Interest Representative Register ID number: August By to: Dear Sir/Madam

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Interest Representative Register ID number: 5437826103-53. 10 August 2011. By email to: Markt-g4@ec.europa.eu. Dear Sir/Madam"

Transcription

1 Interest Representative Register ID number: August 2011 By to: Dear Sir/Madam A New European Regime for Venture Capital IMA represents the UK-based investment management industry. Our Members include independent asset managers, the investment management arms of retail banks, life insurers and investment banks, and the managers of occupational pension schemes. They are responsible for the management of over 4 trillion of assets, which are invested on behalf of clients globally. These include authorised investment funds (both UCITS and non-ucits), institutional funds (e.g. pensions and life funds), private client accounts and a wide range of pooled investment vehicles. We welcome this initiative and appreciate that the financing of SMEs (particularly at the initial start-up and growth phases) is a key priority for the Commission. We recognise that access to finance for SMEs is a key ingredient in the promotion of growth within the EU. Venture Capital Funds (VCFs) may have a significant role to play. We fully support the proposal for an EU passport for VCFs marketed to professionals, based on an appropriate and proportionate conduct of business regime. This will enable VCFs to raise capital and to make investments in SMEs across the EU. Also, as recognised in the paper, third country VCFs can provide a major boost to economic growth and job creation in the EU. Therefore, third country VCFs should also benefit from an EU passport. We have two key points to make in this context. First, with regard to the AIFMD, we urge the Commission to undertake a wide-ranging review, in recognition of the fact that the same principles driving this initiative apply also in the context of a wide range of other funds. Second, we believe it is important to align the Commission s work on VCFs not only with AIFMD, from which VCFs will be exempted, but also with MiFID, which will govern trading in publicly-listed securities at the next stage of an SME s growth. 65 Kingsway London WC2B 6TD Tel: +44(0) Fax: +44(0) Investment Management Association is a company limited by guarantee registered in England and Wales. Registered number Registered office as above.

2 Review of AIFMD We welcome that the Commission has recognised that where funds are available only to professional investors and do not pose systemic risk, then these are good reasons for dis-applying much of the AIFMD regime. We fully support the Commission s statement on page 5 of the Communication that for venture capital funds which are not likely to either pose important systemic risk to the financial system or create investor protection concerns (in so far as they are addressed to professional investors)... it would seem to be disproportionate to require venture capital managers the compliance with the strict AIFMD requirements in exchange of the passport. We understand that a number of venture capital vehicles, which already exist in the UK, will be below the AIFMD threshold where they are self-managed, so would have to opt into the AIFMD to obtain the passport. The AIFMD regime does, though, include some important safeguards for fledging firms. For example, Section 2 of Chapter V of AIFMD includes controls to prevent asset stripping, which are designed to protect the interests of SMEs whose shares are held by AIF. Also, the AIFMD includes a number of measures to provide transparency for investors and to encourage good governance and controls. We would also point out, as we argued throughout the Level 1 negotiation process, that the AIFMD requirements are disproportionate for many other funds that fall within its scope, which are marketed solely to professionals and do not pose systemic risk (or are nationally regulated retail schemes that are already tightly regulated). For both these reasons therefore, in response to the questions in Box 1, we would strongly support a wide-ranging review of the AIFMD rather than a stand-alone initiative with regard to VCFs. In addition to the focus on venture capital, we believe the Commission should use this opportunity to revisit the AIFMD and assess the proportionality of its requirements for all professional/non-systemically important funds. Broadly speaking, there should be a simple EU passport regime for managers of funds aimed solely at professionals, with additional requirements only where the fund is to be promoted to retail investors, and additional reporting only for cases considered to be systemically important. By way of example, our members operate or provide investment management services to a very wide range of investment vehicles, which are domiciled in Europe or in third countries, and which are within the scope of the AIFMD. In particular, we estimate that there are about 2,000 AIF domiciled in the UK. A relatively small number of these are venture capital vehicles. But about one quarter are authorised open-ended retail funds that are not UCITS (such as real estate funds), a further one quarter are listed, closedended securities funds, and nearly one-half are pension fund pooling vehicles. These vehicles are not, and have never been said to be, creators or bearers of systemic risk. It is important to recognise that the overly prescriptive approach in the AIFMD will have undesirable socio-economic consequences not just for venture capital funds but also for these other funds which do not pose systemic risk. The exact cost impact of the Directive, for example the requirements to appoint a depositary and the extensive and detailed reporting to Competent Authorities is difficult to quantify, but it is clear that it will have a further negative impact on investors returns. In the context of a professional market, these costs come without significant benefit because appropriate oversight is

3 already in place in the form of external audit and investor due diligence, as the Venture Capital paper acknowledges. Moreover, there are other ways in which the Directive is likely to have further adverse (and unintended) consequences for many professional and non-systemically important funds. For instance, the AIFMD effectively applies a no fault standard of liability on the depositary. As a result, depositaries may be no longer willing to accept certain types of assets, e.g. from emerging economies, where there are less stringent standards, making it impossible for investment managers to offer emerging market funds in the future and probably forcing them to wind up existing funds. Harmony with MiFID VCFs could play an important role at the initial start-up and growth phases of SMEs. However, it is important to bear the entire life-cycle of SME fund raising in mind from angel start-up capital to investment in publicly-listed securities - when designing effective policy to stimulate SME growth. Clearly, it would be counterproductive to stimulate venture capital funding without thinking of the logical next steps for SMEs as they emerge from the world of venture support into the world of publicly-tradable securities (for those companies that go down this route). Conversely, potential actors in the VCF market may be deterred if they cannot see a smooth transition for their investment from private equity ownership to public listing on SME and main Recognised Investment Exchanges. In this context, we think it is important that the Commission align its work on VCFs not only with AIFMD, from which it is proposed they be exempted, but also in particular with MiFID, which will govern trading in publicly-listed securities of an SME at the later stage of its growth. We would therefore refer the Commission to the range of comments, concerning the impact on SMEs, we made in response to the MiFID Review in February of this year, relating to: Admission to trading (Question 1); SME markets (Questions 25 and 26); and A calibrated approach to trade transparency for SME markets (Question 36). Relevant extracts from that response are attached for ease of reference. A VCF may often hold a large bloc of shares in an SME. Such shares will often be intrinsically less liquid. When the VCF s manager decides to deal in the shares so as to realise the VCF s investment, it will do so by placing orders with other entities for execution. Those entities may be market-makers or other proprietary traders which need time to offset the risk they take on. This risk arises from taking on both a large bloc of shares and shares which themselves are less liquid. Any reduction in the maximum time within which a trade must be made public (post-trade transparency), might markedly increase the cost to the VCF (and hence its investors) of the transaction and in the extreme a rule requiring too early disclosure might lead to the exclusion of certain SME securities from investment strategies. Although our firms are generally supportive of more post-trade transparency, they are alive to a range of costs inherent in a reduction in publication delay.

4 We offer our assistance to the Commission in progressing this initiative. Yours faithfully Alwine Jones EU & International Regulation

5 Extracts from IMA s response to the Commission consultation on The Review of MiFID, February 2011 Appendix (1) What is your opinion on the suggested definition of admission to trading? Please explain the reasons for your views. The Commission has not identified the purpose of this proposal. Extending the application of admission to trading to any financial instrument to be traded on an MTF or organised trading facility (OTF) would trigger obligations on issuers under the Market Abuse Directive, the Prospectus Directive and the Transparency Directive. Whilst the former may be appropriate, this might be seen to run counter to the SME work at the heart of the Commission s concern. For example the AIM market in the UK is an MTF which trades the shares of small and medium sized companies. To treat a decision by an MTF to permit trading as equivalent to an admission to trading would lead to the issuers being treated equally in all respects as on a regulated market (save for the 18 month rule regarding prospectuses and trading on alternative RMs). We have wondered whether this proposal is about consent of issuers to the identity of those who trade in their shares, as this example has been raised publicly by an exchange. We would not support this suggestion in any case, as it fails to recognise that shares in a company are the property of their owners and not of the company. We would encourage the Commission to articulate its objective more clearly. (25) What is your opinion of the suggestion to introduce a new definition of SME market and a tailored regime for SME markets under the framework of regulated markets and MTFs? What would be the potential benefits of creating such a regime? (26) Do you consider that the criteria suggested for differentiating the SME markets (i.e. thresholds, market capitalisation) are adequate and sufficient? I. Given the primary and secondary market functions provided by the existing growth markets across Member States, their default regulatory status as MTFs does not accurately reflect the function or importance of the European SME markets and therefore does not provide an appropriately tailored regime for them. II. Any strategy that seeks to assist SMEs in obtaining appropriate funding must also deal with more than the regulatory environment for admitting to trading and secondary market regulation; the SME sector (however defined) is a complex mix of types of issuers, investors and advisers and all aspects must be addressed to have any prospect of delivering a successful outcome. Growth markets across the Member States already vary widely as to the size and nature of the companies supported, the profile of the investor base, the

6 type of regulatory environment and other cultural and economic factors; the key element in any initiative to support SMEs is to recognise the need for all these elements to be managed in some way. III. IV. The challenging task of categorising SMEs in this context, both in terms of size and nature of activities will require recognition that there must be a political trade-off between precise and inflexible regulatory certainty (which may comfort regulators, but will likely stifle the market and growth sought) and flexibility to allow issuers and markets the scope to develop according to their needs and those of their investors and customers. If additional constraints are placed on the European growth markets, it is probable that intermediaries will focus on providing services to larger issuers as their liability associated with servicing more established corporates is lower and the levels of remuneration are higher. In addition, it will be necessary to recognise that supporting small businesses requires action along a continuum; appropriate funding arrangements and initiatives to promote liquidity need to be introduced in order to stimulate the development of the SME market infrastructure and ensure that the SME funding environment encourages and supports small businesses and their venture capital backers who need dynamic and liquid public markets to facilitate successful exits. V. In the wider context of other changes to MiFID, it is also important to recognise the implications for SME funding of the tendency for SME securities to be classified as complex, thereby precluding their being available to many types of investors and the consequent negative impact this has on the ability of SMEs in their capital raising. We support the proposal in Option A of para of the Consultation paper to classify shares admitted to trading on an MTF as non-complex and urge the Commission to adopt this approach throughout MiFID, not only in relation to this particular point. VI. We suggest the Commission, together with ESMA, establish an industry EU Growth Market Working Group, comprised of all exchanges that currently operate growth markets or who would be interested in doing so, together with representatives of investors, issuers and advisers. The task of the Group would be to review the way in which the current growth markets operate, draw out common principles and guidelines and identify whether this could be developed into a cohesive framework for a harmonised pan-eu approach to supporting SMEs, covering not only the admission to trading aspects, but the cultural, financial, economic and educational requirements. Key characteristics of such a framework would include: It must provide a properly constructed framework which would allow SMEs to raise equity capital more efficiently; It must not undermine investor protection by reducing standards of disclosure and transparency; It must be supported beyond the pure regulatory framework by measures to extend the investor base and facilitate investment in smaller companies e.g., providing appropriate exemptions from State Aid rules and providing a framework for appropriate fiscal incentives to

7 help address the structural equity financing gap across Member States; It must allow for exchanges and advisers to adopt innovative and flexible solutions to supporting smaller companies, including in the areas of, knowledge transfer and support by advisers (for example as sponsors, accountants and lawyers),research provision, creation of indices and attribute groups; It should allow for harmonisation across Member States but ensure flexibility at Member State and market operator level to enable domestic growth markets to account for local market practices and cultures. Quantitative / size criteria are not appropriate for setting eligibility of such markets; what is needed are flexible eligibility criteria around SME markets and adequate flexibility at the local level to allow growth markets to attract appropriate companies and investors, adapt as market conditions change and increase investor confidence in SMEs as an asset class. Criteria must not be set too low as this would inhibit the development of the growth markets, diminish liquidity and result in many SMEs having to decide whether to apply for a listing or to return to other, less public, forms of funding. (36) What is your opinion about introducing a calibrated approach for SME markets? What should be the specific conditions attached to SME markets? We have provided our answer about SMEs under questions 25 and 26.

HMT Discussion paper on non-bank lending

HMT Discussion paper on non-bank lending 17 February 2010 By e-mail to: non-banklending@hmtreasury.gsi.gov.uk Dear Sirs HMT Discussion paper on non-bank lending The IMA represents the UK-based investment management industry. Our members include

More information

COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a

COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a EUROPEAN COMMISSION Brussels, XXX SEC(2011) 1227 COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT

More information

Loan funds Europe s alternative source of business funding

Loan funds Europe s alternative source of business funding Loan funds Europe s alternative source of business funding Niamh Geraghty Director Audit Deloitte Matthew Foley Director Audit Deloitte Aisling Costello Senior Manager Audit Deloitte The financial crisis

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

Financial Services Authority (FSA)

Financial Services Authority (FSA) FCA Approach Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS E-mail: fcaapproach@fsa.gov.uk 12 December 2012 Financial Services Authority (FSA) Journey to the FCA Chapters

More information

Green Paper of the European Commission on Long-Term Financing of the Economy

Green 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 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

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

Briefing Note: The European Venture Capital Fund and European Social Entrepreneurship Fund Regulations

Briefing 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 information

How to start a Hedge Fund

How to start a Hedge Fund How to start a Hedge Fund How to start a Hedge Fund Introduction When setting up a hedge fund, you will need to consider the following matters: Jurisdiction Fund structure Eligible investors Authorisation

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

MiFID II Trading Venues And High Frequency Trading

MiFID II Trading Venues And High Frequency Trading MiFID II Trading Venues And High Frequency Trading MiFID II Trading Venues And High Frequency Trading This is the third part in a series of Legal Longs on the MiFID II Directive [2014/65/EU] and the Markets

More information

MiFID II Key aspects. I. Introduction

MiFID II Key aspects. I. Introduction MiFID II Key aspects I. Introduction Yesterday the final texts of the revised Markets in Financial Instruments Directive were published in the Official Journal of the European Union. The texts consist

More information

On behalf of the Public Affairs Executive (PAE) of the EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY

On 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 information

CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL FUNDS (EUVECA) AND EUROPEAN SOCIAL ENTREPRENEURSHIP FUNDS (EUSEF) REGULATIONS

CONSULTATION 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 information

Exchange traded fund, UCITS, Alternative Investment directive, financial stability, systemic risk.

Exchange traded fund, UCITS, Alternative Investment directive, financial stability, systemic risk. The regulatory regime of Exchange traded funds in the European Union Eddy Wymeersch University of Gent Exchange traded funds have become an essential part of our financial landscape: they stand globally

More information

MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES

MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES The Investment Services Act (Chapter 370 of the Laws of Malta) ( ISA ) defines the term collective investment scheme as follows: "collective investment scheme"

More information

Q1. What is a systematic internaliser?

Q1. What is a systematic internaliser? MiFID II/R: Systematic Internalisers A Q&A for bond markets July 2015 Q1. What is a systematic internaliser? A. A systematic internaliser (SI), under the EU MiFID regime, is an investment firm that deals

More information

LSEG Response to Consultation Paper: ESMA s technical advice on possible delegated acts concerning the Prospectus Directive 2010/73/EU

LSEG Response to Consultation Paper: ESMA s technical advice on possible delegated acts concerning the Prospectus Directive 2010/73/EU LSEG Response to Consultation Paper: ESMA s technical advice on possible delegated acts concerning the Prospectus Directive 2010/73/EU 15 July 2011 Submitted online at: www.esma.europa.eu Executive Summary

More information

By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk. ISA qualifying investments: Consultation on including peer-to-peer loans

By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk. ISA qualifying investments: Consultation on including peer-to-peer loans ISA Peer to Peer Consultation Pensions and Savings Team HM Treasury 1 Horse Guards Road London SW1A 2HQ By email to: ISAPeertoPeerConsultation@hmtreasury.gsi.gov.uk 12 December 2014 Dear Sirs, ISA qualifying

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

DETAILED TABLE OF CONTENTS

DETAILED TABLE OF CONTENTS DETAILED TABLE OF CONTENTS Table of Cases Table of Legislation List of Abbreviations xxii xxv lxi I. Introduction 1 1.1 EU Securities and Markets Regulation 1 1.2 Securities and Markets Regulation and

More information

Report of the Alternative Investment Expert Group: Developing European Private Equity

Report of the Alternative Investment Expert Group: Developing European Private Equity Report of the Alternative Investment Expert Group: Developing European Private Equity Response from The Association of Investment Trust Companies The Association of Investment Trust Companies (AITC) welcomes

More information

Flash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers

Flash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers www.pwc.lu/regulatory-compliance Flash News European Parliament adopts MiFID II 23 April 2014 Following the political agreement reached on 14 January 2014 by the European Parliament, the Council and the

More information

Public consultation on the possibility for an investment fund to originate loans

Public consultation on the possibility for an investment fund to originate loans Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment

More information

EUROPEAN COMMISSION CONSULTATION ON THE FUTURE OF EUROPEAN COMPANY LAW

EUROPEAN 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 information

Public consultation on Building a Capital Markets Union

Public 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 information

November 2011. Alternative Investment Fund Managers Directive (AIFMD) Frequently Asked Questions (FAQs)

November 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 information

HMRC Consultation Modernising the taxation of corporate debt and derivative contracts

HMRC Consultation Modernising the taxation of corporate debt and derivative contracts 2 September 2013 Andy Stewardson HM Revenue and Customs Room 3C/06 100 Parliament Street London SW1A 2BQ Be email: andy.stewardson@hmrc.gsi.gov.uk Dear Andy HMRC Consultation Modernising the taxation of

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

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for

More information

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order

More information

Response to Commission Consultation Document: Review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF)

Response to Commission Consultation Document: Review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) Irish Funds 10th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. t: +353 (0) 1 675 3200 f: +353 (0) 1 675 3210 e: info@irishfunds.ie w: irishfunds.ie Submitted via online questionnaire,

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

MiFID 2 for asset managers

MiFID 2 for asset managers Summary Key business impacts Duties to clients Dealing in the markets Organisational requirements MiFID 2 for asset managers Summary The revised Markets in Financial Instruments Directive and the related

More information

Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative

Stakeholder Consultation Paper on the Europe 2020 Project Bond Initiative 10 May 2011 Registration no: 5437826103-53 European Commission Directorate General for Economic and Financial Affairs Unit R 4 B-1049 Brussels Belgium E-mail: dg-ecfin@ec.europa.eu Dear Sirs Stakeholder

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

Against this background, would like to emphasise the following points:

Against 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 information

UK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION

UK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION UK Response to the Commission Green Paper on Capital Markets Union BUILDING A STRONG CAPITAL MARKETS UNION The UK welcomes the opportunity to respond to this consultation. Creating a Capital Markets Union

More information

Building a Capital Markets Union (CMU) The AIC response to the Green Paper

Building a Capital Markets Union (CMU) The AIC response to the Green Paper Building a Capital Markets Union (CMU) The AIC response to the Green Paper CMU should seek to utilise investment companies to deliver its key objectives of securing long term investment via EU capital

More information

List of provisions for consumer protection

List of provisions for consumer protection List of provisions for consumer protection Type of provision Lending platforms Equity and/or Debt platforms Maximum amount of investment for 40.000 Euro 20.000 Euro consumers on the platform Maximum frequency

More information

A new European regime for Venture Capital

A 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 information

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP OTC derivatives reforming EU market structures Ash Saluja, Partner CMS Cameron McKenna LLP The OTC derivatives market - a brief reminder. Scope $605 trillion notional amount / $25 trillion gross market

More information

SBA 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 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 information

Heart of the world s financial markets

Heart of the world s financial markets Heart of the world s financial markets NOVEMBER 2012 Agenda 1. Order Book for Retail Bonds 2. Why do companies float in London 3. What is a REIT 4. Key changes post Finance Bill 2012 5. Routes to Market

More information

ICAV - the New Irish Collective Asset-management Vehicle Mark Browne Dechert LLP

ICAV - 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 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

MiFID II: Impact on company financing in Belgium

MiFID II: Impact on company financing in Belgium MiFID II: Impact on company financing in Belgium Jean-Paul SERVAIS Chairman FSMA Chair ESMA Investor Protection & Intermediaries Standing Committee 25 April 2014 Overview 1. Timeline for MiFID II 2. MiFID

More information

Response of the Netherlands European Commission consultation document on the review of the Prospectus Directive

Response of the Netherlands European Commission consultation document on the review of the Prospectus Directive Response of the Netherlands European Commission consultation document on the review of the This is a joint reaction of the Netherlands Ministry of Finance, the Netherlands Authority for the Financial Markets

More information

BlackRock is pleased to have the opportunity to respond to the FCA Discussion Paper on the use of dealing commission regime.

BlackRock is pleased to have the opportunity to respond to the FCA Discussion Paper on the use of dealing commission regime. 31 October 2014 Wholesale Conduct Policy Team Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS Submitted via email to: dp14-03@fca.org.uk RE: DP 14/03: Discussion on the use

More information

European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE. Investment Fund Managers Directive and types of AIFM.

European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE. Investment Fund Managers Directive and types of AIFM. European Securities Markets Authority 103 Rue de Grenelle 75007 PARIS FRANCE Federation of the Dutch Pension Funds Prinses Margrietplantsoen 90 2595 BR The Hague PO Box 93158 2509 AD The Hague The Netherlands

More information

INSIDE AIM Issue 1- December 2009

INSIDE AIM Issue 1- December 2009 INSIDE AIM Issue 1- December 2009 WELCOME TO INSIDE AIM Welcome to this first edition of Inside AIM, a periodic newsletter from the AIM Regulation team. Inside AIM is designed to keep the AIM adviser community,

More information

Client Order Execution Policy

Client Order Execution Policy Client Order Execution Policy Client Order Execution Policy Application The EU Markets in Financial Instruments Directive ( MiFID ) and corresponding rules of the Financial Conduct Authority ( FCA ) requires

More information

SUMMARY OF THE IMPACT ASSESSMENT

SUMMARY OF THE IMPACT ASSESSMENT EN EN EN EUROPEAN COMMISSION Brussels, 12.7.2010 SEC(2010) 846 COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying document to the Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT

More information

Transposition of the Alternative Investment Fund Managers Directive: response to consultation

Transposition of the Alternative Investment Fund Managers Directive: response to consultation Transposition of the Alternative Investment Fund Managers Directive: response to consultation May 2013 Transposition of the Alternative Investment Fund Managers Directive: response to consultation May

More information

Information Note 02/13 18 February 2013

Information Note 02/13 18 February 2013 Procurement Procurement Policy Note Procurement Policy Note Supplier Financial Risk Issues Information Note 02/13 18 February 2013 Issue 1. This note provides advice on issues frequently raised by suppliers

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

REFORM OF STATUTORY AUDIT

REFORM OF STATUTORY AUDIT EU BRIEFING 14 MARCH 2012 REFORM OF STATUTORY AUDIT Assessing the legislative proposals This briefing sets out our initial assessment of the legislative proposals to reform statutory audit published by

More information

Transparency in the context of Secondary Markets Bond Trading

Transparency in the context of Secondary Markets Bond Trading MiFID II Transparency in the context of Secondary Markets Bond Trading February 2015 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware

More information

EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions

EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions EFAMA is the representative association for the European investment

More information

Table of content. MiFID II: getting ready for implementation

Table of content. MiFID II: getting ready for implementation Table of content MiFID II: getting ready for implementation The European Council adopted a set of legislation on 13 May 2014 regulating the trade in financial instruments and the investment services sector.

More information

EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER

EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) CONSULTATION PAPER 22 City Road Finsbury Square London EC1Y 2AJ Tel: +44 (0) 20 7448 7100 Fax: +44 (0) 20 7638 4636 Email: info@apcims.co.uk DRAFT TECHNICAL

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

Impact Assessment (IA)

Impact Assessment (IA) Title: UK implementation of the EU Accounting Directive: Chapters 1-9: Annual financial statements, consolidated financial statements, relatied reports of certain types of undertakings and general requirements

More information

ISA qualifying investments: consultation on including shares traded on small and medium-sized enterprise equity markets

ISA qualifying investments: consultation on including shares traded on small and medium-sized enterprise equity markets ISA qualifying investments: consultation on including shares traded on small and medium-sized enterprise equity markets March 2013 ISA qualifying investments: consultation on including shares traded on

More information

www.davyfundservices.ie UCITS Platform

www.davyfundservices.ie UCITS Platform www.davyfundservices.ie Contents Section 1 1.1 Ireland as a Fund Domicile 1 1.2 About Davy Fund Services 1 Section 2 2.1 Why UCITS? 3 2.2 What can UCITS invest in? 4 2.3 4 2.4 Structure 5 2.5 Participating

More information

AIFM Directive. Briefing. The impact on non-eu fund managers of non-eu funds. Introduction. Overview of the AIFMD

AIFM Directive. Briefing. The impact on non-eu fund managers of non-eu funds. Introduction. Overview of the AIFMD AIFM Directive FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing August 2012 The impact on non-eu fund

More information

EFAMA 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 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 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

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

United Kingdom: Main Market - IPO Overview

United Kingdom: Main Market - IPO Overview United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange

More information

Regulatory Impact Analysis (RIA) Irish Collective Asset-management Vehicles Bill 2014 (ICAV Bill)

Regulatory Impact Analysis (RIA) Irish Collective Asset-management Vehicles Bill 2014 (ICAV Bill) Regulatory Impact Analysis (RIA) Title of legislation: Department: Irish Collective Asset-management Vehicles Bill 2014 (ICAV Bill) Department of Finance Date: July 2014 Related publications: Irish Collective

More information

www.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 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 information

Selected EU Regulatory Developments. Lugano Fund Forum, 23rd November 2015 Delphine Calonne, Senior Legal Counsel SFAMA

Selected EU Regulatory Developments. Lugano Fund Forum, 23rd November 2015 Delphine Calonne, Senior Legal Counsel SFAMA Selected EU Regulatory Developments Lugano Fund Forum, 23rd November 2015 Delphine Calonne, Senior Legal Counsel SFAMA Table of contents I. EMIR / FMIA II. MiFID II III. AIFMD IV. UCITS V EMIR / FMIA Why

More information

Strategy, Marketing and Distribution AIFMD Newsbrief

Strategy, Marketing and Distribution AIFMD Newsbrief www.pwc.lu/aifm Strategy, Marketing and Distribution AIFMD Newsbrief A closer look at the impact of AIFMD on how managers market and distribute their funds April 2013 Introduction On 19 December 2012 the

More information

Before turning to detailed remarks on the questions for consultation, we would like to draw EBA s attention to our key issues and concerns.

Before turning to detailed remarks on the questions for consultation, we would like to draw EBA s attention to our key issues and concerns. Frankfurt am Main 16 August 2013 BVI s position on the Draft Regulatory Technical Standards on the determination of the overall exposure to a client or a group of connected clients in respect of transactions

More information

Advocates - Legal Consultants. 1. Funds regulation in Cyprus as a tool for asset growth and investor protection

Advocates - Legal Consultants. 1. Funds regulation in Cyprus as a tool for asset growth and investor protection CGV CHRISTODOULOS G.VASSILIADES & CO. LLC Advocates - Legal Consultants Alternative Investment Funds: Investments in alternative asset classes, investor protection and active fundraising through Cyprus

More information

(Legislative acts) REGULATIONS

(Legislative acts) REGULATIONS 24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and

More information

Summary. Key business impacts. Key business impacts. Trading venues. Product intervention commodity derivatives

Summary. Key business impacts. Key business impacts. Trading venues. Product intervention commodity derivatives Key business impacts Trading venues Product intervention MiFID 2: commodity derivatives Summary The Markets in Financial Instruments Directive (MiFID) required member state implementation by 1 November

More information

Pillar 1: sets outs the minimum capital requirements for measuring the firm s credit, market and operational risk.

Pillar 1: sets outs the minimum capital requirements for measuring the firm s credit, market and operational risk. CAPITAL REQUIREMENTS DIRECTIVE Pillar 3 Disclosures 1. Introduction The Capital Requirements Directive ( CRD ) is the framework for implementing Basel II in the European Union. Basel II implements a risk

More information

Draft FATCA Regulations. Submission from the Association of Investment Companies

Draft FATCA Regulations. Submission from the Association of Investment Companies Draft FATCA Regulations Submission from the Association of Investment Companies Overview The Association of Investment Companies (AIC) welcomes the opportunity to comment on the draft FATCA regulations.

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

Alternative Investment Fund Managers Directive. What does this mean for your business?

Alternative Investment Fund Managers Directive. What does this mean for your business? Alternative Investment Fund Managers Directive What does this mean for your business? Background to the Alternative Investment Fund Managers Directive (AIFMD) The Alternative Investment Fund Managers (AIFM)

More information

A Guide to MiFID Investment Services in Ireland

A Guide to MiFID Investment Services in Ireland A Guide to MiFID Investment Services in Ireland Contents A Guide to MiFID Investment Services in Ireland MiFID Background Page 3 Application of MiFID in Ireland Page 5 Does your Business come within the

More information

Nollaig Greene, Elaine Keane, Darragh Noone & Peter Maher A&L Goodbody Solicitors

Nollaig Greene, Elaine Keane, Darragh Noone & Peter Maher A&L Goodbody Solicitors Ireland Nollaig Greene, Elaine Keane, Darragh Noone & Peter Maher A&L Goodbody Solicitors 1. MARKET OVERVIEW The Irish investment funds market is founded on Ireland s position as a leading global centre

More information

Supplementary 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) 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 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

Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies

Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies Summary of how MiFID II will apply to EU managers regulated under AIFMD and the UCITS Directive In the context of

More information

GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY

GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY CONTENTS PREFACE 1 1. Introduction 2 2. Why Choose Guernsey, Isle of Man or Jersey? 2 3. Company Incorporations, Migrations and

More information

POLICY. Client classification. LAST UPDATED March 2014. Client classification policy March 2014 1

POLICY. 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 information

Introduction. What is AIF Securitisation? Analysts. Press. www.scoperatings.com

Introduction. What is AIF Securitisation? Analysts. Press. www.scoperatings.com October, 2014 Securitisation of Alternative Investment Funds s www.scoperatings.com Introduction Alternative Investment Fund ("AIF") 1 managers are looking to respond to investors search for yield in a

More information

The Investment Services Directive a New Basis for Securities Trading in Europe

The Investment Services Directive a New Basis for Securities Trading in Europe 77 The Investment Services Directive a New Basis for Securities Trading in Europe Birgitte Bundgaard and Anne Reinhold Pedersen, Financial Markets INTRODUCTION On 7 October 2003 the Council of Ministers

More information

A practical guide to listing debt in London

A practical guide to listing debt in London A practical guide to listing debt in London A world-class market for listing and trading securities 1.0 London your first choice for international capital raising Issuers can gain a London listing through

More information

Please find below our responses to the questions raised in the consultation document.

Please find below our responses to the questions raised in the consultation document. 9 May 2014 To: Unit G3 Securities Markets DG Internal Market and Services European Commission Via e-mail to MARKT-G3@ec.europa.eu Re: Consultation Document FX Financial Instruments Dear Sir, Dear Madam,

More information

Markets in Financial Instruments Directive II Implementation

Markets in Financial Instruments Directive II Implementation Financial Conduct Authority Markets in Financial Instruments Directive II Implementation Consultation Paper I December 2015 Consultation Paper CP15/43*** Markets in Financial Instruments Directive II

More information

guidelines The European long-term investment fund (ELTIF)

guidelines The European long-term investment fund (ELTIF) guidelines The European long-term investment fund (ELTIF) foreword The European long-term investment fund (ELTIF) is a pan-european regime for Alternative Investment Funds (AIF) which channel the capital

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

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS STATUTORY INSTRUMENTS. S.I. No. )04, of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS S.I. No. (74 of 2015 CENTRAL BANK (SUPERVISION

More information

7 IX. Equity (EEA Prospectus Directive) this is provisionally deleted pending review

7 IX. Equity (EEA Prospectus Directive) this is provisionally deleted pending review ICMA PRIMARY MARKET HANDBOOK (IPMA HANDBOOK) Section Seven Standard Documentation & Standard Language 7 IX Standard Form Selling Restrictions A B Debt (UK) Equity (EEA Prospectus Directive) this is provisionally

More information