On July 12, 2019, the staffs of several divisions within the SEC published a statement on the transition away from the London Interbank Offered Rate (“LIBOR”). The panel banks which currently report information used to establish LIBOR for different currencies have committed to do so through 2021. After 2021, it is likely that LIBOR will
Quantitative Investment Manager Sanctioned by the SEC: Lessons for Private Fund Managers
On Aug. 27, 2018, the U.S. Securities and Exchange Commission announced settlements with a U.S.-based registered investment adviser, several of its affiliates and two of its executives for alleged misconduct involving quantitative investment models that contained numerous errors.
These settlements, especially when placed in the context of other recent enforcement efforts related to quantitative and…
MiFID II and MiFIR: Q&A with Schulte Roth & Zabel’s London Office
In this interview with The Hedge Fund Journal, London partner Anna Maleva-Otto discusses challenges associated with MiFID II provisions for asset managers, including modifications to commission and research processes. Anna also addresses the full scope of MiFID II and the regulation’s reach both inside and outside the EU.
Read the full interview here.
Short Selling Update: New Disclosure Rules in Norway
Fund managers and investors should be aware that new Norwegian short selling rules are expected to come into force on 1 Jan. 2017 (the ‘New Rules’). The New Rules are Norway’s implementation of European Union (‘EU’) Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the ‘Short Selling Regulation’). This Alert…
Further Delay Likely Before the AIFMD Marketing Passport Is Extended to Non-EU Jurisdictions
The European Securities and Markets Authority (‘ESMA’) published its first set of advice to the European Parliament, the Council and the Commission in July 2015 on the extension of the AIFMD marketing passport to six non-EU countries (Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States).
Click here to read more.
Brexit: What Alternative Asset Managers Can Expect
On 23 June 2016, the British public voted to leave the European Union after 43 years of membership. Although the results of the referendum are not binding in law and there remains a possibility of a constitutional challenge, the early indications from Prime Minister Theresa May and leading figures within the ruling Conservative Party are…
UK and European Regulatory Trends Update with Schulte’s Financial Regulatory and Fund Lawyers
As the hedge fund regulatory landscape evolves, U.K. regulators’ areas of scrutiny are in many cases similar to those of U.S. regulators, though with some differences of emphasis, detail and modus operandi. The key regulatory risk factors for U.K. hedge fund managers currently include outdated documents, general complacency, insufficient accountability and attempts at transferring responsibility…
CLOs and Risk Retention in the U.S. and EU: Complying with the Rules
Over the past year, there have been regulatory actions that implement or modify the risk retention regulations and requirements applicable to collateralized loan obligations (“CLOs”) in both the U.S. and the EU. In light of these regulatory changes, CLO managers have developed legal structures to enable them to comply with risk retention requirements.
The SFT Regulation Comes into Effect on 12 January 2016
Regulation (EU) 2015/2365 on Transparency of Securities Financing Transactions and of Reuse (the ‘SFT Regulation’) has been published in the EU Official Journal and applies from 12 January 2016. As an EU regulation, it applies directly in each EU Member State without the need for local implementing legislation.
Click here to continue reading.
AIFMD Update: ESMA Advice on Extension of Marketing Passport Published
On 30 July 2015, the European Securities and Markets Authority (‘ESMA’) published its advice to the European Parliament, the Council and the Commission on the extension of the marketing passport to non-EU alternative investment managers (‘AIFMs’) and alternative investment funds (‘AIFs’) under the EU Alternative Investment Managers Directive (‘AIFMD’). The marketing passport is currently only…