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Inbound webinar presentation

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Cordium held a webinar on 31st March 2016 Operating in the UK made easy for US Firms

For managers based in the US, the UK’s local regulatory, taxation and reporting regimes, can seem unfamiliar and feel like a serious barrier to entry to building a presence in the UK. Combine that with regulator-imposed capital requirements and labor-friendly employment legislation, the whole exercise can feel daunting and frustrating.

Cordium has a 20 year history of helping firms to find their way through the maze of local and cross-border issues. Over the years we have deployed our specialist compliance, reporting, tax and prudential resources to complement your internal teams, legal counsel and other advisers. Our clients have been able to start operating in London quickly, whilst being secure in the knowledge that they are compliant with all local requirements, and have a structure that ensures satisfaction of all initial and ongoing regulatory obligations. If speed-to-market is important, or FCA substance requirements are a challenge, Mirabella’s hosting solutions can solve the problem, whether as an indefinite solution or just as a stop gap until either FCA authorisation is granted or the business achieves commercial sustainability.

The webinar discussed the challenges of setting up and operating in London and how Cordium can make it easy.

Cordium was delighted to be joined by guest speaker Karthik Iyer who is the Asset Management and Capital Markets Lead at UK Trade & Investment, a UK government body focussed on inward investment into the UK.

The presentation was followed by a live question and answer session.

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Inbound webinar presentation

  1. 1. 1 Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers The webinar will begin shortly… You can join either by VoIP or dial in by telephone Follow call in details if you select to use Telephone audio
  2. 2. Questions 2 You can submit your questions using the Questions area in the GoToWebinar console
  3. 3. April 1, 2016CORDIUM POWERPOINT MASTER 3
  4. 4. 4 Moderated by: Sarah Donnelly - Sales Director, Cordium Philip Naughton -Compliance Cordium Matthew Crisp - Financial & Regulatory Accounting Cordium Sutha Kanagarajah - Tax Joe Vittoria - Mirabella Karthik Iyer - Asset Management & Capital Markets Sector Lead, UK Trade & Investment Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers
  5. 5. 5 Webinar - Gateway To Europe UKTI – Financial Services Organisation (FSO) The UKTI FSO acts as a single body for Financial Services companies to engage with, as they plan to grow in and from the UK. What are UKTI FSO Overarching Objectives? o The UKTI Financial Services Organisation (FSO) is comprised of a team of dedicated professionals with a sector specific approach to financial and related professional and business services.
  6. 6. 6 Webinar - Gateway To Europe UKTI – Financial Services Organisation (FSO) UKTI FSO takes strategic direction from HM Treasury & the Financial Services Trade & Investment Board (FSTIB) and is accountable for delivering some of its initiatives. We also have 3 principal aims: 1. To attract and retain high value Foreign Direct Investment (FDI) into the UK; 2. To help UK based companies grow their business through international trade; and 3. Develop and maintain relationships with existing investors in the UK for the purposes of encouraging further long term investment into the UK.
  7. 7. 7 Webinar - Gateway To Europe UKTI – Government Commitment to the Sector What is the Investment Management (IM) Strategy? The UK Investment Management (IM) Strategy was launched in Budget 2013 and committed the UK to improve its international competitiveness in the IM industry. It is the government’s job to create the right environment and support firms to gain market share, especially in emerging market economies where new investors, savers and markets are appearing. “That is why I have established the Financial Services Trade and Investment Board (FSTIB)- to bring together the best that our public and private sectors have to offer to strengthen the UK’s performance in financial services at home and abroad.” - Chancellor George Osborne (2013)
  8. 8. What is the UK Investment Management Strategy (IMS)? The UK Investment Management (IM) Strategy was launched in Budget 2013 and committed the UK to improve its international competitiveness in the IM industry. This strategy focuses on three main components: 1. Taxation: government will work hard to ensure a tax regime which is simple, fair and streamlined. 2. Regulation: government will ensure a regulatory environment that applies high internationally consistent regulatory standards and that remains responsive. 3. Marketing: government will work closely with key industry bodies to carry a co- ordinated marketing approach to all corners of the globe. 8
  9. 9. The big numbers for UK asset management Source: EFAMA & TheCityUK 9
  10. 10. Average AUM per manager & Concentration of Top 5 managers Source: EFAMA Asset Management Report 2015 10
  11. 11. 11 Webinar - Gateway To Europe UKTI – Financial Services Organisation (FSO) Key Messages for Investment Management from UK
  12. 12. 12 Webinar - Gateway To Europe UKTI – Financial Services Organisation (FSO) If you are thinking of the UK as place to do business in, with or from, help is available to make the process easier! A One Stop Shop Concierge Service gives you all the help you need to set up in the UK. 1. Set up: Help navigating the process of setting up an investment management company 2. Introductions: to the ecosystem of professional services providers and advisors. 3. Accessing market opportunities: Bespoke research. 4. Helping select the best market location 5. Tax Advice 6. Support with visas and entry into UK 7. Finding quality staff 8. Ongoing government support Once in the UK, UKTI FSO can help your business grow internationally from the UK
  13. 13. 13 Welcome to London Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers
  14. 14. 14 The Piccadilly Line: Heathrow to the West End Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers
  15. 15. 15 Let’s simplify it a little The Piccadilly Line: Heathrow to the West End Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers
  16. 16. 16 The Piccadilly Line: Heathrow to the West End ….…is like your Journey to being Fully Operational Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers
  17. 17. So let us begin our journey …….. 17 Webinar - Gateway To Europe Cordium’s inbound solutions for US Fund Managers
  18. 18. 18 Do I need to be regulated? What activities require FCA regulation? There are various examples, such as: o Marketing, for Managed Account management services, AIFs and UCITS o Managing with discretion o Corporate Finance activity Legal advice required to confirm definitively activities being undertaken
  19. 19. 19 What else needs to be set up? UK tax and Financial Regulatory Reporting People o Employment status o Payrolls o Contracts and Handbooks Structure o LTD or LLP? V.A.T. o Registering o Reclaims Business as usual
  20. 20. 20 Baseline reporting schedule – Full-Scope AIFM: CPMI (BIPRU) Typico What else needs to be set up?
  21. 21. 21 Preparing and submitting an FCA Application The principal steps are: o Determine what permissions you need o Prepare a Business Plan o Understand minimum regulatory financial requirements with forecasting in FCA format o Preparation of the application itself
  22. 22. 22 Waiting for FCA Approval o Current waiting time for FCA Case Officer is 22 weeks. o Which Case Officer is allocated to your application can make a difference o Case Officer will ask questions, responding quickly is important, but knowing how to respond is critical since poor responses can lose time. o Once the Case Officer is satisfied you will be “Authorised Subject to” a few final conditions, the most important will be proof of capital. o You will decide which exact day your firm will be authorised.
  23. 23. 23 Getting FCA Authorisation o Your firm will appear on the FCA Register, which will details matters such as your permissions/licence, contact details, approved persons and for what function. o Make sure you get your MiFID passports in quickly, if required. Otherwise you can’t do business with the rest of EU. o You can’t apply for MIFID passports as part of your application. You apply separately and these will be received 1 month from request. If you are an AIFM passporting you would need to register with the regulator in each jurisdiction you wish to market in.
  24. 24. 24 Starting Regulated Activities Compliance calendar – Full-Scope AIFM:
  25. 25. 25 Starting Regulated Activities Cordium can help you to deal with this: o Compliance Infrastructure (should be in place at authorisation) o Compliance Monitoring o PILOT o ELF o Financial and Regulatory Reporting/GABRIEL o Annex IV service o Projects
  26. 26. 26 Being Authorised This is not the end of the story: o You must keep up with all new regulations o Maintain your infrastructure o You must review your capital on an ongoing basis (yes daily!) o You must undertake ongoing and appropriate training o For Portfolio Managers there are significant AIFMD obligations Of course there are non-regulatory activities, such as Companies House, HMRC, and VAT filings, and annual financial audits.
  27. 27. 27 Fully Operational The good news is that your UK firm is fully operational. Congratulations!
  28. 28. 28 6-9 Months 1 Month But is there an easier way?
  29. 29. 29 Benefits of Regulatory Hosting: o Skip the long wait for authorisation. o Enable you to hire people with the certain knowledge that you can start on time. o No FCA reporting requirements. o No FCA capital requirements. o Compliance and Risk outsourced to experienced people. Regulatory Hosting with Mirabella
  30. 30. 30 Regulatory Hosting with Mirabella Mirabella by-the-numbers: o Currently over 110 FCA Approved Persons, and over 800 since inception o Currently managing over $5b in Assets, for 16 mandates o Currently has over 40 Appointed Representative firms, over 100 since inception. o Exclusively hosting since 2004, no in-house activity o Client facing team of 13 professionals Mirabella has been trusted by major investors, including SWF, major global seeding firms, and large pension funds. Meetings in NY/CT available week of April 11th.
  31. 31. 31 Summary Summary by Sarah Donnelly We thank you for your kind attention
  32. 32. Questions 32 You can submit your questions using the Questions area in the GoToWebinar console For more information or sales enquiries please contact sarah.donnelly@cordium.com for UK.

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