Author Archives: Barry Stimpson
The European Commission is carrying out a survey on how the AIFMD has worked in practice and how it has met its objectives. Anyone can respond to the online survey.
FCA has published updated guidance on reporting Annex IV transparency information under the Alternative Investment Fund Managers Directive (AIFMD). The document details: Transparency reporting requirements (pursuant to both the AIFMD and the FCA Handbook); How this information is submitted to the FCA (via the Gabriel system); The form of report (AIF001 Manager Report and AIF002 Fund Transparency Report); and […]
In December, the Institutional Limited Partners Association (ILPA) issued the first in a series of model documents to be produced through its Limited Partnership Agreement (LPA) Simplification Initiative. The Model Subscription Agreement (MSA) seeks to streamline fundraising, increase clarity and improve the efficiency of capital formation by providing a balanced, off-the-shelf subscription document solution which […]
The Chancellor announced in his Budget statement that he intends to bring gains made by non-UK residents from the disposal of UK commercial property within the UK tax net. Our briefing looks at the details of the proposed change, and its effects on managers of real estate funds.
The Commission’s consultation on cross border distribution of investment funds closed on 9 October, and the Commission has now published the 62 responses it received.
Stephen Barclay, City Minister, announced the creation of an Asset Management Taskforce to preserve the UK’s leading position as an asset management hub. Among his comments, he said: the Government sees delegation as key going forwards, and is using the Brexit challenge as a spur to spearhead this; it is critical to maintain gold standard […]
The Hedge Funds Standards Board has changed its name to the Standards Board for Alternative Investments, to reflect the evolution of the alternative investment industry.
On 20 July ESMA published its opinion on asset segregation and the application of depositary delegation rules to central securities depositaries (CSDs). In the opinion, ESMA outlines its view on: the optimal approach to asset segregation under the AIFMD and the UCITS Directive frameworks; and how the depositary delegation rules should apply to CSDs. ESMA believes […]
FCA’s review of fund suspensions and pricing adjustments following the Brexit vote has indicated that property funds should plan better to take external events into account so they can deal with liquidity risks. It found that some daily-dealt property funds suspended dealing or applied pricing adjustments in the immediate aftermath of the vote because they […]
ESMA has updated its FAQs in relation to UCITS and the AIFMD. The additions relate to: on the AIFMD, reporting requirements for loans purchased on the secondary market, conversion of total value of AUM and currency of the net asset value and on UCITS, issuer concentration and group links, independence and cooling off periods.