On the 26th January 2022, the Securities and Exchange Commission (SEC) voted to propose amendments to Form PF.
The proposed amendments would apply to large hedge fund advisers, private equity advisers, and large liquidity fund advisers. The proposals are designed to enhance FSOC’s ability to monitor systemic risk, bolster the Commission’s regulatory oversight of private fund advisers, and enhance investor protection efforts.
Last week the FCA published the results of their review on ‘host’ Authorised Fund Management firms’ which concluded with the FCA wanting to see “significant improvements” with many currently failing to meet the FCA standards. This week, the FCA have issued their findings on the review of AFMs Assessment of Value reports. Unfortunately, this review does not provide any easier reading and delivers another huge blow to the industry.
Yesterday, ESMA announced that it will be launching a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of costs and fees of UCITS across the European Union. The CSA aims to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS framework, and the obligation of not charging investors with undue costs.
During the CSA, national competent authorities will take into account the supervisory briefing on the supervision of costs published by ESMA in June 2020.
It’s been almost a year since the FCA Assessment of Value rules came into force, and many firms would say that due to the FCA’s limited guidance thus far, they are still no clearer as to what a good value statement look like.
As discussed in our previous blog , ESMA has written to the European Commission ahead of the EU executive’s review of the AIFMD regulation. Although ESMA has recommended a raft of potential changes, one area that appears to be garnering particular attention, is the issue of delegation and substance.
When the European Commission announced back in March 2018, a proposal to amend the Alternative Investment Fund Managers Directive (AIFMD), in order to provide for a uniform regime for “pre-marketing” of alternative investment funds (AIFs) across Europe, there were many commentators that declared that “AIFMD II had finally arrived”.
Last week, ESMA published a letter to the Commission setting out 19 key areas where it believes AIFMD could be improved. Specifically, ESMA’s letter includes: harmonising the AIFMD and UCITS regimes; delegation and substance; liquidity management tools; leverage; and the harmonisation of supervision of cross-border entities.
Last Friday (14th August) was the Q2 filing deadline for 13F reporting. But how many more filings will you have to make? Last month, the SEC announced proposed amendments to 13F Reporting, to update the reporting threshold for institutional investment managers, as well as a number of other ancillary changes. Below we detail some of these amendments.
ESMA recently published a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). The briefing was response to the need to improve convergence across NCAs in the approach to undue costs.
The European Securities and Markets Authority (ESMA) has published a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).
