This document discusses the implications of the Alternative Investment Fund Managers Directive (AIFMD) for non-EU alternative investment fund managers marketing and managing funds in the EU. Key points include:
1) After July 22, 2013, non-EU managers will only be able to market funds in the EU under private placement regimes until at least 2015 when an EU passport may be available, subject to conditions.
2) Under private placement, managers must make certain disclosures to investors and regulators, calculate leverage using EU methods, and file annual reports.
3) Managers need to review structures, target markets, and private placement rules to continue EU marketing and may need to seek authorization if passporting becomes available.
Unraveling EU regulation for US Managers - Bovill New York BriefingBovill
Bovill - the UK financial services regulatory consultancy - held a breakfast seminar in New York for US investment managers and regulatory experts to 'unravel' EU regulation. For more information visit www.bovill.com.
Further information on the event is below:
Unraveling EU regulation for US Managers
Any financial services firm doing business in Europe needs a firm grasp of EU regulation.
Whether you are establishing an office in one country, marketing into several, or simply investing in a firm regulated in the UK, you will need to understand how EU-wide directives are translated into local rules.
Bovill – the London-based regulatory compliance experts – hosted a seminar in New York to give US firms an overview and update on European regulation.
The breakfast event covered:
The structure of the EU regulatory landscape – how EU directives are implemented by member states
The parallels and crossovers between EU and US regulation
The practical steps to consider, including a brief introduction to
- Alternative Investment Fund Manager Directive (AIFMD)
- European Markets Infrastructure Regulation (EMIR)
- Markets in Financial Instruments Directives (MiFID I & II)
Unraveling EU regulation for US Managers - Bovill New York BriefingBovill
Bovill - the UK financial services regulatory consultancy - held a breakfast seminar in New York for US investment managers and regulatory experts to 'unravel' EU regulation. For more information visit www.bovill.com.
Further information on the event is below:
Unraveling EU regulation for US Managers
Any financial services firm doing business in Europe needs a firm grasp of EU regulation.
Whether you are establishing an office in one country, marketing into several, or simply investing in a firm regulated in the UK, you will need to understand how EU-wide directives are translated into local rules.
Bovill – the London-based regulatory compliance experts – hosted a seminar in New York to give US firms an overview and update on European regulation.
The breakfast event covered:
The structure of the EU regulatory landscape – how EU directives are implemented by member states
The parallels and crossovers between EU and US regulation
The practical steps to consider, including a brief introduction to
- Alternative Investment Fund Manager Directive (AIFMD)
- European Markets Infrastructure Regulation (EMIR)
- Markets in Financial Instruments Directives (MiFID I & II)
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
"Hedge Funds & AIFMD - what you should be doing to comply" - Global Perspect...GECKO Governance
The AIFMD regulation comes into force in the 27 countries of the European Union in July 2013. The main tenets of this wide ranging legislation are now well known throughout the industry.
Put simply, AIFMD will change the alternative investment industry forever.
This is the first in a 2 part "Global Perspectives" white paper examining what fund managers should be doing right now to ensure they are ready for AIFMD. We will publish Part 2 of this white paper next month (June 2013).
Email shane@globalperspective.co.uk to receive this free white paper.
Currently fund managers should be completing a detailed impact assessment to ensure they are ready for AIFMD.
Global Perspectives (www.globalperspective.co.uk) can assist in completing your AIFMD impact assessment and implementing its requirements.
Sign up for all free monthly Global Perspectives White Papers here:-
http://www.globalperspective.co.uk/aifmd#!whitepapers/c1a4e
or email:- shane@globalperspective.co.uk
EMIR - European market infrastructure regulation has been initiated by European union to avoid situation similar to 2008-09. Financial scenario led Lehman to default and bear stearn near to collapse.
This helps EU regulatory bodies to monitor OTC, CCP and TRs.
Import finance Regulatory Frame Work EXIMAayush j.
Nature and significance of import financing decisions
Institutional regulatory framework of import financing
Exchange control regulations concerning imports
Various methods of import financing
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
The "Association Francaise des Investisseurs en Capital" (French Private Equity Investors Association; hereafter "AFIC") notes that the private equity business involves specialized teams analyzing and then making medium- or long-term equity investments in companies that are generally unlisted, and monitoring these investments until an exit is achieved. AFIC also notes that under the association's by-laws (status), members should offer both their partners and their clients transparency, equal treatment and optimum disclosure, thus guaranteeing the quality of the services that they offer.
Through the fair and honest practices of its members in their transactions, AFIC seeks to enhance the standing of the private equity business and thereby make a positive contribution to the French corporate world.
Although its members do not all have the same legal status and are not all subject to the same regulations, AFIC seeks to harmonize the business practices of its members in order to achieve an image of quality that is both uniform and consistent with its objectives.
AFIC decided to draw up this Code of Ethics, which will apply to all AFIC members according to the terms of article 6 of its by-laws, and which replaces the previous version of that article.
In order to facilitate the proper application of the provisions in this code by its members, AFIC has produced and will continue to produce guides and recommendations on the implementation of the code’s principles. AFIC makes its list of guides and recommendations available to the public using all available means.
A Summary of AIFMD and How it Affects Hedge FundsJacques Joubert
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on AIFMD and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/aifmd
MiFID II European Securities and Markets Authority’s (.docxaltheaboyer
MiFID II
European Securities and Markets Authority’s (ESMA) MiFID II requires full
implementation by January 2018. This regulation is wide reaching and covers aspects
of conduct, market abuse protections, and trade transparency. MiFID II aims to level the
regulatory playing field within the European Union’s (EU) single market. However, firms
registered in ‘third countries’ will be able to access the single market where the principle
of equivalence has been established by ESMA and approved by the European
Commission.
A. What are the top 5 challenges facing financial firms in compliance with MiFID II?
B. How is the impact of MiFID II determined on US Asset Managers?
C. How does MiFID II effect US Asset Managers Trading European Equities, Fixed
Income or Derivative Instruments?
D. How does MiFID II impact US Asset Managers Providing Sub-Advisory Services?
E. How does MiFID II impact US Asset Managers Marketing Cross-Border Products
and Services to European Clients?
a. Retail Clients
b. Professional Clients
F. How does MiFID II impact US Asset Managers that wish to offer alternative
investment funds or Offering UCITS Funds?
G. How does MiFID II impact a US Manager with a EU Subsidiary for Marketing Only
H. What are the Internal Organizational and Governance Requirements?
The European Union has begun a wide-ranging and radical reform of its securities and
derivatives markets through MiFID 2,1 which is scheduled to be implemented across the
EU by January 3, 2017. Implementation is dependent on a large amount of EU-level
secondary legislation, drafts of which recently have been published for consultation.
MiFID 2 implementation will present significant strategic challenges and operational
issues for both EU and many non-EU investment firms to consider in the coming year.
At a high level, MiFID 2 will:
● Enhance investor protection by increasing compliance obligations on EU
investment firms2 and giving EU regulators the power to ban certain investment
products and services;
● Tighten the regulation of algorithmic and high-frequency trading
● Force more trading in shares and derivatives onto regulated venues, and reduce
over-the-counter (OTC) trading in those instruments;
● Increase trading transparency across a broader range of securities and
derivatives, and restrict the use of waivers from transparency requirements that
allow dark-pool trading;
● Bring more commodity derivatives trading within EU regulatory scope and
implement commodity derivative position limits and reporting requirements;
● Tackle vertical silos in trading, clearing and settlement;
● Begin harmonizing rules allowing non-EU investment firms to access EU
securities and derivatives markets; and
● Give the European Securities and Markets Authority (ESMA) an expanded
supervisory role.
MiFID 2 will apply to EU-established investme ...
Commodity Trading Advisor & Commodity Pool Operator 101ManagedFunds
Commodity Trading Advisors (CTA) and Commodity Pool Operators (CPO) have long been vital to the alternative investment industry. The presentation allows those new to the alternative investment industry to better understand how CTAs and CPOs function, how they are regulated, and how the Dodd-Frank legislation and recent CFTC rulemakings have affected these entities.
European Union Legislative and Regulatory UpdateManagedFunds
This new educational and informational resource offers users in depth information on the many legislative and regulatory issues facing the hedge fund and managed futures industries in the EU.
Along with current status and scope of the issues, the presentation also lists MFA’s views on the issues and key concerns. This extensive guide covers a number of issues, including:
Financial Transaction Tax
Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR)
Market Abuse Directive (MAD) and Market Abuse Regulation (MAR)
Shadow Banking
Alternative Investment Fund Managers Directive (AIFMD)
European Markets Infrastructure Regulation (EMIR)
European Short Selling Regulation
European Union Member State Short Selling Bans
"Hedge Funds & AIFMD - what you should be doing to comply" - Global Perspect...GECKO Governance
The AIFMD regulation comes into force in the 27 countries of the European Union in July 2013. The main tenets of this wide ranging legislation are now well known throughout the industry.
Put simply, AIFMD will change the alternative investment industry forever.
This is the first in a 2 part "Global Perspectives" white paper examining what fund managers should be doing right now to ensure they are ready for AIFMD. We will publish Part 2 of this white paper next month (June 2013).
Email shane@globalperspective.co.uk to receive this free white paper.
Currently fund managers should be completing a detailed impact assessment to ensure they are ready for AIFMD.
Global Perspectives (www.globalperspective.co.uk) can assist in completing your AIFMD impact assessment and implementing its requirements.
Sign up for all free monthly Global Perspectives White Papers here:-
http://www.globalperspective.co.uk/aifmd#!whitepapers/c1a4e
or email:- shane@globalperspective.co.uk
EMIR - European market infrastructure regulation has been initiated by European union to avoid situation similar to 2008-09. Financial scenario led Lehman to default and bear stearn near to collapse.
This helps EU regulatory bodies to monitor OTC, CCP and TRs.
Import finance Regulatory Frame Work EXIMAayush j.
Nature and significance of import financing decisions
Institutional regulatory framework of import financing
Exchange control regulations concerning imports
Various methods of import financing
Read Duff & Phelps’ detailed synopsis of the latest news and publications issued by France’s AMF affecting the asset management industry during the third quarter of 2018.
The "Association Francaise des Investisseurs en Capital" (French Private Equity Investors Association; hereafter "AFIC") notes that the private equity business involves specialized teams analyzing and then making medium- or long-term equity investments in companies that are generally unlisted, and monitoring these investments until an exit is achieved. AFIC also notes that under the association's by-laws (status), members should offer both their partners and their clients transparency, equal treatment and optimum disclosure, thus guaranteeing the quality of the services that they offer.
Through the fair and honest practices of its members in their transactions, AFIC seeks to enhance the standing of the private equity business and thereby make a positive contribution to the French corporate world.
Although its members do not all have the same legal status and are not all subject to the same regulations, AFIC seeks to harmonize the business practices of its members in order to achieve an image of quality that is both uniform and consistent with its objectives.
AFIC decided to draw up this Code of Ethics, which will apply to all AFIC members according to the terms of article 6 of its by-laws, and which replaces the previous version of that article.
In order to facilitate the proper application of the provisions in this code by its members, AFIC has produced and will continue to produce guides and recommendations on the implementation of the code’s principles. AFIC makes its list of guides and recommendations available to the public using all available means.
A Summary of AIFMD and How it Affects Hedge FundsJacques Joubert
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on AIFMD and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/aifmd
MiFID II European Securities and Markets Authority’s (.docxaltheaboyer
MiFID II
European Securities and Markets Authority’s (ESMA) MiFID II requires full
implementation by January 2018. This regulation is wide reaching and covers aspects
of conduct, market abuse protections, and trade transparency. MiFID II aims to level the
regulatory playing field within the European Union’s (EU) single market. However, firms
registered in ‘third countries’ will be able to access the single market where the principle
of equivalence has been established by ESMA and approved by the European
Commission.
A. What are the top 5 challenges facing financial firms in compliance with MiFID II?
B. How is the impact of MiFID II determined on US Asset Managers?
C. How does MiFID II effect US Asset Managers Trading European Equities, Fixed
Income or Derivative Instruments?
D. How does MiFID II impact US Asset Managers Providing Sub-Advisory Services?
E. How does MiFID II impact US Asset Managers Marketing Cross-Border Products
and Services to European Clients?
a. Retail Clients
b. Professional Clients
F. How does MiFID II impact US Asset Managers that wish to offer alternative
investment funds or Offering UCITS Funds?
G. How does MiFID II impact a US Manager with a EU Subsidiary for Marketing Only
H. What are the Internal Organizational and Governance Requirements?
The European Union has begun a wide-ranging and radical reform of its securities and
derivatives markets through MiFID 2,1 which is scheduled to be implemented across the
EU by January 3, 2017. Implementation is dependent on a large amount of EU-level
secondary legislation, drafts of which recently have been published for consultation.
MiFID 2 implementation will present significant strategic challenges and operational
issues for both EU and many non-EU investment firms to consider in the coming year.
At a high level, MiFID 2 will:
● Enhance investor protection by increasing compliance obligations on EU
investment firms2 and giving EU regulators the power to ban certain investment
products and services;
● Tighten the regulation of algorithmic and high-frequency trading
● Force more trading in shares and derivatives onto regulated venues, and reduce
over-the-counter (OTC) trading in those instruments;
● Increase trading transparency across a broader range of securities and
derivatives, and restrict the use of waivers from transparency requirements that
allow dark-pool trading;
● Bring more commodity derivatives trading within EU regulatory scope and
implement commodity derivative position limits and reporting requirements;
● Tackle vertical silos in trading, clearing and settlement;
● Begin harmonizing rules allowing non-EU investment firms to access EU
securities and derivatives markets; and
● Give the European Securities and Markets Authority (ESMA) an expanded
supervisory role.
MiFID 2 will apply to EU-established investme ...
"AIFMD for Americans - what non-EU managers need to do to comply"GECKO Governance
AIFMD can be confusing for those of us in Europe so it is not surprising that the regulation has caused plenty of head scratching across the Atlantic and around the world.
This white paper provides a clear guide to what U.S. (and Asian managers) need to do to comply with the AIFMD regulations. This is vital if they want to be able to continue marketing their funds into the huge European market.
To sign up for all our free white papers go to:-
http://www.globalperspective.co.uk/#!whitepapers/c1a4e
Or email:-
shane@globalperspectives.co.uk
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
This is a white paper authored in 2013 on behalf of Confluence Technologies, Inc. of Pittsburgh. It addresses the dynamic behind a new regulatory reporting requirement for alternative asset managers (hedge funds, etc.). Since it was produced under contract, the article byline was set to that of a Confluence employee.
Chappuis Halder - EU Benchmark Regulation threepager - May 2016Nicolas Heguy
Threepager on the upcoming EU Benchmark Regulation. In this article, we review the main objectives, characteristics and impacts of the regulation as well as how Chappuis Halder can help the involved financial institutions.
Short presentation, concerning legal barriers around equity crowdfunding in Europe. The presentation was used during a meeting that was organized by Eurada, in the presence of representatives of the European Commission, and hosted in the buildings of the European Economic and Social Committee.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and International Developments"
These notes focus on UCITS IV and its Impact on the Industry.
http://www.hedgefund-sa.co.za/ucits
Similar to Aifmd and non eu managers - cummings final (20)
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
Welcome to Euro Shorts, a short briefing on some of the week's developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
2. www.cummingslaw.com
A Introduction
Implementation of the Alternative Investment
Fund Managers Directive (AIFMD) is due to come
into force on 22 July 2013, with the result that all
alternative investment fund managers (AIFMs)
must be appropriately authorised to manage
alternative investment funds (AIFs) which are
established or marketed in the EU.
An AIFM is anyone who, at a minimum, either
performs portfolio management services or
risk management services for an AIF and an AIF
means virtually any fund, regardless of structure,
jurisdiction or investment strategy, other than a
UCITS fund.
The AIFMD introduces a new European passport
system for the marketing of AIFs throughout
the EU to professional investors, which will
automatically be available to EU authorised
AIFMs managing EU AIFs on transposition of
the AIFMD.
However, an equivalent passport for non-EU
AIFMs will not be available until 2015 at the
earliest, which means that non-EU AIFMs will
need to consider how they can continue to
market in the EU after 22 July 2013.
The following summary sets out those issues
which need to be considered by a non-EU AIFM
marketing and/or managing funds in the EU and
the effect of the implementation of the AIFMD
on the non-EU AIFM’s operations and
marketing activities.
B Who will be affected?
The AIFMD will apply to a non-EU AIFM
marketing and/or managing funds in the EU,
whether the fund is based either in the EU (an
“EU fund”) or outside the EU (a “non-EU fund”).
However, it distinguishes between:
(i) non-EU AIFMs who manage EU funds, or who
intend to market funds (whether EU funds or
non-EU funds) which are managed by them
in the EU; and
(ii) non-EU AIFMs who manage non-EU funds
outside of the EU.
It should be noted that managers who manage
leveraged assets of below €100m (a small hedge
fund) and those who manage unleveraged assets
of below €500m where there are no redemption
rights within five years of initial investment in the
AIFs (for instance, a typical private equity fund)
are exempt from the requirements of the AIFMD
for these purposes. They are however subject
to certain of the provisions of the AIFMD and
cannot benefit from its passporting rights.
Non-EU AIFMs falling within (i) will have to
become authorised as AIFMs by the regulator
in the appropriate “Member State of reference”
and will be subject to virtually full compliance
with the AIFMD, while those falling within (ii) will
only have to comply with certain of the AIFMD’s
provisions and can be marketed under the
current “private placement” requirements.
C How will non-EU AIFMs continue
marketing after 22 July 2013?
As mentioned above, the passport regime will
not come into effect for non-EU AIFMs until 2015
and this is subject to the European Securities and
Markets Authority (ESMA) recommending that
the passport is made available to non-EU AIFMs.
If the passport regime is activated, all non-EU
AIFMs managing or marketing AIFs in the EU will
need to apply for authorisation and comply fully
with the AIFMD.
Until the passport regime comes into effect, if
and when it does, non-EU AIFMs will only be able
to market in the EU under the existing private
placement regimes of Member States. It should
be noted that the private placements regimes of
each country vary.
AIFMD: Non-EU Managers.
3. www.cummingslaw.com
D How does the private placement
regime work?
The private placement regime is subject to a
number of conditions under the AIFMD, which
must be met for a non-EU AIFM to be able
to market its AIFs in the EU, in particular the
following minimum conditions:
(i) the relevant EU Member State must have
a private placement regime which permits
non-EU AIFMs to market AIFs in that
Member State;
(ii) co-operation agreements must be in place
between the regulator of the relevant EU
Member State and the regulator of the
country of domicile of the non-EU AIFM and,
if the AIF is a non-EU AIF, the regulator of the
AIF’s country of domicile also for the purpose
of systemic risk oversight;
(iii) the country of domicile of the non-EU AIFM
and, if the AIF is a non-EU AIF, the AIF’s
country of domicile must not be listed as
non-cooperative for FATF purposes; and
(iv) the non-EU AIFM must comply with certain
requirements of the AIFMD, namely
the disclosure obligations (to investors),
transparency requirements (to regulators)
and the annual reporting obligations of
the AIF, as well as any additional local
requirements of the relevant EU Member
State (please see below for more detailed
information on each of these requirements).
The non-EU AIFM will not be able to market,
or continue to market, in the EU after 22
July 2013 if any of these conditions are not
satisfied. Furthermore, it is important to note
(as mentioned above) that private placement
regimes vary and Member States have the ability
to impose stricter conditions on their private
placement regimes or to ban private placements
altogether at any time.
The private placement regime is expected to
remain in place until at least 2018, at which
time ESMA is expected to report on whether
this regime should stay or be abolished. If it is
abolished, the only marketing route available
would then be the passport system, subject to
ESMA’s recommendation as stated above. If
that is the case, all non-EU AIFMs who wish to
continue marketing their AIFs in the EU will need
to apply for authorisation and comply fully with
the AIFMD.
Disclosures to investors under the private
placement regime
The AIFMD specifies a number of matters which
should be disclosed to an EU investor prior to any
initial investment, but in most cases these usually
form part of the contents of an AIF’s offering
memorandum, such as investment strategy,
policy and restrictions, details of leverage and
re-hypothecation arrangements, valuation, fees
and expenses, prime brokerage arrangements
and side letters.
With regard to leverage, non-EU AIFMs should
be aware that the European Commission has
recently published the draft level 2 delegated
Regulation (the “Level 2 Measures”) which,
amongst other things, provides detail on the
methodology for calculating leverage for AIFMD
purposes. In brief, the AIFMD defines leverage
as any method by which the AIFM increases
exposure of an AIF it manages, whether through
borrowing or leverage, and in order to ensure
uniform compliance when calculating leverage.
The Level 2 Measures provide two methods for
calculation:
(i) the “gross” method; and
(ii) the “commitment” method.
Although additional and optional methods may
be adopted on the basis of technical advice
developed by ESMA, the gross and commitment
methods remain obligatory for all AIFMs.
Generally, the gross method indicates the overall
exposure of the AIF and the commitment method
provides information on hedging and netting, the
intention being to allow regulators and investors
to gain a complete picture of the AIF.
4. www.cummingslaw.com
Other disclosure obligations to investors include
notifying them of any material changes in
relation to the above information and also details
of any preferential treatment provided to an
investor or any special arrangements, such as
side pockets.
Disclosures to regulators under the private
placement regime
The AIFMD requires regular reporting by the
non-EU AIFM to the competent authorities
in each EU Member State where the AIFs are
marketed. The Level 2 Measures set out the
reporting template, which must be delivered to
the relevant authorities within one month (with a
further 15 days for funds of funds) after the end
of the relevant period, which varies according to
the total assets under management of all AIFs
managed by the non-EU AIFM. These reporting
requirements include reporting in relation to the
percentage of the AIF’s assets which are subject
to special arrangements arising from their illiquid
nature and also reporting in relation to the main
categories of assets in which the AIF invests.
For US managers, the reporting requirements
are similar to Form PF, but it will not be possible
merely to lift all the necessary information from
one report into another, as the valuation and
leverage calculations differ under the AIFMD.
The calculation of leverage methodology is as
discussed above. As regards the calculation of
assets, the AIFM has to calculate total AUM by
determining the value of all assets it manages,
without deducting liabilities, and valuing all
financial derivative instruments at the value of an
equivalent position in the underlying assets (so
as to reflect the AIF’’s exposure to those assets).
This calculation must be made at least annually,
using the calculation methodology set out in the
Level 2 Measures, and AIFMs are then required
to monitor AUM on an on-going basis and action
must be taken when thresholds laid down in the
AIFMD are occasionally breached.
Annual reporting disclosures under the
private placement regime
An annual report for each AIF marketed to EU
investors must be made available to investors
by no later than six months following the end
of the financial year and the report is required
to contain, in addition to the balance sheet and
profit and loss, disclosures in relation to the
remuneration and management fees paid by
the non-EU AIFM to its staff, including the total
amount of carried interest payments.
E What action is needed now?
If non-EU AIFMs wish to market, or continue to
market, their AIFs to EU investors after 22 July
2013, then it can be seen from the above that
a certain amount of preparation and review is
required. We would recommend that you read
our Checklist for Non-EU Managers, which can be
found under ‘Publications’ on our website.
To summarise briefly, non-EU AIFMs need to
liaise with counsel to:
• discuss their specific structures and consider
what actions need to be taken;
• determine which EU Member States are
a marketing target and review relevant
private placement regimes, noting stricter
requirements, if any, by a particular Member
State;
• consider the benefits of authorisation and
use of the passport system from 2015
onwards (subject to ESMA advice) as against
the private placement regimes;
• make a checklist of AIFMD disclosure
requirements and update offering
memoranda and all marketing
documentation if required;
• prepare for calculation of leverage in
accordance and
• review existing reporting systems and
procedures and determine whether they
will need updating for AIFMD purposes.
Should you wish to discuss any of the points
raised in the above or the AIFMD passporting
regime in more detail, please contact Claire at
Claire.Cummings@cummingslaw.com
5. 42 Brook Street, London W1K 5DB +44 20 7585 1406 | Neuhofstrasse 3d, CH-6340 Baar +41 41 544 5549
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This document is for general guidance only. It does not constitute advice
February 2013