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The Union Bank of the Philippines (UBP) released a 49% drop in net earnings in the first half of 2014, as it came in to just PHP3.2bn, almost half of its net earnings in the same period last year. In the April to June period alone, net income fell 36% from PHP2.18bn in the second quarter of 2013 to PHP1.6bn in the second quarter of 2014. However, it is important to note that net interest income grew by 29% year-on-year, as it came in at PHP5.2bn in the half of 2014 – Rangold chief executive Mark Bristow will present the firm’s Q2 results at noon on Thursday this week at The Forum, London Stock Exchange Around 10.00 am today some traders on Moscow Exchange’s Derivatives Market reportedly experienced difficulties entering orders via the FIX protocol, with some valid messages rejected with an error code. The FIX protocol has been functioning as usual since 11:37 am says the exchange. Moreover, the exchange stresses other protocols to access the Derivatives Market’s trading system have been functioning as usual - Société Générale Securities Services in Luxembourg has been mandated by wealth manager Bedrock, with $6bn in assets under management, to provide custody, fund administration and registrar services for its range of UCITS funds - Moody's Investors Service has assigned a first-time provisional (P)B3 corporate family rating (CFR) to Empik Media & Fashion SA Group. At the same time, Moody's has assigned a provisional (P)B2 rating to the firm’s proposed senior secured notes due 2019 to be issued at EM&F Financing AB, a wholly owned and guaranteed subsidiary of EMF, reflecting its overall ranking within the debt capital structure. The outlook on the ratings is stable. This is the first time Moody's has assigned ratings to EMF - Lithuania will adopt the euro on January 1st next year. Lithuania will become the 19th member state to adopt the euro. "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us," said Algirdas Butkevičius, prime minister of Lithuania, on the announcement. The entry of Lithuania into the euro family is of great importance for the whole euro area. "It's a demonstration of the continuing attractiveness of the single currency project and its relevance for the future of our community," added Sandro Gozi, State Secretary for European Affairs of Italy and President of the Council of the EU. The conversion rate has been set at 3.45280 Lithuanian litas to the euro – Global macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service. Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customized daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds. Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures - AnaCap Financial Partners LLP, the specialist European financial services private equity firm, together with HIG and Deutsche Bank, have completed the acquisition of a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania. Under terms of the agreement, funds advised by AnaCap will jointly acquire the entire portfolio with HIG and Deutsche Bank. The portfolio of 3,566 loans in total is backed by a mix of primarily residential, commercial real estate and development land. APS Romania will be appointed as Master Servicer. The transaction is the largest of its kind in Romania to date, and came about as a result of the ongoing pressure on financial institutions across Europe to restructure and divest assets in order to clean up balance sheets and comply with new capital requirements. After a prolonged correction following the financial crisis, the property market in Romania is now showing strong signs of improvement. GDP and unemployment have recovered on the back of labour market reforms in 2011 and an IMF financing package. House prices, which declined 38% since their peak in mid-2008, are now on the rise, with the areas surrounding central Bucharest and other main cities increasing 4% for 2013.

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Regulatory Update

Waiting for the SEC to Jumpstart U.S. Business? Instead, Why Not Jumpstart Your Own Business?

Thursday, 23 August 2012 Written by 
Waiting for the SEC to Jumpstart U.S. Business? Instead, Why Not Jumpstart Your Own Business? In April 2012, the U.S. Congress passed the Jumpstart Our Business Startups Act (“JOBS Act”), a law that would ease restrictions on marketing private funds to U.S. investors. It came with high hopes that U.S. regulatory requirements would soon be simplified in this area. Now those efforts may be stalled for the time being. This does not mean that your efforts to market into the U.S. should also be stalled. http://www.ftseglobalmarkets.com/

In April 2012, the U.S. Congress passed the Jumpstart Our Business Startups Act (“JOBS Act”), a law that would ease restrictions on marketing private funds to U.S. investors. It came with high hopes that U.S. regulatory requirements would soon be simplified in this area. Now those efforts may be stalled for the time being. This does not mean that your efforts to market into the U.S. should also be stalled.

By way of background, in the U.S. most private funds are offered to investors in reliance on an exemption from registration with the SEC that prohibits “general solicitations or general advertising.” The JOBS Act instructed the SEC to adopt rules eliminating the prohibition by the beginning of July. The SEC missed that deadline. More recently, the SEC scheduled a meeting for August 22 to consider the rules, but at the last minute the discussion was postponed until next Wednesday, August 29. In a subtle, but potentially impactful change to the meeting agenda, next week’s meeting will consider “whether to propose” (emphasis supplied) rules to eliminate the prohibition, as opposed to actually considering the rules themselves.
 
For the time being, the prohibition on general solicitations and general advertising remains.
 
However, according to a recent Citibank study, U.S. investors are the most active day one/early stage allocators and their allocation are over 50% larger than those from other regions. When entering into the U.S. market, non-U.S. advisers may have an advantage over U.S. emerging managers since many already have established track records.

Instead of waiting for the SEC to jumpstart U.S. businesses, why not jumpstart your own? U.S. advisers have successfully navigated the U.S. environment for years; you can too.

Deborah Prutzman

Deborah Prutzman is the founder and CEO of The Regulatory Fundamentals Group (RFG), a New York-based firm that designs and implements business and risk solutions for alternative asset managers and institutional investors. RFG's senior-led team employs a robust suite of tools, including practical alerts on new and potential industry developments and its powerful RFG Pathfinder® knowledge management platform which simplifies the challenges of operating in a regulated environment.  To learn more about The Regulatory Fundamentals Group call (212) 537-4058, email a representative at Information@RegFG.com or visit RegFG.com

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