UK investment managers could be authorised under MiFID or AIFMD or UCITS, depending on the scope of their activities 1. UK MiFID firm: firm authorised under the Markets in Financial Instruments Directive to perform one or more investment services, including portfolio.
European Depositary Regimes - A comparison of UCITS IV, UCITS V and AIFMD 9 September 2014. Another key piece of European asset management regulation will soon be in place as UCITS V enters into force on 17 September 2014.
Managers Directive (AIFMD) Frequently Asked Questions (FAQs) November 2011. Contents Scope In a nutshell, what is the AIFMD? 3 Who is subject to the AIFMD? 3 Can an Alternative Investment Fund be distributed to EU retail investors? 4 Can an EU feeder AIF with a non EU master AIF benefit from the European passport under the AIFMD? 4 Is it compliant with the AIFMD if a Luxembourg management.UCITS V is the first sign of EU regulators attempting to harmonise the UCITS regime with AIFMD. When it comes into effect on 18th March 2016, UCITS V will provide even further protections to retail investors. The problem is that whilst Level I measures have been clarified, which broadly outline the scope of regulation, the industry is still waiting for clarification on Level II measures. These.Depositary eligibility criteria:. UCITS V: Significantly more detailed requirements than UCITS IV; AIFMD: Less detailed requirements than UCITS V.; Liability:. UCITS V: Significantly more detailed requirements than UCITS IV; AIFMD: Similar to UCITS V, except it is possible to contractually transfer liability to a delegate in certain circumstances; Written contract with depositary required.
UCITS protections aligned to those in AIFMD: ESMA states that the UCITS rules on delegation should be interpreted as consistent with the AIFMD rules, so that UCITS investors benefit from the same protections as AIF investors. A number of AIFMD provisions are significantly more detailed than those in UCITS and provide a higher level of protection. Nevertheless, it should not come as a surprise.Read More
A brief guide to marketing investment funds in the EUby Derbhil O'Riordan, Dillon EustaceRelated ContentThis article provides a brief guide to marketing investment funds in the EU. This article sets out the three main investment fund regimes currently operating within the EU; the types of funds applicable to each regime; and the types of investors likely to be targeted in each of the three.Read More
AIFMD Factsheet: Prime Brokers What is the AIFMD? The Alternative Investment Fund Managers Directive (“AIFMD”) came into force on 21 July 2011 and was transposed into Irish national law in advance of the 22 July 2013 transposition deadline. The AIFMD introduces a new passport system for the marketing of alternative investment funds (“AIFs”) in the EU and creates a legal framework.Read More
The European Securities and Markets Authority (ESMA) has issued an opinion about asset segregation. Their conclusion, following consultation, was that there cannot be a one size fits all solution so ESMA decided not to adopt any of the segregation method options previously presented but rather to recommend changes to the text of AIFMD and the UCITS Directive.Read More
European, ESMA - European Securities and Markets Authority, Opinions, 2017 Opinions AIFs, Alternative Investment Fund Managers Directive - AIFMD, Funds, Investment, Market infrastructure, UCITS, Undertakings for Collective Investment in Transferable Securities Directive - UCITS Directive.Read More
UCITS have grown 600 per cent since 2000 with 25 per cent growth since the start of 2012. UCITS are aimed at the retail market and, because they may avail of the EU cross-border passport, are far more popular, although this may change with the advent of the Alternative Investment Fund Managers Directive (AIFMD), which also provides for an EU cross-border passport. Assets serviced by the Irish.Read More
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Transferable Securities (“UCITS V”) became effective at the end of 2014. AIFMD represents a convergence with UCITS, notably in the area of depositary liability. It relates to funds invested in by retail investors Issue The loss of invested assets held in alternative and retail funds continues to be an issue due to fraud (e.g. Madoff).Read More