Investments

Changes coming in at the end of the year will help consumers to have more confidence when taking financial advice. To help consumers to navigate these changes, the ABI has launched a guide and jargon buster to help consumers understand the new advice landscape. The guide explains not only the overall changes but also includes a jargon buster for consumers to help explain some of the terms used in financial advice...

The Securities and Markets Stakeholder Group has reviewed ESMA’s Consultation paper regarding Guidelines on sound remuneration policies under the AIFMD...

In response to ESMA’s consultation paper, Guidelines on Sound Remuneration under AIFMD, the IMA has re-iterated that asset managers are not banks and should not be treated as posing the same systemic risks...

IMA welcome the opportunity to comment on the ESMA Consultation paper on the treatment of repurchase and reverse repurchase agreements...

EFAMA, the European Fund and Asset Management Association, has published the results of its members survey on long-term savings...

In its response to the HM Treasury on the Financial Sector Resolution: Broadening the Regime Consultation, the IMA disagrees with the extension of resolution powers to all investment firms...

AIFMD - How to get there has been published...

IMA welcome the opportunity to respond to the Financial sector resolution: broadening the regime consultation...

Those with an interest in the extent to which banks can be held liable for failed investments which they have sold will already be familiar with the case of Rubenstein v. HSBC Bank plc [2011] EWHC 2304 (QB), decided at first instance last year 2011...

This document summarises the written comments IMA received on the proposals and indicates how these were addressed in the final guidance...

This report summarises the in-depth interviews carried out with 104 investors and analysts from 11 capital markets...

This month’s Being Better Informed, looks at the changing European Union rules on remuneration...

Allen & Overy advised the underwriters on the first ever U.S. SEC-registered covered bonds, which were issued on Wednesday, September 19th, 2012 by Royal Bank of Canada. The issuance opens the door for other non-U.S. issuers to tap into the U.S. registered market, giving them access to a new pool of U.S investors that were previously out of reach

IMA welcomes HM Revenue and Customs’ consultation on implementation of FATCA in the UK, published following last week’s signing of the Intergovernmental Agreement on the US Foreign Account Tax Compliance Act...

IMA responds to the public consultation on Market manipulation: Lessons and reform post LIBOR/EURIBOR based on the Commission amended proposals for a Regulation on insider dealing and market manipulation and for a Directive on criminal sanctions for insider dealing and market manipulation...

Greater restrictions around the promotion and selling of unregulated collective investment schemes to retail customers are now under consultation in the Financial Services Authorities paper, CP12/19: Restrictions on the Retail Distribution of UCIS and Close Substitutes...

As of 17 August 2012, withholding tax is no longer required to be levied on distributions made to certain collective investment funds...

On 24 August 2012, the Luxembourg government introduced the Bill n°6471 before the Luxembourg parliament aiming to implement European Directive 2011/61/EU on Alternative Investment Fund Managers into Luxembourg law...

This paper consults on certain proposed changes to existing regulatory rules and guidance following the introduction of the Financial Services Bill in January 2012, which will create a new framework for financial regulation in the UK...

This DechertOnPoint, first in a series dedicated to these recent UCITS developments, examines ESMA’s Report and Consultation Paper issued in July, and considers the actions that should be taken by UCITS, their managers and boards in response to the Guidelines...

In this response to Martin Wheatley’s consultation on reforming LIBOR, the IMA strongly advocates correcting current deficiencies with LIBOR rather than replacing it with a new benchmark...

Topics in this issue:

Regulatory Content

Ireland
Irish regulator clarification on additional subscriptions and the KIID
Consultation Paper 59
New draft AML legislation

Luxembourg
Bill of law implementing AIFMD submitted to Parliament
Regulation on SIF Risk Management and Conflicts of Interest requirements

Malta
SICAV Incorporated Cell Companies Regulations
Recognised Incorporated Cell Companies Regulations
Level playing field for Limited Partnerships and SICAVs

UK
FSA proposes ban on promotion of UCIS and similar products to retail investors

Tax Content

European Union
VAT treatment of portfolio management services - the Deutsche Bank case

Ireland
Ireland’s Double Taxation Agreement Network Continues to Grow

Luxembourg
Aberdeen E-Alerts

Turkey
The Private Pension Savings and Investment System Law
Law 6322 to increase savings in Turkey

The OTC derivatives markets are undergoing significant change globally as a result of Title VII of Dodd-Frank, MiFID II, EMIR and reforms in other jurisdictions. In particular, many OTC derivatives are moving to a centrally cleared environment and the manner in which financial institutions deal with their clients and take collateral will undergo various structural changes. This note is intended for all buy-side participants and corporates which use derivatives in their businesses...

The FSA has recently released two documents in relation to how banks tackle investment fraud...