Catagory:Institutional Investors

1
Australia: Internal Dispute Resolution (IDR) Reporting Due for Financial Services Licensees
2
Fifth Circuit Court of Appeals Hears Oral Arguments in Industry Groups’ Ongoing Petition to Vacate Private Fund Adviser Rules
3
Europe: BaFin Clarifies the German Approach to the ELTIF 2.0 Regime
4
EUROPE: UK’s Overseas Funds Regime Moves a Step Closer with Confirmation that Most EEA UCITS Will Be Deemed Equivalent
5
Industry Groups File First Reply to SEC in Ongoing Petition Against New Private Fund Adviser Rules
6
Europe: Progress Update on Irish Funds Sector Review
7
New Year, New CPO/CTA Exemption Affirmations and CPO FinCEN Requirements
8
ICMA’s Code of Conduct for ESG Ratings and Data Products Providers – A Step Towards Consistent Global Standards
9
Australia: Proposed Licensing Exemptions for Foreign Financial Services Providers (FFSPs) Before Parliament
10
Australia: ASIC to Focus on Net Zero Statements and Targets

Australia: Internal Dispute Resolution (IDR) Reporting Due for Financial Services Licensees

By: Daniel Knight and Laura McFadzean

All Australian financial services licensees with a retail authorisation, Australian credit licensees and certain unlicensed entities and superannuation trustees (eligible entities) are required to report IDR data to ASIC by 29 February 2024 at 11:59 PM.

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Fifth Circuit Court of Appeals Hears Oral Arguments in Industry Groups’ Ongoing Petition to Vacate Private Fund Adviser Rules

By: TJ Bright, Annabelle H. North, and Bradley D. Bostwick

On 5 February 2024, the US Fifth Circuit Court of Appeals heard oral arguments from the Securities and Exchange Commission (SEC) and industry groups representing private investment fund sponsors, in the industry groups’ ongoing petition to vacate the new private fund adviser rules (PFAR) adopted by the SEC on 23 August 2023.

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Europe: BaFin Clarifies the German Approach to the ELTIF 2.0 Regime

By: Hilger von Livonius and Philipp Riedl

As anticipated in our earlier blog on ELTIF 2.0, Regulation (EU) 2023/606 amending the Regulation on European long-term investment funds (ELTIF Regulation) has been in force since 10 January 2024. There is a lot of hope in the German market that the revised ELTIF regime will finally help this product to achieve a breakthrough.

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EUROPE: UK’s Overseas Funds Regime Moves a Step Closer with Confirmation that Most EEA UCITS Will Be Deemed Equivalent

By: Shane Geraghty, Aoife Maguire, Andrew Massey, Philip Morgan, and Courtney Hunter

The UK’s overseas funds regime has been in development for several years and is finally close to becoming a reality. It will create a more streamlined method by which non-UK funds given “equivalence” status may be marketed to UK retail investors.

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Industry Groups File First Reply to SEC in Ongoing Petition Against New Private Fund Adviser Rules

BY: TJ Bright and Annabelle North

On 22 January 2024, industry groups representing private investment fund sponsors, including the Alternative Investment Management Association (AIMA), National Association of Private Fund Managers, and Managed Funds Association, filed their first reply to the Securities and Exchange Commission’s (SEC) response in the groups’ ongoing petition against the new private fund adviser rules (PFAR) adopted by the SEC on 23 August 2023.

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Europe: Progress Update on Irish Funds Sector Review

By: Shane Geraghty and Gayle Bowen

The Irish Department of Finance has published a Progress Update on their ongoing review of the funds sector in Ireland. The review, under interlinked themes of open markets, resilient markets and developing markets, is seeking to ensure that the Irish funds sector is resilient, future-proofed, supportive of macro-prudential stability, and continues to meet international best-practice standards.

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New Year, New CPO/CTA Exemption Affirmations and CPO FinCEN Requirements

By: Clifford C. Histed, Kenneth Holston, Cheryl L. Isaac, and Matthew J. Rogers

Happy New Year! As we kick off 2024, we note that the National Futures Association (NFA) published its annual Notice to Members with guidance on the annual affirmation requirement for certain exempt commodity pool operators (CPOs) and commodity trading advisors (CTAs). If you rely on an exemption or exclusion from CPO registration under CFTC Regulation 4.13(a)(1), 4.13(a)(2), 4.13(a)(3), 4.13(a)(5) or 4.5, or an exemption from CTA registration under 4.14(a)(8), you must file an annual affirmation in the NFA’s Exemptions System by 29 February 2024, and a multi-factor authentication is now required for access. Failure to make this affirmation will result in your registration exemption being withdrawn on 1 March 2024.

In addition, the NFA also issued a Notice to Members regarding the Financial Crimes Enforcement Network (FinCEN) final rule implementing the Corporate Transparency Act beneficial ownership information (BOI) reporting requirements. Although CFTC-registered entities (including CPOs and CTAs) are exempt from these requirements (see 31 U.S.C. §5336(a)(11)(B)(xiv)), certain pooled investment vehicles will be required to comply. Commodity pools that are operated or advised by an SEC-registered broker-dealer or investment adviser are generally exempt, but a limited number of other commodity pools will be subject to the new rule.

Accordingly, CPOs with non-exempt commodity pools will need to file BOI reports with FinCEN, including identifying information about individuals who directly or indirectly own or control the commodity pool. FinCEN recently extended the BOI reporting deadline for certain reporting companies, with the relevant compliance dates as follows:

  • Commodity pools created or registered before 1 January 2024: file BOI reports by 1 January 2025.
  • Commodity pools created or registered in 2024: file BOI reports within 90 calendar days after registration is effective.
  • Commodity pools created or registered on or after 1 January 2025: file BOI reports within 30 calendar days after registration is effective.

For commodity pools created or registered after 1 January 2024, a CPO will also need to report information about the “company applicants,” meaning the individual or individuals who directly file the document that creates or registers the commodity pool.

Please feel free to contact the authors of this blog post with any questions.

ICMA’s Code of Conduct for ESG Ratings and Data Products Providers – A Step Towards Consistent Global Standards

By: Carolyn Sng and Yeu Sook Young

The International Capital Market Association (ICMA) has released a voluntary code of conduct for ESG ratings and data products providers (the Code), reflecting recommendations by the International Organization of Securities Commissions (IOSCO). The Code is intended to be internationally interoperable and may be used by jurisdictions where no local code or regulation is in place.

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Australia: ASIC to Focus on Net Zero Statements and Targets

By: Lisa Lautier and Dhivya Kalyanakumar

On 21-22 November 2023, the Australian Securities & Investments Commission (ASIC) hosted the ASIC Annual Forum with a focus on ‘navigating disruption’. With heightened geopolitical uncertainty and market volatility, ASIC outlined its key focus areas for 2024:

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