Hedge funds


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  • ESMA updates its Q&As on Application of AIFMD – EU umbrella AIFs and the Article 33 management passport


    Submitted: 04 October 2018

    On 04 October 2018, the European Securities and Markets Authority (ESMA) further updated its Q&As on Application of the AIFMD. A new Q&A clarifies what information an EU AIFM intending to make use of the management passport under Article 33 of AIFMD must include in its notification in respect of compartments of an EU umbrella AIF.

  • ESMA updates its MAR Q&As to clarify when disclosure of inside information can be delayed


    Submitted: 03 October 2018

    On 01 October 2018, the European Securities and Markets Authority updated its Q&As on the Market Abuse Regulation to clarify issues around when a credit or financial institution can delay disclosure of inside information.

  • The EU Securitisation Regulation - the clock is ticking but questions remain for US managers


    Submitted: 14 September 2018

    With just over three months until the European Securitisation Regulation comes into effect, this Note highlights that US investment managers should be aware of the possibility that they may be impacted by its provisions.

  • ESMA updates its guidance on AIFMD and the UCITS Directive


    Submitted: 24 July 2018

    On 23 July 2018, the European Securities and Markets Authority (ESMA) published updated versions of its Q&As, Application of the Alternative Investment Fund Managers Directive (AIFMD) and Application of the UCITS Directive. Both documents consider where supervisory responsibility lies when MiFID services are provided through a branch in a different Member State from that of alternative investment fund manager (AIFM) or UCITS Management Company (UCITS ManCo). The UCITS Q&As also provide guidance as to (a) whether netting/hedging arrangements can be taken into account when calculating issuer concentration limits and (b) a UCITS’s ability to invest in a collective investment undertaking with different investment strategies or investment restrictions.

  • Hedge Fund Vista webinar - 11 July 2018


    Submitted: 11 July 2018

    In this session we discuss SMCR - what hedge fund managers need to know, ESG funds and ERISA constraints, Cayman Islands AML Update - checklist for 30 September deadline.

  • US Court overturns Department of Labor Fiduciary Advice Rule


    Submitted: 29 June 2018

    The ERISA advice fiduciary rules that were the subject of our Q&A in April 2017 have been overturned by a US Court. The effect of this is that funds can once again accept subscriptions from certain affected ERISA and benefit plan investors without requiring such investors to be “professionally advised”. Investment managers can therefore remove certain representations and restrictions from their funds’ documents.

  • Remote control: Public registers of beneficial ownership for offshore companies


    Submitted: 13 June 2018

    The UK has passed a new law designed to require many companies in its overseas territories, such as the Cayman Islands, to make their beneficial ownership registers publicly available. The law will be fiercely resisted by the overseas territories.

  • Safe-keeping of assets under AIFMD and UCITS Directive: European Commission consults on rule changes


    Submitted: 11 June 2018

    ​On 29 May 2018, the European Commission (Commission) published for consultation draft delegated regulations proposing amendments to the safe-keeping duties of depositaries under the Alternative Investment Fund Managers Directive (AIFMD) and the UCITS Directive. The consultation period closes on 26 June 2018.

  • The FCA’s change of address and why you may need to tell your clients


    Submitted: 30 May 2018

    The FCA will be moving its offices over the summer and firms may need to notify their own clients of this change.

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