European Distribution for US Managers. The Compound Effect. Travel bans are recently being lifted across the world. The news was welcomed by many as a clear – undeniable – sign that business is finally set to go back to the pre-pandemic ways and that includes hugs, handshakes and crowded industry events. And whilst we don’t…
Our Bespoke PRIIPs KID Solution This article has been written in cooperation with InReg The early September adoption by the European Commission signalled the beginning of the process to finalise and formalise the PRIIPs RTS. As part of this process, there will be the endorsement by the European Parliament and the Council and lastly the publication in…
EC Proposal on UCITS PRIIPs Quick Fix. Botched or Just about Right? *** Just a couple of weeks after I published this, the ECON Committee of the EU Parliament added some amendments to the draft of the UCITS PRIIPs Quick Fix tackling the issue of the disclosures for share classes for institutional investors. Big thanks to…
Supervision of costs in UCITS and AIF. What US Fund Managers Need to Know. ESMA kicked off in 2020 another supervisory convergence exercise, this time having as object undue costs and fair treatment of unitholders of UCITS and AIFs. Part of the broader paradigm of investor and market protection, the supervision of costs in UCITS and AIFs is set to be one of the prevailing supervisory themes in Europe for the years to come. Centred primarily on the…
The Summer that Changed UCITS Cross Border Distribution Summer arrived and with it the long-awaited introduction of the Cross Border Distribution of Investment Funds Directive. The main European hubs for fund domiciliation have been of course at the forefront in the implementation of the new rules applicable to UCITS Cross Border Distribution. Yet, it will take longer to get a full picture of implementation of the new rules across Europe. Conceived by the European Commission as part of a broader endeavour to…
SFDR for Non-EU AIFMs Marketing in EU. Whilst the dust settled on the first round of implementation, completed in March 2021, uncertainty lingered for a while around the applicability of SFDR for non-EU AIFMs. Notwithstanding a narrative on its extra-territorial effects, unfolded in the financial industry for a few months since introduction of the new…
Cross Border Distribution Directive and Facilities Agents One of the promises of the Cross Border Distribution Directive is to remove hurdles to the distribution of UCITS funds in Europe. For the cost of abiding to certain formalities imposed at local level being one of the main obstacles, it is clear how no single measure could…
ManCo Due Diligence. Quick Facts for US Fund Managers ManCos, a term most commonly used in the investment management world to refer to both UCITS management companies as well as authorised alternative investment fund managers, have been recently – once again – under the spotlight of the Central Bank of Ireland. The results of a…
The New Regime for PRIIPs KIDs Notification in Italy Italy is amongst the handful of European member states to have introduced the requirement for notification of KIDs for the PRIIPs marketed locally. This requirement has immediate implications for manufacturers of fund products classified as PRIIPs and marketed locally, due to the fact that PRIIPs KIDs…
European Fund Platforms. Quick Facts for US Fund Managers Joining European fund platforms is at topic widely debated amongst US Fund Managers looking at fund distribution strategies for Europe. Whilst fund platforms do exist in the US, the European landscape for fund platforms is not entirely aligned in its practices and dynamics with the one…