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Regs & Compliance

Chain reaction: the hidden depths of KYC

KYC is so much more than just a passport and a utility bill. Highvern’s Ken Ritchie details the intricacies of KYC compliance

Jersey amends limited partnership law

Latest amendments aim to provide fund managers with greater flexibility in international fund structuring

In the dog house

How effective are financial regulators when it comes to keeping private equity in check?

Domicile watch: April 2022

Key takeaways from the major PE domiciles: including Jersey’s NPPR use by AIFs and CIMA’s latest promotions

EU Commission publishes finalised RTS under SFDR

The Commission Delegated Regulation will come into force on 1 January 2023, when SFDR is expected to come into effect

Highvern receives Irish TCSP authorisation

The authorisation enables the fund administrator to provide corporate administration services to section 110 and SPV structures across alternative asset classes

Domicile watch: March 2022

Key takeaways from the major PE domiciles: including the FCA’s PRIIPs regulation, JFSC’s proposal to increase investment business fees and the latest addition to Guernsey’s blacklist

Profile: Kristy Trieste, Motive Partners

The CFO & chief compliance officer discusses being a founding partner, plans for the compliance function going forward, as well as how she interacts with IR

Kroll launches valuation practice in Lux

The new business is headed up by Armand Kantar, who has been with the company since 2019

“C-Suite and non-competes in the age of the tweet” – restrictive covenants and social media

Proskauer Rose’s Dorothy Murray and Nicola Bartholomew discuss the increasingly blurred lines when it comes to non-competes and personal social media accounts

GRI most popular ESG reporting framework

The framework is widely used across the US and Western Europe because it’s considered the most comprehensive standard for sustainability reporting

An American tail: service providers go West

For European GPs that want to stick with a familiar European service provider Stateside, we explore which businesses have taken their European operational excellence across the pond

Addleshaw Goddard opens Luxembourg office

Fieldfisher’s Richard Ledain Santiago has been appointed as partner to lead the new office

Key reporting deadlines for Q2 2022

Need to know dates for private equity filings in the second quarter of 2022

Vistra receives regulatory approval for India’s GIFT City

According to the firm, it is one of the first global organisations to receive this approval

LISTEN: Lessons learned with Steve Darrington

Our latest podcast details his approach to risk management, walking the line between optimism and realism, and thinking the unthinkable.

Irish funds reach €3.7bn NAV

The domicile saw an annual increase of 23%, equivalent to €699bn

Guernsey funds reach £303.6bn NAV

We Are Guernsey stated this is the first time the NAV for funds domiciled in Guernsey has reached this level

The pendulum has swung

The recent noise coming from the SEC is largely measured and unsurprising; as the asset class matures of course it should adhere to stricter oversight

Total net sales of European AIFs declined in 2021

EFAMA’s quarterly report found net sales of AIFs fell from €177bn in 2020 to €67bn in 2021

Domicile watch: February 2022

Key takeaways from the major PE domiciles: including JFSC’s late fees for registry submissions, Guernsey’s new chair for its Green Finance strategy and Ireland’s Green Pledge launch

Arcus achieves top ranking for ESG reporting

The firm is closely followed by Partners Group and Tikehau Capital

5 minutes with… Global Regulatory Surveillance Services

We caught up with Joe Vittoria and Sarah Donnelly of GRSS to find out about the new firm and its surveillance system offering for regulated businesses

JFSC’s Sharples joins Crestbridge

Ellie Sharples is responsible for monitoring operational performance and management of all regulatory and compliance matters

ESG outsourcing: who’s who?

We've compiled a directory of who does what when it comes to ESG outsourcing, to help get those boxes ticked.

Profile: James Harper, Apposite Capital

The CFO discusses why he has taken over the IR function, what processes and frameworks he's put in place since joining, as well as how the firm's bespoke DD for ESG differs from their peers

Operational Lens: Pantheon Secondary Opportunities Fund (PSOF)

With a total AUM of $52.3bn, Pantheon is a machine when it comes to fundraising. We take a look at the $624m PSOF, to discover how the pros get the job done.

Apex buys BEST

The business, which expands Apex’s presence in India, provides fund services for PE, FoFs, hedge funds, managed accounts and mutual funds

AssetMetrix expands to London

Clifford Norton joins from Allvue Systems to head up business development across the UK & Ireland

Carried Away

Could the ever forceful push for ESG break carried interest, the heart of private equity?

ESMA identifies liquidity concerns for AIFs

ESMA's latest report also found private equity funds experienced the largest growth in 2020

PE fuels Luxembourg AUM growth to €5.9trn

The figure represents a 17.8% increase yoy, equivalent to €886bn, with PE the fastest growing asset class

ATAD 3: How will private equity measure up?

Andrew Howard, Ropes & Gray tax partner, outlines his thoughts on the likely impacts on private equity of the ‘ATAD 3’ EC proposal, designed to prevent the misuse of shell entities for tax purposes

Domicile watch: January 2022

Key takeaways from the major PE domiciles: including the FCA's approach to EU firms temporary UK operations, Central Bank of Ireland's outsourcing guidance, Jersey fee changes and The Bahamas removal from the EU's blacklist

Navigating new rules

Ropes & Gray partner, Eve Ellis, takes a look back at private equity fund regulations throughout 2021, and looks ahead to what's in store for 2022 and beyond

Apex expands to New Zealand

The fund administrator has acquired Auckland-based investment administrator MMC

Suntera acquires Nedgroup Trust

Nedgroup Trust provides fiduciary services to HNWIs, ultra-HNWIs, family offices and owner-managed businesses

Highvern buys Noble Trust Company

The independent boutique trust company provides wealth management solutions and multi-family office services

Profile: James Yates, IK Partners

The CFO & managing partner discusses how the firm has professionalised and institutionalised its processes, his thoughts on Luxembourg as a domicile as well as his hopes for IK's operational functions in the future

Operational forecast for 2022

We take a look at Alpha FMC’s predictions for PE operations this year, as well as individual forecasts for CFOs, COOs, CTOs, CDOs and heads of compliance

KBA appoints CEO of Irish ManCo

Andrew Kehoe has been with KB Associates (KBA) since 2017

Planning permission

A growing number of small managers are taking on full scope AIFM permissions well ahead of time; the market is split on whether or not this is a good move or a big burden

Highvern expands to Ireland

This is the firm’s third office in addition to its presence in Jersey and London

Diligend secures additional investment

Fresh capital will see the due diligence platform expand its fund manager offering

High profile collection

Selection of The Drawdown’s favourite profiles with key operational professionals in 2021

Deep dive collection

Selection of The Drawdown’s extended analysis features from 2021

Domicile watch: November-December 2021

Key takeaways from the major PE domiciles: including Ireland’s introduction of a fast-track process for Taxonomy and SFDR regulations, Guernsey’s increased fees and Cyprus’ funds industry’s increasing AUM

Key reporting deadlines for Q1 2022

Need to know dates for private equity filings in the first quarter of 2022

Apis appoints compliance manager

Will Jamieson joins the firm in this newly-created position from compliance and regulatory consultancy group Complyport Consultants

European LPs: anti-greenwashing regulation won’t work

Only 44% of European LPs are optimistic about anti-greenwashing regulation making it easier to distinguish true environment-related claims from greenwashing, according to Coller Capital

Majority of managers say greenwashing is a problem

Most managers support the FCA’s adoption of the TCFD reporting framework

Compliance calendar

Need to know dates for your diary as UK rules diverge post-Brexit, as well as upcoming key European regulations

European Commission puts AIFMD and ELTIF under review

The legislative proposals adopted include clarification on delegation rules

Kirkland & Ellis appoints Cox

Alexander Cox joins K&E's tax practice from Ashurst

LPs: PE needs stricter oversight and regulation

According to Edelman, 74% of LPs believe there needs to be stricter oversight and regulation of PE

Comment: New tax regime for UK asset holding companies

Ropes & Gray partner Brenda Coleman and associate Tim Waters detail the latest development for the UK funds industry

Data is king (even when it comes to fund domiciles)

Common standards would enable decent data governance, which would do away with skills and talent challenges the fund administration market is suffering from

Profile: Jon Fredrik Vassengen, Argentum

The manager and compliance officer discusses how the fund-of-fund determines ESG criteria and the challenges of collecting quantitative ESG data

Domicile watch: October 2021

Key takeaways from the major PE domiciles: including the FCA's position on LTAF, Jersey's amended law which makes risk-based supervision a legal requirement and Guernsey's revised regulatory laws

Jersey private funds: a new era

Jersey is a longstanding financial jurisdiction with an agile and responsive nature uniquely designed to meet market and client demand. It is no wonder it is an attractive destination to hold private funds, writes Simon Page, global head of fund services, Hawksford