Under the Alternative Investment Fund Managers Directive (“AIFMD”), Alternative Investment Fund Managers (“AIFMs”) must functionally and hierarchically separate the function of risk management from portfolio management and other operating units. EU regulators must monitor this separation in accordance with the principle of proportionality. It is important for AIFMs, particularly in smaller groups, to understand how […]

The FCA has published a report summarising the thematic work it has conducted on the unit-linked fund sector (TR13/8). Unit-linked funds are a type of pooled investment offered by insurance companies through their life or pension policies. The FCA carried out this work to check that insurers operating in the unit-linked market were meeting the […]

The Alternative Investment Fund Managers’ Directive (‘AIFMD’) applies to managers (‘AIFMs’) of non-UCITS collective investment undertakings, referred to as Alternative Investment Funds (‘AIFs’). This term encompasses a wide range of funds, including hedge funds, private equity funds, and real estate funds, as well as investment trusts. AIFMs are generally aimed at professional investors, but individual […]

Further to the Press Release issued on 31 May 2013, the Commission has published its Consultation Paper on the AIFMD regime which is available on the Commission’s Website Responses to the Consultation Papers should be submitted to the Commission by 8 July 2013. Read more http://www.jerseyfsc.org/the_commission/general_information/press_releases/release297.asp and- http://www.jerseyfsc.org/pdf/Position_Paper_No_1_2013_RFA.pdf

The European Securities and Markets Authority (ESMA) has approved a cooperation agreement with Jersey to ensure it can continue to deliver alternative investment funds business into Europe after the introduction of the EU Alternative Investment Fund Managers Directive (AIFMD) in July. ESMA’s Board of Supervisors approved the Memorandum of Understanding (MoU) at its 22 May […]

The Regulations on European Venture Capital Funds (Regulation 345/2013) and European Social Entrepreneurship Funds (Regulation 346/2013) have been published in the Official Journal of the European Union. The European Parliament adopted the Regulations at its plenary session on 12 March 2013. The Regulations will apply from 22 July 2013, apart from certain specified provisions which applied […]

On 13 May 2013, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published the report on UCITS V that it voted to adopt on 21 March 2013. The report contains a draft legislative resolution for the European Parliament with proposed amendments to the UCITS V legislative proposals. The European Parliament is scheduled to consider […]

In our bulletin dated 15 February 2013, we reported that the FSA published a letter it had sent to firms with an update on its progress regarding its August 2012 consultation on proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes to ordinary retail investors in the UK (CP12/19). On 7 May […]