The document summarizes a UK Financial Services Authority (FSA) consultation paper on the implementation of the Alternative Investment Fund Managers Directive (AIFMD) into UK law. The consultation focuses on the prudential regime for fund managers, the depositary regime, and operating requirements for managers. It proposes new regulatory categories for managers with different capital requirements. It also addresses eligibility for depositaries, their capital standards, and oversight of non-EU funds. The consultation seeks responses by February 2013, with the FCA expected to finalize rules by June 2013 for compliance by managers starting in July 2014.
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
SEBI notified SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 (“LODR”) on September 2, 2015 LODR consolidated the provisions contained in different listing agreements viz Equity Listing Agreement, listing agreement for listing on SME Exchange, LA for listing IDR,LA for listing of Debt Securities, LA for Securitised Debt Instruments and provisions of SEBI (ICDR) Regulations.
General Introduction and Background
The keenly anticipated legislation introducing the Irish Collective Asset-management Vehicle (“ICAV”), Ireland’s newest investment fund vehicle, is fully operative as of 12 March 2015. The Irish Collective Asset-management Vehicle Act 2015 is the culmination of a joint government and industry project to
make available to promoters a legal framework for a corporate fund vehicle that is specifically designed for investment funds. Matheson partners have been extensively involved in the industry project to introduce the ICAV, the introduction of which increases the range of available fund vehicles in Ireland, satisfying both promoter and investor appetite, and reflecting a practical balance between organisational and operational flexibility on the one hand and investor protection on the other.
The ICAV is a new corporate vehicle designed for Irish investment funds, providing a tailor-made corporate solution for both UCITS and alternative investment funds (“AIFs”). Conceived specifically with the needs of investment funds in mind, the ICAV, as a bespoke corporate investment fund vehicle, will have the advantage that it will not be impacted by amendments to certain pieces of European and domestic company legislation that are targeted at trading companies rather than investment funds. For further information on the key features and benefits of the ICAV, please refer to our factsheet available at www.matheson.com.
The following is a summary of the key steps involved in establishing an ICAV
Presentation on SEBI:
Contents:
Introduction
Objectives
Organisation
Functions
Powers
Legislations:Acts
SEBI and Central Government
Policy Development: SEBI Regulations on Primary Markets, Capital markets, Collective Investment Vehicles, and Debt markets.
The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.
SEBI notified SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015 (“LODR”) on September 2, 2015 LODR consolidated the provisions contained in different listing agreements viz Equity Listing Agreement, listing agreement for listing on SME Exchange, LA for listing IDR,LA for listing of Debt Securities, LA for Securitised Debt Instruments and provisions of SEBI (ICDR) Regulations.
General Introduction and Background
The keenly anticipated legislation introducing the Irish Collective Asset-management Vehicle (“ICAV”), Ireland’s newest investment fund vehicle, is fully operative as of 12 March 2015. The Irish Collective Asset-management Vehicle Act 2015 is the culmination of a joint government and industry project to
make available to promoters a legal framework for a corporate fund vehicle that is specifically designed for investment funds. Matheson partners have been extensively involved in the industry project to introduce the ICAV, the introduction of which increases the range of available fund vehicles in Ireland, satisfying both promoter and investor appetite, and reflecting a practical balance between organisational and operational flexibility on the one hand and investor protection on the other.
The ICAV is a new corporate vehicle designed for Irish investment funds, providing a tailor-made corporate solution for both UCITS and alternative investment funds (“AIFs”). Conceived specifically with the needs of investment funds in mind, the ICAV, as a bespoke corporate investment fund vehicle, will have the advantage that it will not be impacted by amendments to certain pieces of European and domestic company legislation that are targeted at trading companies rather than investment funds. For further information on the key features and benefits of the ICAV, please refer to our factsheet available at www.matheson.com.
The following is a summary of the key steps involved in establishing an ICAV
Presentation on SEBI:
Contents:
Introduction
Objectives
Organisation
Functions
Powers
Legislations:Acts
SEBI and Central Government
Policy Development: SEBI Regulations on Primary Markets, Capital markets, Collective Investment Vehicles, and Debt markets.
Legal shorts 05.12.14 including Chancellor’s 2014 Autumn statement and FCA up...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.
An article Sia Partners NY produced on the regulatory impact of Volcker 2.0 to Banks. Thanks to my colleagues Chris Pearson and Stephen Perez for authoring this piece.
"AIFMD & Private Equity Managers - An implementation checklist" - Global Pe...GECKO Governance
The new European AIFMD regulations will significantly impact the private equity (PE) industry. The regulations were primarily designed for hedge funds but are being applied wholesale to the private equity industry. Compliance will present a challenge for many PE managers.
In this white paper we will look at the main impacts of AIFMD on private equity managers and what they should be doing to comply
You can sign up for all our Global Perspectives white papers here:- http://lnkd.in/BthCg4
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 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
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
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 what'sapp contact of my personal pi vendor
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the what'sapp contact of my personal pi merchant below. 👇
+12349014282
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
#pi network #pi coins #legit #passive income
#US
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
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 what'sapp information for my personal pi vendor.
+12349014282
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
2. www.cummingslaw.com
A Introduction
On 14 November 2012, the FSA published Part
1 of its two-part consultation paper series on
the implementation of the AIFMD into UK law.
The requirements of the AIFMD will necessitate
changes to legislation (on which HM Treasury
will consult) and to the FSA Handbook.
CP1 contains FSA proposals on those areas
where the FSA considers there is sufficient
certainty to consult and transposition of
the final rules implementing the AIFMD is
intended to be located primarily in a new
sourcebook, FUND, which will replace COLL
and will have a wider scope to reflect the
range of fund managers, depositaries and
other firms affected by the AIFMD.
CP1 focusses on the following three issues:
(i) the prudential regime applicable to all
managers, including capital requirements,
professional negligence risks, the liquid
assets requirement and reporting
matters, as well as changes affecting
UCITS management companies;
(ii) the regime for depositaries, including the
eligibility of firms to be an AIF depositary,
the capital requirements and the
requirement to act independently; and
(iii) the operating requirements for managers
contained within the AIFMD (the Level 1
requirements), including organisational
matters, duties in relation to management
of funds and transparency obligations
towards investors and regulators.
B Summary of chapters
Chapter 2
The FSA’s approach to consultation
and transposition (both in the
European and UK context)
Chapter 3
The FSA’s understanding of the scope
and application of the AIFMD
Chapter 4
Authorisation under the AIFMD and
the changes HM Treasury will propose
to certain regulated activities
Chapter 5
Prudential regime and changes affecting
UCITS management companies
Chapters 6 – 8
Level 1 operating requirements
Chapter 9
Depositary regime
Chapter 10
Key marketing issues (to be continued in CP2)
C Key points by chapter
The key points set out in the chapters can
be broadly summarised as follows:
Chapter 3: Scope and application of the AIFMD
Although the FSA is unable to make a
definitive statement about which managers
and funds fall within the scope of the AIFMD,
it points out that the Directive is principally
targeted at managers of funds that only have
professional investors. It will also apply to
managers of authorised unit trusts which are
AIFMD Implementation:
A Summary of FSA Consultation Paper
12/32 (CP1)
www.cummingslaw.com
3. www.cummingslaw.com
not UCITS, namely NURS and QIS, but these
will be discussed in more detail in CP2.
Thus, the AIMFD will generally cover:
• most unregulated CISs managed
or marketed in the UK
• funds structured in any ‘legal wrapper’,
thus managers of investment companies
• offshore investment funds marketed to
retail or professional investors in the UK
Asset managers structured as UK limited
partnerships will not become AIFMs
as such limited partnerships do not
have a separate legal personality.
The following structures may need to
consider several factors before determining
whether they are in fact AIFs and therefore
within the scope of the AIFMD:
• property investment firms
• joint ventures
• family office vehicles
• internally managed funds
Chapter 4: Authorisation
HM Treasury intends to change the categories
of fund management under the Regulated
Activities Order such that the following
regulated activities will be created:
• managing an AIF
• managing a UCITS
• acting as a depositary of an AIF
• acting as a depositary of a UCITS
Managers currently authorised by the FSA will
have a transitional period of up to one year to
apply for authorisation as an AIFM, but this will
not be available to firms which are currently
not authorised. Firms which currently carry
on business as an AIFM without needing to
be authorised – such as internally managed
investment companies - will also be permitted
to benefit from the transitional period.
Chapter 5: Prudential Requirements
The FSA has proposed three new prudential
categories to describe the capital requirements
applicable to AIFMs, as follows:
• collective portfolio management
firm (no MiFID services) (CPMs)
• internally managed AIF
• collective portfolio management investment
firm (provides MiFID services) (CPMIs)
CPMs will have to meet an initial capital
requirement of €125,000 and then
maintain own funds on an ongoing
basis of at least the higher of:
• €125,000 plus 0.02% of the portfolios
of UCITS and AIFs under management
over €250 million; and
• one quarter of the firm’s
relevant fixed expenditure
Internally managed AIFs will need to meet
initial capital requirements of at least €300,000
out of their own funds on an ongoing basis.
CPMIs will need to hold the higher of
the Directive’s own funds requirements
and the capital requirements currently
set out for MiFID firms.
Chapters 6 - 8: Operating Requirements
Chapter 6 (Transparency) of CP1 covers
the AIFMD’s requirements for information
to be made available to investors,
markets and regulators, to as to make it
easier for them to assess the risks that
funds and managers might pose.
Chapter 7 (Operating Requirements) outlines
the requirements that are applicable to the
operation of managers, including fair treatment
of investors, conflicts of interest management,
4. www.cummingslaw.com
organisational requirements and risk,
delegation and remuneration requirements.
The operating requirements are designed
to be broadly consistent with the principles
and requirements in the UCITS and MiFID
Directives, while at the same time seeking to
take into account the particular characteristics
of different types of funds and the diverse
assets in which they may be invested.
Chapter 8 (Management requirements) covers
requirements on managers relating to valuation
of a fund’s assets, including the use of an external
valuer, management of liquidity within the fund’s
portfolio and use of leverage by managers.
Much of the detail in respect of Chapters 6 – 8
will be supplemented by the Level 2 measures.
Chapter 9: Depositary regime
The FSA sets out its proposals for depositaries,
including who can be a depositary, what capital
requirements should apply, how the regime for
‘private equity AIF’ depositaries should work, the
independence requirement for depositaries, rules
for carrying on depositary functions for non-EEA
AIFs and the transitional provisions relating to
EEA credit institutions acting as AIF depositaries.
The FSA has proposed that firms other than
just professional firms should be allowed
to perform depositary functions, with a
limitation to private equity AIFs. The FSA
intends for these depositaries to have lower
regulatory capital requirements than other
depositaries, recognising their more limited
role, and these proposals could potentially
lead to new entrants in the custody markets.
Much of the detail relating to these issues
will be determined by the Level 2 measures,
but there is national discretion in some areas.
However, it is expected that the two new
depositary regulated activities will replace
the current activities of acting as trustee
or depositary of an authorised fund.
Chapter 10: Marketing
The UK transposition of the marketing
requirements will primarily be by Treasury
regulations and the FSA expects HM Treasury
to consult on these new requirements.
The FSA notes that, despite the overlap
between the concepts of ‘marketing’ under
the AIFMD and the FSMA definition of
‘financial promotion’, there are a number of
differences. In particular, the prohibitions on
financial promotions do not include the AIFMD
concept on the ‘placing of units or shares of
an AIF with investors’, while some activities
of placement agents to promote new AIFs
may not be included in the AIFMD concept.
Finally the consultation confirms the
UK’s intention to maintain the current
private placement regime for so long
as the EU legislation allows.
D Next Steps
Responses to CP1 are invited by 1 February
2013. The FSA plans to publish CP2 in February
2013 and the FCA is expected to publish a
policy statement to CP1 and CP2 in June 2013.
The FCA is expected to accept applications for
authorisation or a variation of permission (VoP)
from prospective AIFMs from 22 July 2013. HM
Treasury is proposing to allow all firms managing
one or more AIFs as at 22 July 2013 to continue
to do so, provided that all these firms are AIFMD
compliant and have submitted an application
for authorisation or a VoP by 22 July 2014.
5. 42 Brook Street, London W1K 5DB +44 20 7585 1406 | Neuhofstrasse 3d, CH-6340 Baar +41 41 544 5549
Regulated by the Solicitors Regulation Authority
This document is for general guidance only. It does not constitute advice