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Regs & Compliance

KPMG joins campaign for reporting taxonomy

KPMG UK has become a founding member of Private Capital Data Standards Alliance (PCDS Alliance – formerly ADS Initiative)

Northern Trust extends capabilities in Switzerland

The firm received regulatory approval to provide custodian, depositary, transfer agency and ancillary services in Switzerland

Alter Domus launches Irish AIFM

Alter Domus has acquired Beechbrook Capital’s Irish AIFM and received authorisation from the Central Bank of Ireland for specialised depositary services

LPs increasingly concerned by tax and regulatory changes

43% of LPs identified regulatory changes as the greatest risk to PE returns

Investcorp delists

The GP will delist from the Bahrain Bourse and become a closed shareholding company

ESMA publishes guidelines on cross-border marketing

The guidelines specify the requirements funds’ marketing communications must meet

Aztec opens US office

The new office specialises in fund and corporate accounting and administration for PE, VC, private debt, infrastructure, and RE sectors

Profile: Paul Yett, Hamilton Lane

The director of ESG & sustainability discusses the evolution of the firm's ESG processes, setting up its DE&I council and why diversity is important to him on a personal level

Comment: Managing privacy concerns surrounding FATCA and CRS compliance

Ed Harris, Louise Crawford and Adela Komorowska of Hogan Lovells examine the friction between enhanced transparency among tax authorities and the right to privacy

Domicile watch: May 2021

Key takeaways from the major PE domiciles: including the FCA's consultation on a new long-term asset fund, JFSC's investment business fees for 2021-22 and promotions across Guernsey and Cayman

CSC secures Irish depositary licence

The firm received its Irish fund administration licence last year

BlueMark creates impact benchmark

The benchmark aims to track best practices in impact management in a bid to eliminate impact-washing

FCA requests feedback on new long-term asset fund

LTAF aims to provide an open-ended fund structure that accommodates PE, VC, private debt, real estate and infrastructure strategies

WATCH: What do LPs do with all the data?

A recent webinar discussion explored the way in which data is being communicated, how technology is helping both GPs and LPs, and what LPs are doing with all the information

LISTEN: Do we even need standardisation? Episode 2

The second instalment of a recent podcast discussion examined industry body reporting efforts, and asked if standardised reporting is still necessary?

Domicile watch: April 2021

Key takeaways from the major PE domiciles: including JFSC's concerns in JPF service provision, Guernsey's updated PIF rules and Cyprus' growing funds industry

Guernsey updates PIF rules

The amended rules offer three routes to register PIFs in Guernsey

FundRock launches EU distribution service

The operation aim to support US, UK, Asia and other third country asset managers distributing funds across the EU.

Profile: Magdalena Pasecka, Innova Capital

The partner and CFO discusses her reasons for leaving and returning to Innova, operational challenges of CEE-funds as well as why being a woman in PE is an advantage

LISTEN: Do we even need standardisation? Episode 1

A recent podcast discussion explored technological advances in data transmission, and asked if standardised reporting is still necessary?

ACA enhances regulatory tech platform

The upgrades have been driven by the evolving risk from Covid-19, as well as the continually developing regulatory environment

Green washing up

The SFDR aims to combat greenwashing, but what is actually expected from PE firms, and what do the new rules mean for operational leaders?

A guide to continuation funds

Jeffrey Bronheim, Daniel Mathias and James Mossetto of Cohen & Gresser detail key documentation considerations in where conflicts of interest may potentially arise, and why this trend is likely to continue

Sanne granted Irish depositary services licence

Sanne Depositary Services provides depositary services to collective investment schemes

Jersey PE and VC funds grow by 21%

JFSC figures also showed the number of registered Jersey Private Funds reach 403, an increase of more than 100 during 2020

Domicile watch: March 2021

Key takeaways from the major PE domiciles: including Jersey's changes to its AML/CFT handbooks, Guernsey's review of its Green Fund accreditation and Ireland's Green Team network launch

Advisory / Consultancy: ESG award winner: Sancroft International Limited

Senior consultant Ivaylo Dimov discusses the importance of knowing what ESG means to a firm and equally what it doesn’t or shouldn’t mean

Protecting and enhancing value: Managing human rights risks across your portfolio

Sam Eastwood, James Ford, and Libby Reynolds of Mayer Brown predict greater focus on human rights due diligence processes

Mainspring partners with Aspida Group

The partnership aims to service Guernsey-domiciled private equity and venture capital funds

CFO of the Year award winner: Steve Darrington, Phoenix Equity Partners

Partner & CFO at Phoenix discusses winning a Drawdown award, setting up processes from the very beginning as well as how he's ensured ESG continues to be at the heart of the firm

SFDR comes into effect

SFDR imposes new transparency obligations and periodic reporting requirements on financial market participants

Crestbridge opens Dublin office

The firm is currently authorised to provide corporate services in Ireland and is aiming to provide fund admin services soon

Ocorian purchases Platinum Compliance

Deal follows the fund administrator's acquisition of Newgate Compliance in December 2020

Deeper Perspective: The UK Funds Regime

Benjamin Lamping, founder of Reframe Capital asks: Are we at risk of missing a potential watershed moment for the UK funds industry, and a genuine post-Brexit opportunity?

IQ-EQ targets fund services in Ireland

The firm received fund administrator authorisation from the Central Bank of Ireland in December

InCloudCounsel opens Singapore office

The firm has hired Jon Crandall as managing director for APAC to lead the office

LP location most important factor in fund structure selection

Alternatives Watch’s 2021 Fund Formation Survey found 20% of respondents cited regulatory regime as another important consideration for dictating the type of fund launched

PE and VC funds reached $325.9bn in Jersey in 2020

Monterey's latest report found more than 120 new Jersey funds were launched during 2020 collectively totalling $14.5bn

AIFs and UCITS totalled €174bn in December

EFAMA's latest report found AIFs and UCITs net sales totalled €174bn in December, a significant increase from €78bn in November

Domicile watch: February 2021

Key takeaways from the major PE domiciles: including Jersey's recommendations to adapt its framework, Guernsey's latest guidance on cyber security and countering financial crime and terrorist financing, as well as Luxembourg's response to OpenLux

The ins and outs of outsourcing: An evaluation guide for selecting the right vendor

InCloudCounsel CEO of co-founder Troy Pospisil says firms must "ask the tough-but-important questions about the service provider’s team, products, and business"

Cost of compliance: 5% of revenue

According to Duff & Phelps latest survey, 23.5% of senior decision-makers of financial services firms expect to spend between 1%-5% of 2021 revenue on regs compliance

Luxembourg Government and ALFI respond to OpenLux investigations

Statements defend the Grand Duchy’s regulatory standards following the OpenLux investigations, which claimed Luxembourg uses flawed AML frameworks

Private equity and the trade and cooperation agreement

Brexit has shifted from political to economic, causing widespread disruption for private equity, writes Denzil Davidson of Global Counsel

Profile: Jasi Halai, 3i

The group financial controller & operating officer discusses working within the finance dept of a listed firm, leading system implementations and transformations as well as her role in the firm's committees

GAAP in Lux

Avega Capital Management’s Nic Mueller discusses why the Grand Duchy’s new interpretation of accounting standards is important for private equity funds

Tangled up

Despite reaching a deal, the UK's departure from the EU leaves private equity firms caught up in an intricate web of rules and regulations

AIFMD review response: if it ain’t broke don’t fix it

EFAMA has published its response to the European Commission consultation for an AIFMD review, requesting limited amendments

Jersey brings stability to funds industry

Jersey brings a level of stability to the funds industry that is valued across the board, according to the Government of Jersey

The ID Register gets Guernsey licence

The licence enables The ID Register to carry on controlled investment business in the jurisdiction

Luxembourg to reach €5trn AuM

Luxembourg remains popular with funds industry as total AuM set to reach €5trn

Xolaris granted Liechtenstein AIFM authorisation

Third party AIFM provider Xolaris has been authorised to offer its ManCo services in Liechtenstein

Spending power: Getting a handle on legal expenses

A recent webinar discussion looked under the bonnet of legal spending

Domicile watch: January 2021

Key takeaways from the major PE domiciles: including Jersey's new definition for AML legislation, changes to Guernsey's private fund regime and Ireland's prep for SFDR

Private Equity Service Provider Awards: Winners announced

Winners of the Private Equity Service Provider Awards revealed

Apex launches tool for ESG regs

Invest Check is a tool to help financial services firms collect data to report and comply with upcoming ESG rules

Citco opens Abu Dhabi HQ

The firm has also partnered with ADGM to create a sustainable, fully-integrated ecosystem for the investment management industry

ESMA reminds firms of MiFID II reverse solicitation rules

The regulator notes that since the UK’s Brexit transition period ended on 31 December 2020, some questionable practices by firms around reverse solicitation have emerged

ESMA and FCA agree MMoU on information exchange

The MMoU explains the FCA’s and EEA authorities’, “willingness to cooperate with each other to maintain confidence in the financial system and preserve financial stability in their respective financial markets

The ESG tech wave

From static and infrequent DDQs to real-time, performance linked, fully integrated improvements; ESG is fast-becoming a tech play