FIN.

Author - Barry Stimpson

FCA explains UCITS liquidity problem

Andrew Bailey has written to Lord Myners explaining why FCA has not taken, and does not think it appropriate to take, action to establish its own requirements for liquidity standards for UCITS. The letter explains that...

The IA comments on fund suspension

The Investment Association, commenting on suspension and illiquidity in open-ended funds, said that it is necessary sometimes to suspend funds in the best interests of their investors – be they investors who want...

ESMA updates funds FAQs

ESMA has updated its FAQs on AIFMD and UCITS.  The additions focus on depositaries, looking at: the distinction between depositary functions and supporting tasks that are not subject to the delegation rules in the...

ESMA updates funds and MAR FAQs

ESMA has updated its FAQs on: the application of the UCITS Directive to include clarification on benchmark disclosure obligations for UCITS both in the KIID and where funds name a target in their investment objectives...

AFME publishes no-deal selling restrictions

AFME has published suggested wording for selling restrictions for equity transactions to use in the event of a no-deal Brexit.  It is designed for the most common scenarios and comprises an EEA public offer restriction...

ESMA speaks on fund priorities

Steven Maijoor has spoken on ESMA’s priorities in fund regulation. He focused on how consumer investments progress over time, and the role of costs, looking at ESMA’s costs and performance report on retail...

MEPs vote on fund marketing changes

MEPs in ECON have voted through the proposals for changes to the rules on cross-border investment fund distribution. As part of the vote, they stipulated that marketing communications should be clearly identified as...

FMLC comments on funds onshoring measures

FMLC has noted a number of legal uncertainties in the various draft onshoring legislation relating to investment funds and their managers.  In relation to the drafts for AIFMs and Collective Investment Schemes, FMLC has...

FCA outlines temporary permissions for funds

FCA has outlined how its temporary permissions Brexit regime will work for inbound EEA firms and funds.  FCA carried out a survey earlier in the year for affected firms and funds, and urges relevant firms to complete it...

ESMA updates AIFMD FAQ

ESMA has updated its AIFMD FAQs to include questions on how notification requirements apply to AIFMs managing umbrella AIFs on a cross-border basis.

ILPA updates members on activities

ILPA‘s (the Institutional Limited Partners Association) latest member update includes items on: a comment letter in response to SEC’s proposed Interpretation on the standard of conduct for investment...

ESMA response to EIOPA on AIFMD

ESMA has responded to some queries EIOPA raised with it on the definition of AIF and leverage in the AIFMD.  EIOPA had asked: whether AIFs that use certain borrowing arrangements and derivative instruments under the...

ESMA updates funds FAQs

ESMA has updated its FAQs on the UCITS Directive and the AIFMD. New questions include those addressing when UCITS invest in UCITS with different investment policies and supervision of branches of UCITS management...

Prospectus exemptions amended

The FSMA (Prospectus and Markets in Financial Instruments) Regulations 2018 take effect on 21 July and amend two of the thresholds that trigger the requirement to produce a prospectus. The changes reflect the 2017 EU...

ESMA updates UCITS FAQ

ESMA has updated its FAQs on the application of the UCITS Directive. The additions look at how to apply remuneration disclosure requirements to staff or the delegate of a UCITS management company who have been delegated...

FCA speaks on asset management

Andrew Bailey has given a regulatory perspective on asset management. His speech considered: market-wide risks: he looked at the growth in the asset management sector and particularly the increase in proportionate...

FCA focuses on closet trackers

FCA has updated on its work reviewing potential closet tracker funds and closet constrained funds – funds that look like and charge fees in the same way as active funds do, but are managed like passive funds...

ILPA issues Model Subscription Agreement

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...

HFSB changes name

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.

ESMA updates funds FAQs

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...

Changes to SLP PSC requirements published

The Scottish Partnerships (Register of People with Significant Control) Regulations 2017, made on 22 June and taking effect mainly from 26 June, have been published.  The Regulations transpose Article 30 of MLD4 on...

ESMA updates funds FAQs

ESMA has updated its FAQs on the AIFMD and the UCITS Directive. Both address the exemption for intra-group transactions for the purposes of EMIR. The AIFMD set also addresses notifications of AIFs domiciled in another...

ESMA reports on fund notifications

ESMA has published a report on notification frameworks and home-host responsibilities under the UCITS and AIFMD regimes. It carried out a study looking at the cross-border management and marketing activities of UCITS...

ESMA updates funds FAQs

ESMA has updated its FAQs on AIFMD and UCITS. The additions focus on: clarifying that the AIFMD marketing passport under Article 32 AIFMD can be used only for marketing to professional investors as defined in AIFMD and...

IA updates authorised funds guidance

The Investment Association (IA) has published an updated version of its guidance for members on authorised funds. This is a document designed for use by investors who are considering investment in a UK authorised fund...

FCA looks at illiquid asset risks

FCA has published a discussion paper looking at the issues that arise when open-ended funds invest in illiquid assets, such as real estate, infrastructure and unlisted securities. It seeks views generally, but also...