On 16 August 2023, the Financial Stability Board (FSB) published summary terms of reference for a thematic peer review on money market fund (MMF) reforms. The peer review will take stock of the measures adopted by FSB member jurisdictions to enhance MMF resilience in response to the FSB’s 2021 policy proposals. The FSB has also … Continue Reading
On 5 July 2023, the International Organisation of Securities Commissions (IOSCO) published a consultation report on guidance for effective implementation of the recommendations for liquidity risk management for collective investment schemes. The report provides detailed guidance to support greater and more consistent use of anti-dilution liquidity management tools by responsible entities for open-ended funds (OEFs), … Continue Reading
On 12 May 2023, the International Organization of Securities Commissions (IOSCO) published Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds. Exchange traded funds (ETFs) are an increasingly popular investment vehicle, which offer investors exposure to underlying markets for stocks, bonds and other assets; portfolio diversification; and access to a … Continue Reading
On 6 April 2022, the International Organisation of Securities Commissions (IOSCO) published a report, Corporate bond markets – drivers of liquidity during COVID-19 induced market stresses. The report analyses the work of the IOSCO working group on corporate bond market liquidity, which was tasked with analysing the corporate bond market microstructure, resilience and liquidity provision … Continue Reading
On 4 November 2021, the Investment Association published version 3.0 of its model discretional investment management agreement, in co-operation with Norton Rose Fulbright. The model agreement is a template agreement relating to the appointment of a discretionary investment manager by a client that has been categorised by the manager as a professional client. The model … Continue Reading
On 11 October 2021, the Financial Stability Board (FSB) published a report which forms a key part of its work programme on non-bank financial intermediation. The policy proposals in the report aim to address systematic risk and minimise the need for future extraordinary central bank interventions to support the sector alongside enhancing money market fund … Continue Reading
On 30 June 2021, the Financial Stability Board issued a consultation report setting out policy proposals to enhance money market fund (MMF) resilience, including with respect to the appropriate structure of the sector and of underlying short-term funding markets. The report considers the likely effects of a broad range of policy options to address MMF … Continue Reading
On 20 November 2020, the International Organisation of Securities Commissions (IOSCO) published a diagnostic report analysing the events that occurred in the money market funds (MMFs) sector during the market turmoil in March 2020. At the same time, IOSCO has also published a thematic review assessing the implementation of selected IOSCO recommendations issued in 2012 … Continue Reading
In order to sell their expertise to German institutional and retail investors, non-German asset managers must find ways to operate in the German investment market. This has become much more difficult under the Alternative Investment Fund Managers Directive. An attractive option is to cooperate with a German Master-KVG. We have recently published a new client … Continue Reading
The latest issue of Global Asset Management Quarterly is now available here. In this issue we cover: Sustainable finance is a trend set to stay Brexit: latest developments Luxemburg update Ireland update The proposed Australian corporate collective investment vehicle SFC raises disclosure requirements for Green or ESG funds Mutual recognition of funds: Netherland – Hong … Continue Reading
On August 2, 2017, the Office of the Comptroller of the Currency (“OCC”), which charters national banks, issued a press release and notice seeking comments proposing revisions to the regulations that implement the so-called “Volcker Rule” in order to “better accomplish the purposes” of the Rule. The Volcker Rule, enacted as part of the Dodd-Frank … Continue Reading
On May 16, 2016, six federal regulatory agencies – the Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board, National Credit Union Administration, Office of the Comptroller of the Currency and the Securities and Exchange Commission – announced that they were requesting comment on a proposed rule under Section 956 of the Dodd-Frank … Continue Reading
The second issue of our Global Asset Management Quarterly is now available. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. Articles in this issue include those on US topics from David Barrett, Michael Flamenbaum, Mark Miller, … Continue Reading
ICE Futures US (“ICE”) adopted a new rule, effective March 18, 2016, that provides relief from position limit aggregation requirements applicable to “owned entities.” Specifically, the rule amendment permits certain affiliated entities to disaggregate their positions for purposes of compliance with ICE’s position limits. Background ICE imposes spot-month position limits on all its futures contracts, … Continue Reading
Market participants must be mindful of the robust enforcement environment at the CFTC and U.S. futures exchanges. In 2015, the CFTC brought numerous enforcement actions and continued to impose aggressive civil monetary penalties on market participants, including energy and agricultural companies. Significantly, the CFTC also started to pivot from implementing to enforcing its regulations promulgated … Continue Reading
In 1996 the International Organisation of Securities Commissions (IOSCO) published a discussion paper Guidance on custody arrangements for collective investment schemes. The paper was intended to provide guidance on the IOSCO Principles for the regulation of collective investment schemes. This was achieved by identifying the principal risks associated with safe custody of cash deposits and … Continue Reading
On July 23, 2014, the SEC adopted far-reaching amendments to the regulation of U.S. money market funds. See Securities Act Release No. 33-9616. The purpose of these reforms is stated to be: to address money market funds’ susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such … Continue Reading
