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  • CMS Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe

    13/11/2019

    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.

    The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).

    However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.

    The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.

    To view or download a copy of our Guide, please click here.

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  • CMS Guide to Passporting : Rules on Marketing Undertakings for Collective Investment in Transferable Securities in Europe

    13/11/2019

    We are pleased to issue our updated Guide to Passporting: Rules on Marketing Undertakings for Collective Investment in Transferable Securities in Europe.

    The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.

    The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here. 

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  • CMS Guide to Private Placement of Funds : Accessing European Investors post-AIFMD

    13/11/2019

    We are pleased to issue our updated Guide to Private Placement of Funds: Accessing European Investors post-AIFMD.

    When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non-EU managers and funds look to access EU investors.

    Our Guide briefly summarises the latest developments in relation to the private placement regimes of EU States, as well as covering certain non-EU States. Please click here to view or download the Guide.

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  • EMIR Initial Margin: Intragroup transactions exemptions

    08/11/2019
    As derivative counterparties begin to look ahead to the implementation of Phase 5 and 6 of the EMIR initial margin rules in September 2020 and 2021 (respectively), there are a number of exemptions in relation to transactions entered into with an undertaking within the same “group” that may be relevant. Such exemptions remove the requirement to exchange initial margin amongst counterparties in the same...
  • General Insurance firms- PRA priorities for 2020

    06/11/2019
    On 5 November 2019 the PRA published a new ‘Dear CEO’ letter summarising their priorities for the general insurance sector for 2020. The priority areas of focus for the months ahead include: reserve adequacy and associated governance and controls; discipline in underwriting strategies, remediation activity and controls; emerging risk trends and exposure management practices; UK retail...
  • Brexit update for financial services firms - from 26 October 2019 to 1 November 2019

    04/11/2019
    This week put Brexit preparations on the back-burner as the Article 50 exit date was put back and the ratification of the revised Withdrawal Agreement (“WA”) by the UK Parliament was abandoned in favour of a general election. We will therefore be pausing our weekly email commentary until the New Year. The Article 50 extension (see Document 5 below) delays the UK's exit until 11.00 pm GMT on 31st...
  • Can Insurtech offer a solution to the findings of the FCA's general insurance pricing practices market study?

    30/10/2019
    FCA interim report – general insurance pricing practices market study Earlier this month the FCA published the interim report (MS18/1.2) of its Market Study on General Insurance Pricing Practices, considering concerns relating to pricing practices in the home and motor insurance markets (see our previous article on the report for further details
  • Brexit update for financial services firms - from 19 October 2019 to 25 October 2019

    29/10/2019
    Commentary This week saw the publication, and start of the UK’s legislative process for, the long-awaited bill to ratify and implement the EU/UK Withdrawal Agreement (“WA”). The revised WA was published on 19th October (for our commentary and links to publications about the revised WA package – see below. The WA is very largely unchanged from the version negotiated by Mrs. May except for the Protocol...
  • Brexit news for financial services firms- - from 12 October 2019 to 18 October 2019

    24/10/2019
    Commentary This week saw the successful conclusion of negotiations over the revised Withdrawal Agreement (“WA”) (see Document 2 below) and the Queen’s Speech (see Document 1 below). However, the outcome of the Brexit process remains uncertain and the new domestic legislative program is overshadowed by the prospects of a general election.
  • Applications to cohort 6 of the FCA's regulatory sandbox now open

    24/10/2019
    The FCA has opened its application process for firms wishing to join cohort 6 of its regulatory sandbox (“Sandbox”). The FCA will be accepting applications from now until 31 December 2019.