July 2015

The FCA has published a set of Q&As containing information on reporting under Annex IV of the Alternative Investment Fund Managers Directive (AIFMD).

The aim of the Q&As is to make it easier for firms to submit accurate, consistent and complete data. In that respect the FCA:

  • highlights aspects of AIFMD transparency reporting where questions have been misinterpreted by some alternative investment fund managers (AIFMs);
  • identifies where AIFMs have provided inconsistent responses to connected questions; and
  • provides further information on the general use and functionality of GABRIEL.

On 16 July 2015, the Bank of Italy published a Q&A on the Regulation on collective asset management, which included questions and answers on certain provisions which transposed the Alternative Investment Fund Managers’ Directive (AIFMD) into the Italian legal system, and on the Bank of Italy provisions concerning supervisory reporting by collective investment schemes.

The…

Noting the boom in online lending platforms, on July 20, 2015, the US Treasury Department published a “Request for Information” (RFI) seeking comments on the services, products and operational structure of online marketplace lending, which the RFI defined as small business and consumer lending through the use of “investment capital and data-driven online…

  1. In South Africa a company is recognised as a legal entity separately from its shareholders. Any claims arising from the company’s activities would be brought against the company itself and not against its holding company or shareholders. The statutory liability of a shareholder in a private company is limited to its respective capital contributions to

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As the use of cryptocurrencies like Bitcoin increases, so will the demand for insurance to protect against the risks associated with them. A number of global Bitcoin storage providers offer their customers insurance for storage vault failure. At least one US insurance group offers Bitcoin holdings insurance as an endorsement to existing crime policies.

Given…

The PRA has published CRR Firms: Reporting Pillar 2 Instrument 2015. The instrument was made by the PRA Board on 26 June 2015 and comes into force on 1 January 2016. The instrument relates to the Pillar 2 framework which is intended to ensure that firms have adequate capital to support the relevant risks in their business and appropriate processes to ensure compliance with CRD IV.

The European Banking Authority (EBA) has published the key metrics used to identify global systemically important institutions (G-SIIs) in the EU, with information on size, interconnectedness, substitutability, complexity and cross-jurisdictional activity of the 37 EU institutions whose leverage ratio exposure measure exceeded EUR200 billion in 2014.

Although the EBA’s regulatory package on G-SIIs identification and…

The FCA has published Thematic Review 15/10: Fair treatment for consumers who suffer unauthorised transactions (TR15/10).

In TR15/10 the FCA presents the findings from its thematic review into whether consumers are being treated fairly in relation to unauthorised transactions. In its review the FCA assessed 10 firms which provide current accounts and / or credit…