Real Estate in Europe. Update on regulatory developments. Ad Buisman

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Real Estate in Europe. Update on regulatory developments. Ad Buisman"

Transcription

1 Real Estate in Europe Update on regulatory developments Ad Buisman

2 Update on regulatory development May 22, 2012 Page 2

3 Key regulations that will impact the real estate funds industry Regulations that directly impact real estate fund operations Alternative Investment Fund Managers (AIFM) Directive AIFM (Non EU-based platforms) Dodd-Frank act Regulations that impact the flow of capital to real estate funds Basel III Solvency II European Markets Infrastructure Regulation (EMIR) David Cameron voted against EU treaty to shield City of London from EU regulation. May 22, 2012 Page 3

4 AIFM Directive EU AIFM vs. non-eu AIFM: EU AIF Non-EU AIF EU Passport Scope Authorization requirements Capital requirements 1. Authorization 2. Marketing Remuneration guidelines Rules of conduct Conflict of interest 3. Conduct of business Leverage Major holdings and control 6. Specific provisions 5. Transparency Reporting to regulator Disclosure to investors 4. Functions and service provisions Valuation requirements Risk and liquidity management Depository Delegation and sub-delegation (EU/non-EU entities) May 22, 2012 Page 4

5 European Commission Approval Level 2 implementation measures drafted by European Union Significantly different from ESMA Guidance Regulation as opposed to Directive (i.e directly applicable vs. need to embed in local law) July 2012 final decisions May 22, 2012 Page 5

6 Changes from ESMA Advice (1) Changes to the ESMA advice Additions of new legal obligations Textual updates resulting in ambiguity Change or replacement of technical parameters proposed by ESMA advice Restrictions on the provision of certain services only to EU entities Deletions of proportionality or materiality provisions Content changes In nearly every area, but especially in PI Insurance, Leverage calculation, depositary, third country May 22, 2012 Page 6

7 Changes from ESMA Advice (2) Content changes: Definition of assets under management Own funds Leverage Professional indemnity insurance Organisational requirements Delegation Risk management Transparency Depositaries Third countries May 22, 2012 Page 7

8 Regulatory changes (AIFM Directive) Global trends and developments in the real estate sector Implementation deadline: 22 July 2013 May 22, 2012 Page8

9 Basel III Key aspects of Basel III: Higher quality and levels of capital in order to absorb potential future losses An internationally harmonized leverage ratio to constrain excessive risk-taking and to serve as a backstop to the risk-based capital measure Capital buffers to be built up in good times in order to be drawn down in periods of stress Minimum global liquidity standards to improve banks resilience to acute short-term stress and to improve longer-term funding Stronger standards for supervision, public disclosures and risk management May 22, 2012 Page 9

10 Basel III Implications of Basel III Enormous shift in bank business strategies and their attitudes to commercial real estate Unbundling real estate by biggest banks and return to core markets or sectors. Most real estate lending outside the home country considered as non-core. Sell of real estate assets wholly or partially owned by banks wherever there is a minimal impact on the balance sheet. Huge change of liquidity risk, stress testing and reporting for many banks. Strategic challenges for some banks due to increase of cost of capital May 22, 2012 Page 10

11 Solvency II Key aspects of Solvency II: Revision of EU-wide capital requirements and risk management standards with the aim of increasing protection and reducing the possibility of loss or market disruption in the insurance industry Applicable for all insurance and reinsurance firms with gross premium income exceeding 5 million or gross technical provisions in excess of 25 million Key elements include: adequate financial resources, an adequate system of governance, a supervisory review process, public disclosure and regulatory reporting requirements. Direct real estate investments will need a 25% capital deposit ratio with no leverage, or 39% (listed; 49% unlisted) if leverage is used. An internal model whereby insurers calculate their capital requirements using a tailored model may also be used. Look through method allowed; leverage awarded May 22, 2012 Page 11

12 Solvency II Implications of Solvency II Significant increase of capital reserves of insurance companies when investing in risky assets Impact on insurance companies allocation to the real estate sector the most likely result being more direct investments or becoming a lender to the industry. May 22, 2012 Page 12

13 Solvency II

14 Other regulations that will impact the real estate funds industry Other relevant regulations with impact for the real estate industry Fund Governance Dodd Frank EMIR Foreign Account Tax Compliance Act (FATCA) Global Investment Performance Standards (GIPS) Sustainability reporting / Integrated reporting Financial transaction tax May 22, 2012 Page 14

15 Sweeping Change to Accounting Standards Revenu Recognition Lease accounting Financial Instruments Consolidation/associates/joint ventures Fair Value Measurement and the implications on RE valuations (Level 2 or Level 3) However, timing is uncertain Will Europe adopt? May 22, 2012 Page 15

16 Implications for the markets Source: EY European Real Estate Assets Investments Indicator 2012 May 22, 2012 Page 16

17 Insurance companies Insurance companies are more and more active in providing loans to real estate companies Insurance companies are forecast to account for as much as 20% of the European lending market in the next three to five years (CBRE) They do this for a variety of reasons: Looking for stable cash flows; or Substituting tangible real estate for loans in anticipation of Solvency II; or Combinations of the above This may be in the format of: Buying existing loans, whether distressed or performing Issuing new loans Set up real estate loan funds and seek for external capital Participation in Loan Funds May 22, 2012 Page 17

18 Banks European Banks are heavily exposed to Commercial Real Estate Europe s real estate debt market amounts to 2.4trn, equivalent to 10% of loan books (Morgan Stanley) European banks hold about 750 bn. of delinquent real-estate loans, putting them under pressure to sell assets (European Business School) Most debt originated before markets plunged in 2007 is being held on bank balance sheets at 90 percent or more of face value. Potential buyers value them at 50 percent to 60 percent (Bloomberg) The End is not yet Near: European landlords have bn. of commercial property debt maturing by the end of 2013 at the same time regulators are urging banks to shrink their balance sheets (Bloomberg) May 22, 2012 Page 18

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

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

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

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

Quarterly Financial Supplement - 1Q 2016

Quarterly Financial Supplement - 1Q 2016 Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

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

Disclosure and Reporting Requirements Under the Alternative Investment Fund Managers Directive

Disclosure and Reporting Requirements Under the Alternative Investment Fund Managers Directive Disclosure and Reporting Requirements Under the Alternative Investment Fund Managers Directive Edward Black, Senior Principal Consultant ACA Compliance (Europe) Limited Sally McCarthy, Senior Principal

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

State Farm Bank, F.S.B.

State Farm Bank, F.S.B. State Farm Bank, F.S.B. 2015 Annual Stress Test Disclosure Dodd-Frank Act Company Run Stress Test Results Supervisory Severely Adverse Scenario June 25, 2015 1 Regulatory Requirement The 2015 Annual Stress

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

The Alternative Investment Fund Managers Directive Level 2 Measures published Six months to go!

The Alternative Investment Fund Managers Directive Level 2 Measures published Six months to go! The Alternative Investment Fund Managers Directive Level 2 Measures published Six months to go! 12 February 13 Introduction The Alternative Investment Fund Managers Directive ( AIFMD ) establishes a common

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

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

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

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

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

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

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

SSBCI PROGRAM PROFILE: COLLATERAL SUPPORT PROGRAM. May 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury

SSBCI PROGRAM PROFILE: COLLATERAL SUPPORT PROGRAM. May 17, 2011 State Small Business Credit Initiative (SSBCI) U.S. Department of the Treasury SSBCI PROGRAM PROFILE: COLLATERAL SUPPORT PROGRAM May 17, 2011 (SSBCI) U.S. Department of the Treasury What is a Collateral Support Program? A Collateral Support Program is designed to enable financing

More information

Impact of Regulations and Risk Management in Financial Markets in Europe

Impact of Regulations and Risk Management in Financial Markets in Europe SALES OPPORTUNITY ASSESSMENT PRODUCT CATI EMERGING MARKET ENTRY STRATEGY CUSTOMER INTELLIGENCE MARKET SIZING AND FORECASTING INDUSTRY BEST PRACTICE CUSTOMER NEED BEST PRACTICE ASSESSMENT COMPETITIVE INTELLIGENCE

More information

Act on the Management of Alternative Investment Funds

Act on the Management of Alternative Investment Funds FINANSTILSYNET Norway Translation March 2015 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Act on the

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

Financial Stability Oversight Council. Staff Guidance. Methodologies Relating to Stage 1 Thresholds. June 8, 2015

Financial Stability Oversight Council. Staff Guidance. Methodologies Relating to Stage 1 Thresholds. June 8, 2015 Financial Stability Oversight Council Staff Guidance Methodologies Relating to Stage 1 Thresholds June 8, 2015 Stage 1 Overview Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection

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

The end of too much : A new deal for Alternative Investments?

The end of too much : A new deal for Alternative Investments? The end of too much : A new deal for Alternative Investments? 2013 Alternative Investment Roadshow Fabrice CUCHET Member of the Executive Committee CIO, Alternative Investments Agenda 2 Regulation: a pause

More information

Funds Transfer Pricing A gateway to enhanced business performance

Funds Transfer Pricing A gateway to enhanced business performance Funds Transfer Pricing A gateway to enhanced business performance Jean-Philippe Peters Partner Governance, Risk & Compliance Deloitte Luxembourg Arnaud Duchesne Senior Manager Governance, Risk & Compliance

More information

Investing in unlisted property schemes?

Investing in unlisted property schemes? Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from

More information

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial

More information

for Analysing Listed Private Equity Companies

for Analysing Listed Private Equity Companies 8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.

More information

Morgan Stanley Reports Second Quarter 2015:

Morgan Stanley Reports Second Quarter 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Second Quarter 2015: Net Revenues of $9.7 Billion and Earnings per Diluted Share of $0.85

More information

Director s Guide to Credit

Director s Guide to Credit Federal Reserve Bank of Atlanta Director s Guide to Credit This guide was created by the Supervision and Regulation Division of the Federal Reserve Bank of Atlanta, 1000 Peachtree Street NE, Atlanta,

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

Impact on the Jersey asset management industry

Impact on the Jersey asset management industry www.pwc.com AIFMD Update Impact on the Jersey asset management industry 22 March 2012 AIFMD Setting the scene what was the purpose behind the AIFMD? Who gets caught? Impact of AIFMD Managers Service providers

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

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

European Market Infrastructure Regulation (EMIR): Pension fund exemption on central clearing

European Market Infrastructure Regulation (EMIR): Pension fund exemption on central clearing European Market Infrastructure Regulation (EMIR): Pension fund exemption on central clearing Finding a solution for cash variation margin remains the main concern Executive Summary The fundamental issue

More information

Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO

Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Frankfurt, June 5th 2009 Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Disclaimer This presentation has been prepared by Banco Popular solely for purposes of information. It may

More information

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds Frankfurt am Main, 4 October 2014 BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds BVI 1 gladly takes

More information

Commonwealth Bank of Australia 2015 Section 165(d) Dodd-Frank Act Tailored Resolution Plan

Commonwealth Bank of Australia 2015 Section 165(d) Dodd-Frank Act Tailored Resolution Plan [DRAFT] Commonwealth Bank of Australia 2015 Section 165(d) Dodd-Frank Act Tailored Resolution Plan 12/29/2015 Public Section Public Section (i) Executive Summary Requirements of the Dodd-Frank Wall Street

More information

Basis of the Financial Stability Oversight Council s Final Determination Regarding General Electric Capital Corporation, Inc.

Basis of the Financial Stability Oversight Council s Final Determination Regarding General Electric Capital Corporation, Inc. Introduction Basis of the Financial Stability Oversight Council s Final Determination Regarding General Electric Capital Corporation, Inc. Pursuant to section 113 of the Dodd-Frank Wall Street Reform and

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

The Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation The Securities Financing Transactions Regulation Introduction Key requirements Scope Reuse requirements UCITS and AIF disclosure requirements Consequences of noncompliance Implementation timetable Introduction

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

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

Agreements, bonds and guarantees

Agreements, bonds and guarantees Agreements, bonds and guarantees SPV Formation The Special Project Vehicle (SPV) may take a variety of forms, including a corporation, limited liability company, general partnership, limited partnership,

More information

Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte

Preparing for Solvency II Time for asset managers and asset servicers to act. Thierry Flamand Partner Advisory & Consulting Deloitte Preparing for Solvency II Time for asset managers and asset servicers to act Thierry Flamand Partner Advisory & Consulting Deloitte Michael Cravatte Director Advisory & Consulting Deloitte The insurance

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

Investing in mortgage schemes?

Investing in mortgage schemes? Investing in mortgage schemes? Independent guide for investors about unlisted mortgage schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from ASIC about

More information

M&G HIGH INCOME INVESTMENT TRUST P.L.C

M&G HIGH INCOME INVESTMENT TRUST P.L.C This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available

More information

European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013

European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013 European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013 Today the European Commission (EC) released a proposal for a regulation on money market funds (MMFs) established,

More information

Introducing SIR/GVV: the new Belgian REIT status

Introducing SIR/GVV: the new Belgian REIT status Introducing SIR/GVV: the new Belgian REIT status July 2014 1 Disclaimer This presentation (the Presentation) has been prepared by members of the working group (the Company) in connection with the adoption

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

The role of capital for non-bank actors. Denis Duverne

The role of capital for non-bank actors. Denis Duverne The role of capital for non-bank actors Denis Duverne Key messages for today 1 The balance sheet structure of insurance companies is fundamentally different from that of banks The business model of insurance

More information

Risk & Capital Management under Basel III

Risk & Capital Management under Basel III www.pwc.com Risk & Capital Management under Basel III London, 15 Draft Agenda Basel III changes to capital rules - Definition of capital - Minimum capital ratios - Leverage ratio - Buffer requirements

More information

the alternative investment fund managers directive Luxembourg implementation aifmd

the alternative investment fund managers directive Luxembourg implementation aifmd the alternative investment fund managers directive Luxembourg implementation aifmd The alternative investment fund managers directive : Luxembourg implementation ALFI thanks Arendt & Medernach, which

More information

Guidelines on exchange of information on a systematic basis within colleges

Guidelines on exchange of information on a systematic basis within colleges EIOPA-BoS-15/112 EN Guidelines on exchange of information on a systematic basis within colleges EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19;

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

Summary of GE Capital s SIFI Rescission Request

Summary of GE Capital s SIFI Rescission Request SUPPLEMENTAL DOCUMENT March 31, 2016 Summary of GE Capital s SIFI Rescission Request In 2013, GE Capital was designated as a nonbank Systemically Important Financial Institution (Nonbank SIFI) by the Financial

More information

TIAA-CREF Individual & Institutional Services, LLC (A wholly-owned subsidiary of Teachers Insurance and Annuity Association of America) Statement of

TIAA-CREF Individual & Institutional Services, LLC (A wholly-owned subsidiary of Teachers Insurance and Annuity Association of America) Statement of TIAA-CREF Individual & Institutional Services, LLC (A wholly-owned subsidiary of Teachers Insurance and Annuity Association of America) Statement of Financial Condition (Unaudited) Index Page(s) Financial

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

AFG would like to stress an important issue which is the way entities enter into these operations.

AFG would like to stress an important issue which is the way entities enter into these operations. AGA n 4342/Div FSB Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland Paris, 15 December 2014 AFG response to the FSB s consultation on Strengthening

More information

Business Restructuring & Insolvency Report

Business Restructuring & Insolvency Report Published by TIMES Group First Edition 2015 Business Restructuring & Insolvency Report Restructuring is here to stay by Peter Wolterman and Koos Beke, PwC Netherlands We strongly believe that the restructuring

More information

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011 Basel 3: A new perspective on portfolio risk management Tamar JOULIA-PARIS October 2011 1 Content 1. Basel 3 A complex regulatory framework With possible unintended consequences 2. Consequences on Main

More information

2014 Dodd-Frank Act Stress Test (DFAST)

2014 Dodd-Frank Act Stress Test (DFAST) 2014 Dodd-Frank Act Stress Test (DFAST) Company-Run Dodd-Frank Stress Test submitted to the Federal Reserve on January 6, 2014 SECTION TABLE OF CONTENTS PAGE 1 Background to Comprehensive Capital Analysis

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Contents. About the author. Introduction

Contents. About the author. Introduction Contents About the author Introduction 1 Retail banks Overview: bank credit analysis and copulas Bank risks Bank risks and returns: the profitability, liquidity and solvency trade-off Credit risk Liquidity

More information

Morgan Stanley Reports First Quarter 2015:

Morgan Stanley Reports First Quarter 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports First Quarter 2015: Net Revenues of $9.9 Billion and Earnings per Diluted Share from

More information

SAMA GENERAL DEPARTMENT OF FINANCE COMPANIES CONTROL. Prudential Returns Handbook (Finance Companies)

SAMA GENERAL DEPARTMENT OF FINANCE COMPANIES CONTROL. Prudential Returns Handbook (Finance Companies) SAMA GENERAL DEPARTMENT OF FINANCE COMPANIES CONTROL Prudential Returns Handbook (Finance Companies) 1. Introduction Submission schedule All licensed finance companies in Saudi Arabia are required to submit

More information

The Financial Crises of the 21st Century

The Financial Crises of the 21st Century The Financial Crises of the 21st Century Workshop of the Austrian Research Association (√Ėsterreichische Forschungsgemeinschaft) 18. - 19. 10. 2012 Towards a Unified European Banking Market Univ.Prof. Dr.

More information

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC This document is issued by Standard Life European Private Equity Trust PLC (the "Company") and is made available by SL Capital Partners LLP (the AIFM ) solely in order to make certain particular information

More information

What s on a bank s balance sheet?

What s on a bank s balance sheet? The Capital Markets Initiative January 2014 TO: Interested Parties FROM: David Hollingsworth and Lauren Oppenheimer RE: Capital Requirements and Bank Balance Sheets: Reviewing the Basics What s on a bank

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

Bank Regulatory Capital Quick Reference. Very simply: to limit risk and reduce our potential, unexpected losses.

Bank Regulatory Capital Quick Reference. Very simply: to limit risk and reduce our potential, unexpected losses. Bank Regulatory Capital: Why We Need It Very simply: to limit risk and reduce our potential, unexpected losses. Unlike normal companies, banks are in the business of issuing loans to individuals and businesses

More information

University of Washington. Debt Management Policy. Statement of Objectives and Policies. Approved by the Board of Regents, September 19, 2002

University of Washington. Debt Management Policy. Statement of Objectives and Policies. Approved by the Board of Regents, September 19, 2002 University of Washington Debt Management Policy Statement of Objectives and Policies Approved by the Board of Regents, September 19, 2002 Amended July 16, 2004 and May 15, 2008. Overview This statement

More information

Abacus Wodonga Land Fund

Abacus Wodonga Land Fund Abacus Wodonga Land Fund DISCLOSURE OF INFORMATION The Australian Securities and Investments Commission (ASIC) has developed six benchmarks and eight disclosure principles for unlisted property trusts

More information

Prof Kevin Davis Melbourne Centre for Financial Studies. Managing Liquidity Risks. Session 5.1. Training Program ~ 8 12 December 2008 SHANGHAI, CHINA

Prof Kevin Davis Melbourne Centre for Financial Studies. Managing Liquidity Risks. Session 5.1. Training Program ~ 8 12 December 2008 SHANGHAI, CHINA Enhancing Risk Management and Governance in the Region s Banking System to Implement Basel II and to Meet Contemporary Risks and Challenges Arising from the Global Banking System Training Program ~ 8 12

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

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Date: To: From: Subject: June 3, 2016 Board of Governors / Governor Tarullo'J)l-! Advance notice of proposed rulemaking regarding capital requirements for

More information

Commercial paper collateralized by a pool of loans, leases, receivables, or structured credit products. Asset-backed commercial paper (ABCP)

Commercial paper collateralized by a pool of loans, leases, receivables, or structured credit products. Asset-backed commercial paper (ABCP) GLOSSARY Asset-backed commercial paper (ABCP) Asset-backed security (ABS) Asset-backed securities index (ABX) Basel II Call (put) option Carry trade Collateralized debt obligation (CDO) Collateralized

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Capital Cost Implications of Pending and Proposed Regulatory Changes

Capital Cost Implications of Pending and Proposed Regulatory Changes J State Street s Digest of Topics in Securities Finance In View ISSUE 3 AUG. 2014 Capital Cost Implications of Pending and Proposed Regulatory Changes As we noted in our first In View article entitled,

More information

The accompanying notes constitute an integral part of the Financial Statements.

The accompanying notes constitute an integral part of the Financial Statements. Consolidated Statement of Financial Position Assets Note As at December 31 1022 1020 Intangible assets 4 797,997 785,585 Deferred tax assets 78 9,357 5,565 Deferred acquisition costs 5 8,535,538 949,585

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) I. OVERVIEW A. What is FATCA? FATCA, as it is colloquially known, refers to Chapter 4 of the US Internal Revenue Code, which was enacted by the Hiring Incentives

More information

WELCOME TO BVI'S ANNUAL PRESS CONFERENCE 10 FEBRUARY 2015 FRANKFURT

WELCOME TO BVI'S ANNUAL PRESS CONFERENCE 10 FEBRUARY 2015 FRANKFURT WELCOME TO BVI'S ANNUAL PRESS CONFERENCE 10 FEBRUARY 2015 FRANKFURT AGENDA I. Demands 1. Removal of competitive distortions and misguided incentive effects 1.1 Example 1: Consultation minutes 1.2 Example

More information

Disclosure 17 OffV (Credit Risk Mitigation Techniques)

Disclosure 17 OffV (Credit Risk Mitigation Techniques) Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of

More information

The Relationship between Capital, Liquidity and Risk in Commercial Banks. by Tamara Kochubey and Dorota Kowalczyk. Comments by Ricardo Lago

The Relationship between Capital, Liquidity and Risk in Commercial Banks. by Tamara Kochubey and Dorota Kowalczyk. Comments by Ricardo Lago The Relationship between Capital, Liquidity and Risk in Commercial Banks by Tamara Kochubey and Dorota Kowalczyk Comments by Ricardo Lago I- Motivation and Method U.S. commercial banks : decision making

More information

Key learning points I

Key learning points I Key learning points I What do banks do? Banks provide three core banking services Deposit collection Payment arrangement Underwrite loans Banks may also offer financial services such as cash, asset, and

More information

Overview of Goldman Sachs. January 2016

Overview of Goldman Sachs. January 2016 Overview of Goldman Sachs January 2016 Cautionary Note on Forward-Looking Statements This presentation may include forward-looking statements. These statements are not historical facts, but instead represent

More information

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper

C&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working

More information

Notices of Proposed Rulemaking: Regulatory Capital Community Bank Informational Session

Notices of Proposed Rulemaking: Regulatory Capital Community Bank Informational Session Notices of Proposed Rulemaking: Regulatory Capital Community Bank Informational Session 1 Presentation Purpose and Limitations This presentation has been prepared by FDIC staff to provide a general overview

More information

Asset Quality Review and Stress Test. Comprehensive Assessment Results

Asset Quality Review and Stress Test. Comprehensive Assessment Results Asset Quality Review and Stress Test Comprehensive Assessment Results November 2014 Disclaimer This presentation has been prepared solely for informational purposes. Any projections or other estimates

More information

ASF: The French Association of Specialised Finance Companies

ASF: The French Association of Specialised Finance Companies ASF: The French Association of Specialised Finance Companies Created under the regulatory framework of the banking act of 24 January 1984, the ASF (the French Association of Specialised Finance Companies)

More information

LIQUIDITY RISK MANAGEMENT GUIDELINE

LIQUIDITY RISK MANAGEMENT GUIDELINE LIQUIDITY RISK MANAGEMENT GUIDELINE April 2009 Table of Contents Preamble... 3 Introduction... 4 Scope... 5 Coming into effect and updating... 6 1. Liquidity risk... 7 2. Sound and prudent liquidity risk

More information

FOREIGN CURRENCY TRANSACTIONS 8-16. Initial Recognition 8-10. Reporting at Subsequent Balance Sheet Dates 11-12

FOREIGN CURRENCY TRANSACTIONS 8-16. Initial Recognition 8-10. Reporting at Subsequent Balance Sheet Dates 11-12 108 Accounting Standard (AS) 11 The Effects of Changes in Foreign Exchange Rates Contents OBJECTIVE SCOPE Paragraphs 1-6 DEFINITIONS 7 FOREIGN CURRENCY TRANSACTIONS 8-16 Initial Recognition 8-10 Reporting

More information

Business Studies - Financial Planning and Management Study Notes. Financial Planning and Management Study Notes:

Business Studies - Financial Planning and Management Study Notes. Financial Planning and Management Study Notes: Business Studies - Financial Planning and Management Study Notes Financial Planning and Management Study Notes: The Role of Financial Planning: The strategic role of financial management: Organisational

More information

RENAISSANCE ENTREPRENEURSHIP CENTER First Finance Class (FIN-1)

RENAISSANCE ENTREPRENEURSHIP CENTER First Finance Class (FIN-1) Finance 1 (FIN-1) RENAISSANCE ENTREPRENEURSHIP CENTER (FIN-1) Learning Outcomes At the conclusion of this class, you should: Know what will be covered in the six finance class sessions. Have reviewed some

More information

A Comparison Of Investment Adviser Reporting Forms

A Comparison Of Investment Adviser Reporting Forms Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com A Comparison Of Investment Adviser Reporting Forms

More information

IFRS and Basel Accord: main objectives and key priorities

IFRS and Basel Accord: main objectives and key priorities IFRS and Basel Accord: main objectives and key priorities Ian Michael ICAEW Manager, Risk and Regulation, Financial Services Faculty Accounting for financial instruments The project to replace IAS 39 Project

More information

Managers Directive AIFs. Issued :

Managers Directive AIFs. Issued : Information page Alternative Investment Fund Managers Directive AIFMs managing leveraged AIFs Issued : 7t May 2013 Table of Contents 1. Introduction... 3 2. General provisions applicable to AIFs using

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made

More information