Crisis…which one?

Well, it’s hard to tell these days. There are many nominees for the most overused word of the pandemic, but “crisis” must be up there. Today’s crisis du jour is the one facing equity markets. No, no, not the one caused by hedge funds, this time: the one caused by seemingly ordinary people. Ordinary people…

Governance rules for Irish fund management companies

‘CP86’ as the Fund Management Company Guidance has continued to be referred to as, is now back at the forefront of Irish Fund industry. Following its implementation in July 2018, the Central Bank of Ireland carried out several desktop and on-site reviews of the industry’s approach and implementation of the regime, the results of which…

SFDR – the new ESG regulation in the European Union

Over recent years the EU made a significant political decision to establish a package of Environmental, Social and Governance (“ESG”) initiatives and legislation to move Europe toward several Sustainability goals. Within the package of initiatives is the sustainability related disclosure in the financial services sector Regulation (“SFDR”). This requires financial actors to consider two main…

Mind iF I Don’t, too? (MiFID)

With three weeks to go until MiFID II takes effect, this article shines a light on 4 of the issues our hedge fund clients tell us are exercising them most: Research unbundling Telephone taping Transaction reporting LEIs References in this article to “MiFID II” include the MiFID II Directive (2014/65/EU), the Markets in Financial Instruments…

Business before the budget

In this article, we look at at the challenges to capacity, and the constraints inherent in the tax-advantaged sector, in light of the Patient Capital Review and other trends in the sector. There is a spectre haunting the tax-advantaged market: the Patient Capital Review. The thinking of the Treasury is much remarked upon, but little…

Acquiring a regulated business – Change in control regime

Financial services businesses remain hot targets in the UK, but as the purview of the UK financial services regulators creeps ever wider and deeper (see recent focus on consumer credit businesses) it is imperative to identify at an early stage whether a target is FCA regulated, or is carrying out activities that mean it should…

Brexit, begin

Nine months after the referendum that overturned half a century of British economic and foreign policy, the UK government has invoked Article 50. The ‘phoney war’ is over, and now begins at least two years of negotiations that, absent a dramatic U-turn, will conclude with Britain leaving the European Union. No one can be certain…

Brexit: Plus ça change for UK alternative fund managers?

The full impact of Brexit for the alternative funds sector will not be known for some time. But in this article we argue that UK, EU and non-EU alternative fund managers are unlikely to be significantly adversely affected and that even in a worst case scenario there will be relatively straightforward work-arounds. Managers are understandably…

Brexit: It’s not me; it’s EU

The UK goes to the polls on its EU membership in just over three weeks. If Brexit happens, what can the private equity industry expect? The situation today The UK private equity industry is the largest in Europe and an important component of the UK’s financial services sector. Like banks and other asset managers, most…

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