The ELTIF marketing rules represent, in a very eloquent manner, one example of the hybrid nature of the recently introduced long-term European investment funds regulation. In fact, ELTIF are AIFs themselves managed by authorised EU AIFMs. The AIFM directive already recognises that it is permissible to market certain types of AIFs vis-a-vis retail investors. However,…
UCITS distribution in Italy towards retail investors will have more invasive reporting obligations as of January 2019. In fact, new reporting requirements have been recently imposed that affect the ongoing maintenance of registrations for UCITS distribution in Italy towards retail investors. These requirements have been introduced via a newly released version of the Consob DEPROF…
Recognition of foreign schemes in Singapore is obtained through an electronic procedure and allows for the offer to certain categories of investors. The procedure and the rules around it are very streamlined due to the high level of sophistication of local regulation. And whilst Singapore is a well-established Asian jurisdiction, known to be a local…
How UCITS marketing in the United Kingdom will be carried out in case of a no deal scenario post-Brexit is one of the questions that many fund managers are asking today. Luckily, the so called onshoring – a process initiated since 2017 by the UK government to prepare for a no-deal – made good progress,…
The Temporary Permission Regime for UCITS and AIF marketing post-Brexit received some welcomed clarity recently. On 8th October 2018 HM Treasury published two draft statutory instruments to amend relevant EU law related to investment funds and entities managing investment funds. One covers the AIFM Directive whilst the other the UCITS Directive. Find these draft instruments…
Bank Disintermediation at the Time of the Capital Markets Union. This Blog-post Reproduces an Article already Published on AlphaWeek. The United States have the most advanced and developed capital markets in the world. This is due to the fact that the process of banking disintermediation – whereby funding of enterprises is obtained via access to the capital…
Generally MiFID and namely the MiFID II unbundling rules aim at avoiding or mitigating conflict of interests between investment managers and their clients. Whilst in the recast MiFID directive there is no outright ban for all sorts of inducements – and some minor are permitted – there are more stringent rules, for instance, surrounding how…
Fund Distribution in South Africa – All You Need to Know. This Blog-post Reproduces an Article already Published on AlphaWeek. In 2015 the South African minister of finance resolved that the business of hedge funds was to be classified under local collective investment schemes. This, of course, was not an overnight decision. Instead, it was deeply rooted in…
The Role of the CCR in the Chilean Private Equity Industry. This Blog-post Reproduces an Article already Published on AlphaWeek. Chilean Pension Fund open to Private Equity Investment The Chilean pension fund system has breached in 2018 the 200bn threshold. Its pension fund system – Administradoras de Fondos de Pensiones – traditionally already very open to…
AIFMD Third-Country Passport: 5 Top Things US Fund Managers Should Know. This Blog-post Reproduces an Article already Published on AlphaWeek. The introduction of a definition of AIFMD premarketing, as per the recently approved Cross-Border Investment Funds Distribution directive (read more about it here) underscored how increasingly more complicated it will be for US fund managers to…