taking advantage of the passport provisions so as to bring about a change of manager of an existing UCITS scheme, note that the Consultation Paper indicates that the FSA think that this should be treated as significant for COLL 4.3 purposes. There are particular issues for the FSA in the UK regarding: The Financial Ombudsman Service (FOS). The fact that there could be practical issues for a non-uk company cooperating with an FOS investigation or for an investor to try and enforce any award against the non-uk company which the FSA might make if it were not to pay voluntarily, could presumably be resolved under the new and rather comprehensive supervisory cooperation duties and powers. On complaints, HM Treasury and the FSA are seeking clarification on the meaning of Article 15 of the Directive and have set out a number of options for four scenarios under consideration. Management companies passporting into the UK would need to comply with UK complaints recording requirements. Clarification is being sought from the Commission regarding languages in which complaints must be allowed to be made. Financial Services Compensation Scheme (FSCS). It is proposed that the FSCS will be able to provide compensation coverage for UCITS collective portfolio management business in all cases where the UCITS scheme is authorised by the FSA, irrespective of the place of origin of its, which would mean that incoming EEA UCITS management companies would be subject to the relevant FSCS levies. 3

5 Whilst therefore it now seems that there is a political will and some detail in the specific provisions which can enable the UCITS management passport to become operable, it will be interesting to see how fund management groups wish to exercise the passport right and how some of the detailed provisions might effectively be operated in practice as we move towards implementation of UCITS IV. It may be that there will be a rather slow and cautious uptake of this possibility. Simplified notification for the UCITS product passport The product passport is well established and much used. UCITS IV will though achieve a simplification of the notification process. In future a standard form of notification must be made to the regulator of the home member state of the UCITS scheme and it will then transmit the documents to the regulators of the relevant host member states. The home regulator must do this within ten working days of the date of receipt of the notification with complete documentation. The home regulator will inform the UCITS operator once it has transmitted the file and the UCITS can begin to market in that relevant market at once, without the prior approval of the host member state s regulator. Each member state will be required to publish by electronic means complete information about the local marketing rules in its territory and will not be able to raise questions about Directive required documentation, such as the KII, the prospectus or the reports of the fund. Note that there is a need to update the documentation provided. This will remain a matter which the UCITS must notify to each host member state directly but, given that the main issues have arisen on the initial registration of funds, this is more a procedural issue than an obstacle and so should continue to cause no difficulty. Implementation measures These provisions should be implemented by 1 July 2011 and indeed certain of the Commission egulations will apply automatically with force of law from 1 July 2011 and do not need to be considered as a separate implementation by member states. Whether or not fund managers decide to take advantage of the new provisions for passporting will of course be a matter of choice. The matter for general attention though will be the new requirements for prudential and organisational issues, conduct of business and risk management requirements for all UCITS management companies. Whilst the UK is ahead of the game on regulating UCITS management companies, the need for adjustments to an existing regime can sometimes be more difficult than implementing a new regime. UK based authorised fund managers will need to consider the necessary alterations to their procedures carefully so they are fully compliant by 1 July The translation arrangements have also been made simpler. The notification etc can be in a language customary in the sphere of international finance, which would include English and so avoid the need for translation into official languages of the host member states. English language versions will be acceptable in all member states although there will be a requirement to translate the key investor information document unless the use of English in that document is approved by the host state regulator. The combination of these arrangements should ensure that some of the obstacles which have occurred in the past in exercising the product passport rights should be removed, and make the process easier, quicker, cheaper and more efficient. 4

6 Table of Applications in Annex 1 of SYSC 1 Part 3 Table summarising the application of the common platform requirements to different types of firm 3.1 The common platform requirements apply in the following two three ways (subject to the provisions in Part 2 of this Annex) 3.2A For a, they apply in accordance with Column A+ in the table below. + SYSC 4 common other than to a UCITS investment firm SYSC ule but SYSC (2) applies only to a BIPU firm ule but SYSC (2) applies only to a BIPU firm SYSC ule ule for a UCITS investment SYSC 4.1.2A for a UCITS firm; not applicable to a UCITS investment firm ll other firms apart from ule but SYSC (2) applies only to a third country BIPU firm SYSC 4.1.2B ule SYSC 4.1.2C ule SYSC ule applies only to a BIPU firm ule for a UCITS investment firm; otherwise not applicable SYSC ule ule (1) and (3) (2) ule SYSC 4.1.4A SYSC ule applies only to a MiFID investment firm ule SYSC ule ule for a UCITS investment SYSC ule ule SYSC 4.1.7A SYSC SYSC ule ule SYSC ule ule except reference to SYSC which does not apply to these firms SYSC A SYSC SYSC ule ule UK branch of non-eea bank ule applies Other firms 5

7 + SYSC 4 common other than to a UCITS investment firm SYSC 4.2.1A ll other firms apart from SYSC ule ule UK branch of a non-eea bank ule applies SYSC Other firms this provision does not apply UK branch of a non-eea bank Other firms these provisions do not apply SYSC ule ule for a UCITS investment firm; otherwise not applicable UK branch of a non-eea bank ule applies Other firms this provision does not apply SYSC ule ule ule (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) SYSC ule ule (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) SYSC 4.3.2A (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) SYSC (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) SYSC ule applies this section only to: (1) an authorised professional firm in respect of its non-mainstream regulated activities unless the firm is also conducting other regulated activities and has appointed approved persons to perform the governing functions with equivalent responsibilities for the firm s non-mainstream regulated activities and other regulated activities; (2) activities carried on by a firm whose principal purpose is to carry on activities other than regulated activities and which is: (a) an oil market participant; (b) a service company; (c) an energy market participant; (d) a wholly-owned subsidiary of: 6

8 + SYSC 4 common other than to a UCITS investment firm ll other firms apart from SYSC (e) a firm with permission to carry on insurance mediation activity in relation to a non-investment insurance contracts but no other regulated activity; (3) an incoming Treaty firm, an incoming EEA firm and a UCITS qualifier, (but only SYSC (2) applies for these firms); and (4) a sole trader, but only if he employs any person who is required to be approved under section 59 of the Act (Approval for particular arrangements). SYSC only applying to the firms specified in SYSC SYSC ule only applying to the firms specified in SYSC SYSC only applying to the firms specified in SYSC SYSC ule only applying to the firms specified in SYSC SYSC 5 common ll other firms apart from SYSC ule ule ule SYSC SYSC SYSC SYSC SYSC 5.1.5A SYSC ule ule SYSC ule ule for a UCITS investment firm, otherwise SYSC 5.1.7A to a UCITS investment firm, otherwise SYSC SYSC SYSC

9 + SYSC 5 common ll other firms apart from SYSC SYSC ule ule ule SYSC A SYSC ule ule ule SYSC ule ule SYSC SYSC 6 common SYSC ule ule ule SYSC ule ule SYSC 6.1.2A SYSC ule ule SYSC 6.1.3A ll other firms apart from This provision shall be read with the following additional sentence at the start. Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate compliance function. Where a firm has a separate compliance function, the firm should also take into account and as. SYSC ule ule (1) (2) (3) (2) ule for firms which carry on designated investment business with or for retail clients or professional clients. for all other firms. SYSC A SYSC 6.1.4A ule for firms which carry on designated investment business with or for retail clients or professional clients. SYSC ule ule investment services and activities shall be read as financial services and activities 8

10 + SYSC 6 common SYSC SYSC ule ule SYSC 6.2.1A SYSC SYSC ule ule ule SYSC SYSC ule ule ule SYSC SYSC SYSC SYSC SYSC ule ule ule SYSC ule ule ule SYSC ll other firms apart from + SYSC 7 common SYSC ll other firms apart from SYSC ule ule for a UCITS investment firm, otherwise SYSC 7.1.2A to a UCITS investment firm, otherwise SYSC 7.1.2B SYSC ule ule for a UCITS investment firm, otherwise SYSC ule ule for a UCITS investment firm, otherwise SYSC 7.1.4A to a UCITS investment firm, otherwise SYSC ule ule for a UCITS investment firm, otherwise SYSC ule ule for a UCITS investment firm, otherwise SYSC ule ule for a UCITS investment firm, otherwise SYSC 7.1.7A to a UCITS investment firm, otherwise 9

11 + SYSC 7 common ll other firms apart from SYSC 7.17B applies only to a BIPU firm for a UCITS investment firm; otherwise SYSC (1), (2) (1) applies only to a BIPU firm (2) for a UCITS investment firm; otherwise (1) (2) SYSC ule applies only to a BIPU firm ule for a UCITS investment SYSC ule applies only to a BIPU firm ule for a UCITS investment SYSC ule applies only to a BIPU firm ule for a UCITS investment SYSC applies only to a BIPU firm for a UCITS investment firm; otherwise SYSC ule applies only to a BIPU firm ule for a UCITS investment + SYSC 8 common SYSC ule ule for a UCITS investment SYSC 8.1.1A to a UCITS investment firm; otherwise ll other firms apart from SYSC SYSC SYSC ule ule for a UCITS investment SYSC ule ule for a UCITS investment SYSC 8.1.5A to a UCITS investment firm; otherwise SYSC ule ule ule SYSC ule ule for a UCITS investment SYSC ule ule for a UCITS investment SYSC ule ule for a UCITS investment 10

12 + SYSC 8 common ll other firms apart from SYSC ule ule for a UCITS investment SYSC ule ule for a UCITS investment SYSC A SYSC SYSC SYSC to a UCITS investment firm; otherwise ule SYSC 8.2. MiFID investment firms only UCITS investment firm only SYSC 8.3. MiFID investment firms only UCITS investment firm only + SYSC 9 common SYSC ule ule ule ll other firms apart from SYSC ule applies only in relation to MiFID business ule applies only in relation to MiFID business of a UCITS investment firm SYSC rules applies only in relation to MidFID business ule applies only in relation to MiFID business of a UCITS investment firm SYSC SYSC SYSC SYSC applies only in relation to MiFID business applies only in relation to MiFID business of a UCITS investment firm 11

13 + SYSC 10 common ll other firms apart from SYSC SYSC SYSC SYSC SYSC A SYSC SYSC SYSC A SYSC SYSC SYSC A SYSC SYSC SYSC SYSC A ule ule ule ule ule ule ule ule but applies as a rule in relation to the production or arrangement of production of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 ule ule but applies as a rule in relation to the production or arrangement of production of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 ule ule ule ule ule ule ule ule ule ule ule but applies as a rule in relation to the production or arrangement of production of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 ule ule but applies as a rule in relation to the production or arrangement of production of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS

14 + SYSC 10 SYSC SYSC common for SYSC ; not applicable for SYSC SYSC ll other firms apart from SYSC SYSC SYSC SYSC SYSC SYSC SYSC SYSC SYSC SYSC ule ule ule ule ule ule ule ule ule ule ule ule ule ule SYSC 13

15 Contacts Kirstene Baillie Partner t: +44 (0) e: This publication is not a substitute for detailed advice on specific transactions and should not be taken as providing legal advice on any of the topics discussed. Copyright Field Fisher Waterhouse LLP All rights reserved. Field Fisher Waterhouse LLP is a limited liability partnership registered in England and Wales with registered number OC318472, which is regulated by the Solicitors egulation Authority. A list of members and their professional qualifications is available for inspection at its registered office, 35 Vine Street London EC3N 2AA. We use the word partner to refer to a member of Field Fisher Waterhouse LLP, or an employee or consultant with equivalent standing and qualifications.

Operational Risk. The new FSA requirements. Contents. February 2004

Operational Risk. The new FSA requirements. Contents. February 2004 Operational Risk The new FSA requirements February 2004 Contents Purpose Definition of OR by FSA Factors to take into account Business functions within a company with individual OR plans for their function

More information

MiFID, COBS and Corporate Finance

MiFID, COBS and Corporate Finance MiFID, COBS and Corporate Finance November 2007 Contents - Introduction - Principles-based regulation - MiFID scope and non-mifid scope business - Provisions common to MiFID-scope and non MiFID-scope business

More information

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

More information

Preparing to become a Hedge Fund/Open-ended Fund AIFM. May 2013. March2013. Preparing to become an AIFM 1

Preparing to become a Hedge Fund/Open-ended Fund AIFM. May 2013. March2013. Preparing to become an AIFM 1 Preparing to become a Hedge Fund/Open-ended Fund AIFM May 2013 March2013 Preparing to become an AIFM 1 Complying with AIFMD We are pleased that the text of the implementing measures has been published.

More information

Investment Funds sourcebook. Chapter 3. Requirements for alternative investment fund managers

Investment Funds sourcebook. Chapter 3. Requirements for alternative investment fund managers Investment Funds sourcebook Chapter equirements for alternative investment fund FUND : equirements for Section.7 : isk management.7 isk management.7.1 Application This section applies to a full-scope UK

More information

The Alternative Investment Fund Managers Directive ( AIFMD )

The 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

Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies

Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies October 2012 Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies Contents Introduction On 26 October 2012, the Commission

More information

Navigating the Regulatory Maze. AIFMD Impact on Service Providers

Navigating 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 information

This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe.

This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe. Financial Conduct Authority Factsheet No.025 Investment advisers Passporting This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe. Introduction

More information

The Collective Investment Scheme Information Guide

The Collective Investment Scheme Information Guide The Collective Investment Scheme Information uide COLL Contents The Collective Investment Scheme Information uide COLL 1A Overview 1A.1 Introduction COLL 2A European Legislation 2A.1 Introduction COLL

More information

Outsourcing by UK-based Fund Managers: Identifying and Applying the Rules

Outsourcing by UK-based Fund Managers: Identifying and Applying the Rules Outsourcing by UK-based Fund Managers: Identifying and Applying the Rules Amanda Lewis, Partner and Rosali Pretorius, Partner, Dentons 1 October 2014 UK-based fund managers must comply with increasingly

More information

Brevan Howard Asset Management LLP Pillar 3 Disclosures. Brevan Howard (2014). All Rights Reserved.

Brevan Howard Asset Management LLP Pillar 3 Disclosures. Brevan Howard (2014). All Rights Reserved. Brevan Howard Asset Management LLP Brevan Howard (2014). All Rights Reserved. Regulatory Context The following disclosures are provided pursuant to the Pillar 3 disclosure rules as laid out by the Financial

More information

Outsourcing. FSA Regulated firms (including offshore outsourcing) Contents. March 2004

Outsourcing. FSA Regulated firms (including offshore outsourcing) Contents. March 2004 Outsourcing FSA Regulated firms (including offshore outsourcing) March 2004 Contents 2. Introduction 2. How do the regulations impact an outsourcing? 3. Prudential Sourcebooks 4. Service Level Agreements

More information

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS. Consultation paper on UCITS Management Company Passport. September 2008 CESR/08-748

THE 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 information

Implementation of the AIFMD in Italy First Ground-Breaking Steps

Implementation of the AIFMD in Italy First Ground-Breaking Steps Implementation of the AIFMD in Italy First Ground-Breaking Steps September 2013 BY UGO M. GIORDANO, SOFIA DE CRISTOFARO The Alternative Investment Funds Managers Directive (the AIFMD ) and the level 2

More information

CESR Consultation Paper on UCITS Management Company Passport

CESR 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 information

osborneclarke.com The implementation of the Alternative Investment Fund Managers Directive across Europe

osborneclarke.com The implementation of the Alternative Investment Fund Managers Directive across Europe The implementation of the Alternative Investment Fund Managers Directive across Europe Contents The implementation of the Alternative Investment Fund Managers Directive across Europe 2 Implementation in

More information

Supervising international banks: the Prudential Regulation Authority s approach to branch supervision

Supervising international banks: the Prudential Regulation Authority s approach to branch supervision Supervisory Statement SS10/14 Supervising international banks: the Prudential Regulation Authority s approach to branch supervision September 2014 Prudential Regulation Authority 20 Moorgate London EC2R

More information

Council of the European Union Brussels, 30 June 2016 (OR. en) Mr Jeppe TRANHOLM-MIKKELSEN, Secretary-General of the Council of the European Union

Council of the European Union Brussels, 30 June 2016 (OR. en) Mr Jeppe TRANHOLM-MIKKELSEN, Secretary-General of the Council of the European Union Council of the European Union Brussels, 30 June 2016 (OR. en) 10785/16 EF 215 ECOFIN 673 DELACT 136 COVER NOTE From: date of receipt: 29 June 2016 To: No. Cion doc.: Secretary-General of the European Commission,

More information

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK

GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive

More information

Implementation of the UCITS V Directive

Implementation of the UCITS V Directive Financial Conduct Authority Policy Statement Implementation of the UCITS V Directive PS16/2 February 2016 Implementation of the UCITS V Directive PS16/2 Contents Abbreviations used in this paper 3 1 Overview

More information

Employers' Liability Insurance Notice of Change

Employers' Liability Insurance Notice of Change Employers' Liability Insurance Employers' Liability Insurance Significant Policy Cover Changes Your policy has been revised as a response to a need to update and/or clarify cover. The undernoted summarizes

More information

A Guide to the QFC. Collective Investment Schemes Regime

A Guide to the QFC. Collective Investment Schemes Regime A Guide to the QFC Collective Investment Schemes Regime Disclaimer The goal of the Qatar Financial Centre Regulatory Authority (Regulatory Authority) in producing this document is to provide a guide to

More information

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual

More information

New UK Premium and Standard Listing Regime.

New UK Premium and Standard Listing Regime. March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed

More information

The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK

The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK The Family Office Guide A practical guide to the regulatory issues on setting up and running a family office in the UK About Taylor Wessing Taylor Wessing is a leading international law firm in Europe,

More information

MiFID II/MiFIR. Implications for Fund Managers. May 2014. 2014 Deloitte LLP. All rights reserved.

MiFID II/MiFIR. Implications for Fund Managers. May 2014. 2014 Deloitte LLP. All rights reserved. /MiFIR Implications for Fund Managers May 2014 Webinar participants Manmeet Rana Senior Manager Audit Deloitte UK mrana@deloitte.co.uk +44 20 7303 8624 Manmeet Rana is a Senior Manager within Deloitte

More information

Report on the Role of Insurance Guarantee Schemes in the WindingUp Procedures of Insolvent Insurance Undertakings in the EU/EEA

Report on the Role of Insurance Guarantee Schemes in the WindingUp Procedures of Insolvent Insurance Undertakings in the EU/EEA EIOPATFIGS12/007 25 May 2012 Report on the Role of Insurance Guarantee Schemes in the WindingUp Procedures of Insolvent Insurance Undertakings in the EU/EEA 1. Introduction This report is prepared as part

More information

Insurance: Conduct of Business

Insurance: Conduct of Business Insurance: Conduct of Business ICOBS Contents Insurance: Conduct of Business ICOBS 1 Application 1.1 The general application rule 1 Annex 1 Application (see ICOBS 1.1.2 ) ICOBS 2 eneral matters 2.1 Client

More information

AMF 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 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 information

Setting up a Gibraltar Asset Management Company

Setting 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 information

Policy Statement PS20/15 Strengthening individual accountability in banking: UK branches of non EEA banks. August 2015

Policy Statement PS20/15 Strengthening individual accountability in banking: UK branches of non EEA banks. August 2015 Policy Statement PS20/15 Strengthening individual accountability in banking: UK branches of non EEA banks August 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,

More information

(Legislative acts) DIRECTIVES

(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 information

Promotion of unregulated collective investment schemes and close substitutes

Promotion of unregulated collective investment schemes and close substitutes Promotion of unregulated collective investment schemes and close substitutes The UK has long had a specific regime, which is both complex and restrictive, which has been designed to limit the scope for

More information

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING THE CROATIAN PARLIAMENT Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING I hereby promulgate

More information

HOW TO SET UP A GIBRALTAR EXPERIENCED INVESTOR FUND

HOW 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 information

Authorised Funds: A Regulatory Guide

Authorised Funds: A Regulatory Guide Authorised Funds: A Regulatory Guide March 2012 INTRODUCTION This is a document designed for use by investors who are considering investment in a UK authorised fund and who wish to understand in more detail

More information

Consultation Paper CP13/14. Implementing the Bank Recovery and Resolution Directive

Consultation Paper CP13/14. Implementing the Bank Recovery and Resolution Directive Consultation Paper CP13/14 Implementing the Bank Recovery and Resolution Directive July 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:

More information

Guidance Note 4/07. Undertakings for Collective Investment in Transferable Securities (UCITS) Organisation of Management Companies.

Guidance Note 4/07. Undertakings for Collective Investment in Transferable Securities (UCITS) Organisation of Management Companies. 2013 Guidance Note 4/07 Guidance Note 4/07 Undertakings for Collective Investment in Transferable Securities (UCITS) Organisation of Management Companies February 2013 1 Contents A. Introduction 3 B. Information

More information

ABI RESPONSE TO CP140: INTERIM PRUDENTIAL SOURCEBOOK FOR INSURERS: GUIDANCE ON SYSTEMS AND CONTROLS, AND CP142: OPERATIONAL RISK SYSTEMS AND CONTROLS

ABI RESPONSE TO CP140: INTERIM PRUDENTIAL SOURCEBOOK FOR INSURERS: GUIDANCE ON SYSTEMS AND CONTROLS, AND CP142: OPERATIONAL RISK SYSTEMS AND CONTROLS ABI RESPONSE TO CP140: INTERIM PRUDENTIAL SOURCEBOOK FOR INSURERS: GUIDANCE ON SYSTEMS AND CONTROLS, AND CP142: OPERATIONAL RISK SYSTEMS AND CONTROLS 1 EXECUTIVE SUMMARY 1.1 FSA Proposals 1.1.1 These are

More information

UCITS NOTICES UCITS NOTICES

UCITS NOTICES UCITS NOTICES 2013 UCITS NOTICES UCITS NOTICES Undertakings for Collective Investment in Transferable Securities authorised under European Communities (Undertakings for Collective Investment in Transferable Securities)

More information

1. Board of Directors

1. Board of Directors CSSF publishes circular on the authorisation and organisation of Luxembourg management companies subject to chapter 15 of the law of 2010 on UCIs and investment companies which have not designated a management

More information

PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE

PROVISIONAL 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 information

CONSULTATION PAPER NO 2. 2004

CONSULTATION PAPER NO 2. 2004 CONSULTATION PAPER NO 2. 2004 REGULATION OF GENERAL INSURANCE MEDIATION BUSINESS This consultation paper explains the need for the Island to regulate general insurance mediation business and examines the

More information

3.1 Application and Purpose 3.2 The qualifying conditions for paying compensation 3.3 Insurance

3.1 Application and Purpose 3.2 The qualifying conditions for paying compensation 3.3 Insurance Compensation COMP Contents Compensation COMP INTO A INTO 1A Introduction 1A Foreword COMP INTO B INTO 1B Introduction 1B Foreword COMP 1 Introduction and Overview 1.1 Application, Introduction, and Purpose

More information

Key Rules for General Insurance Brokers

Key Rules for General Insurance Brokers Key Rules for General Insurance Brokers Contents 1. Introduction 3 2. Principles for businesses 6 3. Conduct of business rules 7 Financial promotion 7 Initial disclosure 9 Arranging and suitable advice

More information

2007 No. 763 FINANCIAL SERVICES AND MARKETS

2007 No. 763 FINANCIAL SERVICES AND MARKETS STATUTORY INSTRUMENTS 2007 No. 763 FINANCIAL SERVICES AND MARKETS The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment) Regulations 2007 Made - - - - 8th March 2007

More information

AIMA NOTE. Analysis of divergences between the EU Commission s draft regulation implementing the AIFMD and the ESMA advice

AIMA NOTE. Analysis of divergences between the EU Commission s draft regulation implementing the AIFMD and the ESMA advice AIMA NOTE Analysis of divergences between the EU Commission s draft regulation implementing the AIFMD and the ESMA advice April 2012 Analysis of divergences between the EU Commission s draft regulation

More information

Financial Services and Markets

Financial Services and Markets Financial Services and Markets "Telephone taping": removal of the mobile phone exemption Despite strong objections from the industry, the FSA has confirmed that the so-called mobile phone exemption is

More information

MARKETING FUNDS IN EUROPE - A PRACTICAL LOOK AT AIFMD AND OTHER REGULATORY REQUIREMENTS

MARKETING FUNDS IN EUROPE - A PRACTICAL LOOK AT AIFMD AND OTHER REGULATORY REQUIREMENTS MARKETING FUNDS IN EUROPE - A PRACTICAL LOOK AT AIFMD AND OTHER REGULATORY REQUIREMENTS Foreword One of the original aims of AIFMD was to harmonise the management and marketing of AIFs in the so that a

More information

Financial Regulation. Consultation Paper 13/13: The FCA s regulatory approach to crowdfunding (and similar activities) November 2013

Financial Regulation. Consultation Paper 13/13: The FCA s regulatory approach to crowdfunding (and similar activities) November 2013 Financial Regulation Consultation Paper 13/13: The FCA s regulatory approach to crowdfunding (and similar activities) November 2013 5926 Pinsent Masons Financial Regulation In the Entrepreneurship 2020

More information

Insurance and reinsurance news

Insurance and reinsurance news Insurance and reinsurance news Insurance Mediation Directive 2 what it means for you Summary On 3 July 2012 the European Commission adopted a proposal to revise the Insurance Mediation Directive (IMD2)

More information

The directive on alternative investment fund managers

The directive on alternative investment fund managers The directive on alternative investment fund managers financial institutions ENERGY infrastructure AND COMMODITIES Transport technology Briefing December 2010 Summary With the approval of the EU Parliament

More information

An introduction to UK investment funds

An introduction to UK investment funds An introduction to UK investment funds January 2003 2414794-1 Contents Page 1. Introduction to Investment Funds 1 2. UK Collective Investment Schemes 1 3. Unit Trusts 3 4. Authorised Unit Trust Schemes

More information

MiFID 2: investor protection

MiFID 2: investor protection Eligible counterparties Client classification Algorithmic trading Product governance Suitability and appropriateness MiFID 2: investor protection Independent advice Inducements Product intervention Summary

More information

Corporate Governance Code for Collective Investment Schemes and Management Companies

Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code Page 1 Transitional Arrangements Whilst this Code is voluntary in nature, its adoption is

More information

Companies Act 2006. Capital reductions and share buybacks. April 2008

Companies Act 2006. Capital reductions and share buybacks. April 2008 Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without

More information

Excess Professional Indemnity Insurance

Excess Professional Indemnity Insurance Excess Professional Indemnity Insurance Contents A warm welcome to Vela Underwriting 3 Making yourself heard 4 Excess Professional Indemnity Insurance Policy 5 Section 1 Definitions 8 Section 2 The Cover

More information

Developing our approach to implementing MiFID II conduct of business and organisational requirements

Developing our approach to implementing MiFID II conduct of business and organisational requirements Financial Conduct Authority Developing our approach to implementing MiFID II conduct of business and organisational requirements March 2015 Discussion Paper Consultation Paper CPXX/XX Developing our approach

More information

AIFM DIRECTIVE: ESMA CONSULTATION PAPER

AIFM DIRECTIVE: ESMA CONSULTATION PAPER AIFM DIRECTIVE: ESMA CONSULTATION PAPER On 13th July ESMA published its consultation on the implementation measures for the Alternative Investment Fund Managers Directive (AIFMD). The AIFM Directive aims

More information

MiFID II: The New Investor Protection Regime

MiFID II: The New Investor Protection Regime May 2014 Overview On 13 May 2014, the Council of the European Union formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive ( MiFID ), which has

More information

CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS

CARMIGNAC GESTION COMMENTS COMMISSION GREEN PAPER ON THE ENHACEMENT OF THE EU FRAMEWORK FOR INVESTMENT FUNDS 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

More information

Regulation for Establishing the Internal Control System of an Investment Management Company

Regulation for Establishing the Internal Control System of an Investment Management Company Unofficial translation Riga, 11 November 2011 Regulation No. 246 (Minutes No. 43 of the meeting of the Board of the Financial and Capital Market Commission, item 8) Regulation for Establishing the Internal

More information

Implementing the Bank Recovery and Resolution Directive response to CP13/14

Implementing the Bank Recovery and Resolution Directive response to CP13/14 Policy Statement PS1/15 Implementing the Bank Recovery and Resolution Directive response to CP13/14 January 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,

More information

APFA RESPONSE DEPARTMENT FOR BUSINESS, INNOVATION & SKILLS CONSULTATION IMPLEMENTING THE ALTERNATIVE DISPUTE RESOLUTION DIRECTIVE

APFA RESPONSE DEPARTMENT FOR BUSINESS, INNOVATION & SKILLS CONSULTATION IMPLEMENTING THE ALTERNATIVE DISPUTE RESOLUTION DIRECTIVE APFA RESPONSE DEPARTMENT FOR BUSINESS, INNOVATION & SKILLS CONSULTATION IMPLEMENTING THE ALTERNATIVE DISPUTE RESOLUTION DIRECTIVE ABOUT APFA The Association of Professional Financial Advisers (APFA) is

More information

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 2 [257] S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS

More information

New Conduct of Business Sourcebook. Chapter 11. Dealing and managing

New Conduct of Business Sourcebook. Chapter 11. Dealing and managing New Conduct of Business Sourcebook Chapter Dealing and managing COBS : Dealing and managing Section.1 : Application.1 Application.1.1 eneral application This chapter applies to a firm. (1) [deleted] (2)

More information

The Markets in Financial Instruments Directive and the Single European Market in Investment Services (Third Edition) slaughter and may.

The Markets in Financial Instruments Directive and the Single European Market in Investment Services (Third Edition) slaughter and may. The Markets in Financial Instruments Directive and the Single European Market in Investment Services (Third Edition) slaughter and may August 2007 contents 1 Key Consequences 1 2 Background 2 3 Investment

More information

COMMISSION OF THE EUROPEAN COMMUNITIES REPORT FROM THE COMMISSION TO THE COUNCIL

COMMISSION OF THE EUROPEAN COMMUNITIES REPORT FROM THE COMMISSION TO THE COUNCIL EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 15.9.2008 COM(2008) 552 final REPORT FROM THE COMMISSION TO THE COUNCIL in accordance with Article 18 of Council Directive 2003/48/EC on taxation

More information

PRIPs: Proposed Regulation on pre-sale disclosures for Packaged Retail Investment Products interaction with RDR and MiFID II

PRIPs: Proposed Regulation on pre-sale disclosures for Packaged Retail Investment Products interaction with RDR and MiFID II gulation on pre-sale disclosures for PRIPS European Commission publishes proposed Regulation on pre-sale disclosures for Packaged R PRIPs: Proposed Regulation on pre-sale disclosures for Packaged Retail

More information

Employee pension rights after a TUPE transfer

Employee pension rights after a TUPE transfer Employee pension rights after a TUPE transfer June 2006 Contents Introduction History of TUPE and pensions Public sector contracts The Pensions Act 2004 The general principles Pension obligations on TUPE

More information

FX & MIFID ECB FX Contact Group

FX & MIFID ECB FX Contact Group FX & MIFID ECB FX Contact Group Richard Haynes Fixed Income Sales & Trading Compliance Department Citigroup 21 November 2007 FX & MIFID Introduction MiFID Overview What FX instruments are within scope

More information

Compensation. Chapter 5. Protected claims

Compensation. Chapter 5. Protected claims Compensation Chapter Protected claims Section.1 : Application and Purpose.1 Application and Purpose.1.1 Application This chapter applies to the FSCS..1.2 It is also relevant to claimants..1.3 Purpose The

More information

Policy options for implementing the Alternative Investment Fund Managers Directive

Policy options for implementing the Alternative Investment Fund Managers Directive Policy options for implementing the Alternative Investment Fund Managers Directive March 2012 Policy options for implementing the Alternative Investment Fund Managers Directive March 2012 Official versions

More information

Operational Risk. Corporate governance. Contents

Operational Risk. Corporate governance. Contents Operational Risk Corporate governance Contents 3. Introduction 3. Establish Operational Risk policies 4. Define Operational Risk framework to carry out these policies 2 Introduction The purpose of this

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

UCITS V implementation and other changes to the Handbook affecting investment funds

UCITS V implementation and other changes to the Handbook affecting investment funds Financial Conduct Authority UCITS V implementation and other changes to the Handbook affecting investment funds September 2015 Consultation Paper Consultation Paper CP15/27** CPXX/XX Changes to the Approved

More information

The FSA s role under the Payment Services Regulations 2009

The FSA s role under the Payment Services Regulations 2009 Financial Services Authority The FSA s role under the Payment Services Regulations 2009 Our approach January 2012 Preface The PSD Approach Document is aimed at helping firms navigate through the Payment

More information

Exposure Draft. Initial orientations for discussion on possible adjustments to the UCITS Directive. 2. Management company passport

Exposure Draft. Initial orientations for discussion on possible adjustments to the UCITS Directive. 2. Management company passport EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL SERVICES POLICY AND FINANCIAL MARKETS Asset Management Exposure Draft Initial orientations for discussion on possible adjustments to the UCITS

More information

Investment Management & Funds Practice. AIFMD Client Memorandum

Investment Management & Funds Practice. AIFMD Client Memorandum Investment Management & Funds Practice AIFMD Client Memorandum April 2012 INDEX PARAGRAPH PAGE 1 INTRODUCTION... 1 2 HOW DO YOU IDENTIFY THE AIFM?... 1 3 IS THE AIFMD APPLICABLE TO YOU?... 2 3.1 Scope

More information

06/14. Implementing MiFID for Firms and Markets. Addendum Capital/Professional Indemnity Insurance (PII) requirements. Financial Services Authority

06/14. Implementing MiFID for Firms and Markets. Addendum Capital/Professional Indemnity Insurance (PII) requirements. Financial Services Authority Consultation Paper 06/14 Financial Services Authority Implementing MiFID for Firms and Markets Addendum Capital/Professional Indemnity Insurance (PII) requirements July 2006 Introduction As indicated

More information

MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation.

MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. July 2012 MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. Introduction MiFID is often described as the corner stone of financial services regulation

More information

THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES

THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES March 15, 2013 THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES To Our Clients and Friends: On 16 August 2012, The European Market Infrastructure Regulation ( EMIR ) 1 came into force with immediate and

More information

EUROPEAN CENTRAL BANK

EUROPEAN 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 information

Financial Conduct Authority. The FCA s role under the Payment Services Regulations 2009 Our approach

Financial Conduct Authority. The FCA s role under the Payment Services Regulations 2009 Our approach Financial Conduct Authority The FCA s role under the Payment Services Regulations 2009 Our approach June 2013 Preface The Payment Services Approach Document is aimed at helping firms navigate through

More information

Consultation Paper CP25/14. The PRA Rulebook: Part 2

Consultation Paper CP25/14. The PRA Rulebook: Part 2 Consultation Paper CP25/14 The PRA Rulebook: Part 2 November 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R

More information

The Universal Management Company

The Universal Management Company The Universal Management Company Jean Devambez, BNP Paribas Securities Services Claude Niedner, Arendt & Medernach Christopher Stuart-Sinclair, Deloitte 25 October 2013 The Universal Man Co: combine your

More information

The Interim Prudential Sourcebook for Investment Businesses. Contents

The Interim Prudential Sourcebook for Investment Businesses. Contents Chapter Contents 1 Application and General Provisions 2 Authorised Professional Firms 3 Securities and Futures Firms which are not MiFID Investment Firms or which are Exempt BIPU Commodities Firms 4 Lloyd

More information

DISCUSSION PAPER ON THE REVISION OF LAWS PROJECT: Revising the Bailiwick s financial regulatory laws to maintain the Bailiwick s reputation as an

DISCUSSION PAPER ON THE REVISION OF LAWS PROJECT: Revising the Bailiwick s financial regulatory laws to maintain the Bailiwick s reputation as an DISCUSSION PAPER ON THE REVISION OF LAWS PROJECT: Revising the Bailiwick s financial regulatory laws to maintain the Bailiwick s reputation as an efficient and well-regulated international finance centre

More information

MiFID II Academy: Product Governance. Floortje Nagelkerke 12 April 2016

MiFID II Academy: Product Governance. Floortje Nagelkerke 12 April 2016 MiFID II Academy: Product Governance Floortje Nagelkerke 12 April 2016 Introduction Timing: MiFID II / MiFIR 2 July MiFID II and MiFIR entered into force 19 December Level 2 Consultation on technical standards

More information

Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives

Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 30 December 2015 Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives Introduction On 3 December 2015, the Hong Kong Monetary Authority ( HKMA ) issued a consultation

More information

EXTENDING OUR JURISDICTION

EXTENDING OUR JURISDICTION EXTENDING OUR JURISDICTION This paper: - Summarises the current extent of the Financial Ombudsman Service s compulsory - Summarises how the compulsory is likely to be extended to more firms when they become

More information

Luxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products

Luxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products Luxembourg News on MiFID II and its implementation Regulation on key information documents for investment products Final adoption of the UCITS V directive by the EU parliament Newsletter Q2/Q3 2014 Avocats

More information

An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer

An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent

More information

Property authorised investment funds (PAIFs) where are we going?

Property 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 information

APRIL 2015 ARE YOU READY FOR THE SENIOR MANAGERS AND CERTIFICATION REGIME?

APRIL 2015 ARE YOU READY FOR THE SENIOR MANAGERS AND CERTIFICATION REGIME? APRIL 2015 ARE YOU READY FOR THE SENIOR MANAGERS AND CERTIFICATION REGIME? Page 2 SECTION 1 INTRODUCTION In July 2014 the PRA and FCA published a joint consultation paper titled, Strengthening accountability

More information

Contractors' Combined Liability Insurance Notice of Change

Contractors' Combined Liability Insurance Notice of Change Contractors' Combined Liability Insurance Contractors' Combined Liability Insurance Significant Policy Cover Changes Your policy has been revised as a response to a need to update and/or clarify cover.

More information

KPMG Executive Briefing UCITS Management Companies

KPMG Executive Briefing UCITS Management Companies Investment management KPMG Executive Briefing UCITS Management Companies March 2013 kpmg.lu Introduction UCITS funds have proven to be an outstanding European success with more than 35 000 funds representing

More information

Public and Products Liability Claims Made Insurance (UK) Notice of Change

Public and Products Liability Claims Made Insurance (UK) Notice of Change Public and Products Liability Claims Made Insurance (UK) Significant Policy Cover Changes Your policy has been revised as a response to a need to update and/or clarify cover. The undernoted summarizes

More information

Open-end retail funds. CROSS-BORDER HANDBOOKS www.practicallaw.com/investmentfundshandbook 69

Open-end retail funds. CROSS-BORDER HANDBOOKS www.practicallaw.com/investmentfundshandbook 69 Investment Funds 2007/08 Germany Germany Angelo Lercara, Dechert LLP www.practicallaw.com/0-379-8613 Retail funds 1. Please give a brief overview of the retail funds market in your jurisdiction. (How developed

More information