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Regs & Compliance

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

Irish Funds welcomes LP reform

The trade body predicts The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil, will create 3,000 jobs by 2025 and attract up to €20bn of global private capital each year

The conversation: Trends in 2021 and beyond

InCloudCounsel founder and CEO Troy Pospisil examines patterns established in 2020 and how they will impact the next few years in private capital markets

LISTEN: InCloudCounsel’s Pospisil on the future

Troy Pospisil explores how the regulatory landscape for private capital funds is evolving, how investor demands are changing and how InCloudCounsel’s offerings aim to support these developments

Class of 2020

A cross-section of industry practitioners share their greatest lessons of this year

2020 in review: Full speed digital transformation

A look back at private equity firms and their digital transformations in 2020

BVCA launches Capital Gains Tax committee

Committee has been created in response to the UK Government’s ongoing tax investigation that has prompted fears of a CGT hike

LISTEN: InCloudCounsel’s Pospisil on document abstraction

Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about what it is, how it works and how it supports private equity legal teams, as well as the wider organization.

2020 in review: Regulatory complexity

A look back at the regulatory transformation around the AIFMD in the private equity market in 2020

NAVs won’t return to pre-pandemic levels until 2022

80% of Duff & Phelps survey respondents believe up to 30% of private market investments won’t recover their pre-pandemic values until 2022 or beyond

LISTEN: InCloudCounsel’s Pospisil on private equity roots

In the first instalment of our mini podcast series, Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about the company’s origins: what drove him to set up the firm and how it has developed over the past seven years.

Vauban raises £1.6m seed funding

Backers include Pi Labs, Kima Ventures, Westloop Ventures, Argonautic Ventures and UFP Fintech.

Throgmorton launches CFO & COO Solutions

Throgmorton has launched an outsourced service for the CFO and COO function.

Domicile watch: November 2020

Key takeaways from the major PE domiciles: including Jersey's new digital launches, VinaCapital's migration to Guernsey and Cayman's regs launches

Alter Domus opens Cayman office

The firm has appointed David Boyd as Cayman country executive

No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

CGT looks set to increase

The OTS report recommends the government should consider "taxing more of the share-based rewards arising from employment... at income rates"

European Commission issues AIFMD consultation

It seeks views on how to achieve a more efficiently functioning EU AIF market, as part of a stable financial services system

U.S. Bank launches alts fund services in Luxembourg

The office will provide fund administration, depositary and banking services to funds in Luxembourg

Gibraltar updates funds legislation

The new Limited Partnership Bill and the Protected Cell Limited Partnerships Bill aims to modernise existing fund legislation

Apex acquires Brazilian administrator

Banco Modal’s MAF claims to be one Brazil's largest alternative fund admins, with nearly BRL70bn of assets under administration and custody

Comment: The ‘new office politics’

IC Intelligence chief strategist Dr Desné Masie, says the worst isn't over for real estate funds

Fund managers fall short on governance

A large number of previously authorised fund managers have failed to implement the governance framework set out by the Central Bank of Ireland

DAC6: what it means for LPs

Natalie Psaila, counsel in the London Tax Group at Hogan Lovells, details the circumstances in which the DAC6 rules are most likely to be relevant to investors in private equity funds

Domicile watch: October 2020

Key takeaways from the major PE domiciles: including Jersey's new digital registry, Ireland's approval of the limited partnership reform and Cayman's removal from the EU blacklist

WATCH: Technology…and how it’s shaping the operating models of tomorrow

The pandemic has been a catalyst for digital transformation, but there are major challenges still to face

Comment: Can public subsidy and private equity co-exist?

Covid-19 has thrown the industry into an unwanted spotlight - and now the taxman cometh

Apex purchases FundRock

FundRock is an independent UCITS ManCo and AIFM and claims to be the largest third-party manager of UCITS funds in Luxembourg

BEPS 2.0 up for public consultation

The blueprints for the approach reflect convergent views on key policy features, principles and parameters for a future agreement

WATCH: No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

Held to account: why is it so hard for PE to open bank accounts

GPs are waiting up to nine months to open SPV accounts, and its easy to see why

Cayman Islands removed from EU blacklist

The domicile adopted necessary reforms to its tax policy framework on collective investment funds in September

AIFMD proposals: What’s good, what’s bad, what’s missing?

Following an evaluation of AIFMD's impact, ESMA has recommended 19 areas for amendments to the European Commission

Private equity’s return to work

Taylor Wessing partners Emma Danks and Helen Farr outline the key litigation risks of returning to the office

Ocorian acquires Newgate Compliance

The deal furthers Ocorian's service offering to asset managers operating in the regulated UK market.

LemonTree creates advisory board

Mahmoud Warriah is advisor for accounting and Toby Norfolk-Thompson is advisor for banking and tax

The ID Register spins out of Apex

Initially backed by Ipes, the Guernsey-based business is a clearinghouse for KYC and investor onboarding

Ireland approves limited partnership reform

This amended legislation aims to modernise the Act by aligning it with more recent domestic and EU laws.

Rochford launches in the UK

Treasury management provider Rochford Capital expands from Australian roots to the UK

KPMG Luxembourg names new sector leads

Chrystelle Veeckmans is head of asset management and Christophe Diricks is head of alternative investments

Comment: Cross-border marketing of funds

Richard Small, partner of Addleshaw Goddard, deciphers increasing complexities around crossborder marketing rules

EDB receives FCA approval

The authorisation follows last year’s approvals from regulators in Malta and Ireland

Profile: Debojit Mukherjee, Agilitas Private Equity

The chief operating officer discusses what attracted him to his role, how the firm measures and tracks ESG and why their Sustainable Value Creation report is so important

US LPs invest £43.6bn into Guernsey-domiciled funds

Guernsey government research found the NAV of Guernsey-domiciled funds under management reached £227.7bn in mid-2019

A true alternative

From alternative law firm to publicly listed full-suite asset management consultancy, MJ Hudson has had an outstanding decade

Exclusive: InCloudCounsel opens in Hong Kong

Founder and CEO Troy Pospisil said expansion was driven by responding to global clients' needs

Culture shock

Culture's intrinsic link to behaviour means private equity must think carefully about how it navigates the crisis

Avega launches AIFM business

ACM aims to “shake up the fund industry and bring a new approach to alternative investments”

Comment: Compliance and ESG - Overhead or value-driver?

The crisis will likely bring about more stringent financial and environmental regulations; cutting compliance and ESG resources could bear greater costs, warns Robin Lööf and Edoardo Troina at Debevoise & Plimpton

Domicile watch: August 2020

Key takeaways from the major PE domiciles: including Jersey's new continuance fees for limited partnerships, Guernsey's limited partnership migrations and Luxembourg's fraudulent websites

Comment: Navigating capital calls

Lydia Danon and Shelley Drenth of law firm Cooke, Young and Keidan, outline practical steps PE firms ought to be taking to mitigate potential capital call conflicts

UK GPs spend $8.6m on legals annually

A new report has revealed how much private equity firms are spending on external legal counsel

ESMA reveals proposed amendments to AIFMD

The regulator’s letter follows its evaluation of the impacts of AIFMD to date, based on a review carried out by KPMG in 2017

Comment: Why PE firms should consider hedging management fees

Lee McDarby of moneycorp says GPs ought to be thinking about hedging management fees as market turbulence looks set to continue