Thursday 24th July 2014
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WEDNESDAY TICKER: JULY 23RD 2014 - According to a local press reports, the Mobileye initial public offering on Wall Street will be valued at approximately $3.8bn. The original prospectus was for a valuation between $3.5-5bn, making the actual valuation at the lower end of estimates. The Israeli company will offer 8.325m shares at a price of $17-19 per share. The offering will most likely take place in two weeks, when the stock will be traded under the ticker MBLY on the New York Stock Exchange. Mobileye was founded in 1999 and has developed a camera-based system to mount on vehicles in order to aid in collision prevention - Rubicon Minerals Corporation has closed its previously announced bought deal financing of 7,060,000 flow-through common shares of the Company at a price of C$1.70 per Flow-Through Share for aggregate gross proceeds to the Company of C$12m. The Offering was conducted by a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets, and included National Bank Financial Inc. and Canaccord Genuity Corp. The gross proceeds from the offering will be used to incur eligible Canadian Exploration Expenses - BNP Paribas 2nd Quarter 2014 Results will be available on Thursday 31 July 2014 from 6.00 am (London time). A live webcast in English with synchronised slides of the analysts conference call hosted by Lars Machenil, chief financial officer, will be available on the bank’s website starting at 1.00 pm (London time) - After six years of severe recession that led to a cumulative loss of 1.1m jobs, the Greek labour market has started to show signs of recovery says National Bank of Greece. More than two thirds of employment losses in the private sector (730,000 jobs) are due to the closure of about 220,000 micro and small firms (30% of the existing micro and small enterprise population) together with layoffs in this segment. NBG Research’s composite indicator of employment trends, that combines information from forward-looking and coincident indicators, points to an employment growth of +0.6% y-o-y in Q3:2014 (or +20,000 jobs) and +0.9% y-o-y (or +32,000 jobs) in Q4:2014 compared to the same period of 2013 - Trading Technologies International, Inc. (TT), a provider of high-performance professional trading software, says Robbie McDonnell has been transferred to EVP Global Sales from VP/Managing Director of Asia/Pacific. McDonnell will relocate from Sydney to TT’s headquarters in Chicago, where he will report directly to CEO Rick Lane and be responsible for leading TT’s worldwide sales operation - Eze Software Group, a provider of global investment technology, has expanded its Regulatory Filings Manager service to support Alternative Investment Fund Managers Directive (AIFMD) Annex IV filings. Clients can now leverage the robust functionality of this enterprise reporting solution to generate necessary reports in accordance with the compliance deadlines of AIFMD. Proposed by European Securities and Markets Authority (ESMA) last year, AIFMD requires that alternative investment funds meet specific risk management standards for better monitoring, measuring, and reporting. Funds need to provide supervisory authorities with detailed investment data on a quarterly or bi-annual basis for increased transparency into funds’ activity. “Our AIFMD solution is a natural extension of all that we have learned in helping our clients file Form PF and CPO-PQR,” explains Michael Hutner, senior managing director and co-head of global sales for Eze Software Group - Cordea Savills, the international property investment management company, has purchased three canal side office buildings in Camden, North London for a total of £14.07m on behalf a corporate pension fund client. The complex is on the former site of the Camden Brewery and comprises three buildings. Elephant House and The Cooper’s Building are Grade II-listed and let to Viacom for over 8 years. The Lock Building is let to a Charity, which offers the potential for redevelopment in the short term as there are mutual break options in 2015. Cordea Savills’ were represented by Fineman Ross and CBRE acted for the vendor, Derwent London -

Ireland’s central bank issues consultation on post-AIFMD non-UCITs funds regime

Wednesday, 14 November 2012
Ireland’s central bank issues consultation on post-AIFMD non-UCITs funds regime The Central Bank of Ireland has released a public consultation proposing enhancements to its non-UCITS regime in preparation for the implementation of the European Union’s (EU’S) Alternative Investment Fund Managers Directive (AIFMD). The implementation of AIFMD will give rise to substantial changes to the non-UCITS funds industry. It is proposed that the current Qualifying Investor Fund (QIF) regime in Ireland will be replaced with a new Qualifying Investor Alternative Investment Fund (QIAIF) regime. For retail investors in non-UCITS products, a separate Retail Investor Alternative Investment Fund (RIAIF) regime will be created. http://www.ftseglobalmarkets.com/

The Central Bank of Ireland has released a public consultation proposing enhancements to its non-UCITS regime in preparation for the implementation of the European Union’s (EU’S) Alternative Investment Fund Managers Directive (AIFMD). The implementation of AIFMD will give rise to substantial changes to the non-UCITS funds industry. It is proposed that the current Qualifying Investor Fund (QIF) regime in Ireland will be replaced with a new Qualifying Investor Alternative Investment Fund (QIAIF) regime. For retail investors in non-UCITS products, a separate Retail Investor Alternative Investment Fund (RIAIF) regime will be created.

Some fundamental changes set out by the Central Bank of Ireland at the end of October in its consultation paper on the implementation of Europe’s Alternative Investment Fund Managers Directive (AIFMD) is designed to help strengthen Ireland’s attractiveness to international managers. Fearghal Woods, chairman of the Irish Funds Industry Association (IFIA) explains, “the authorities in Ireland are making significant progress towards implementing a range of legislative and other measures to enable the broadest possible range of regulated structures for alternative investment managers of all types to coincide with the introduction of the AIFMD directive and that will help maintain Ireland's position as a leading funds jurisdiction".

Interested market participants have six weeks to let the central bank know their comments on the proposed changes. Usually open consultations of this kind are allotted 12 weeks, but given that the AIFMD rules come into force in July 2013, time is of the essence and the central bank has opted for a shorter consultation process. “The central bank is sending out a strong signal that it is aware of change in the non-UCITS world and this consultation not only reflects the changes that are happening but seeks to anticipate future changes,” explains Kieran Fox, head of business development at IFIA.

Core to proposed changes to the country’s non-UCITS investment regime is the consolidation of the country’s regulatory book into a new single handbook covering all regulation for AIFMs. This consolidation will see the removal of countless minor regulatory requirements which have come into place over the years. “It is a game changer,” concedes Fox, “and it is clear that we have moved from a complex regulatory structure, that involves non-UCITS notice documents, and a dozen or so guidance notes and policy documents as well as an array of other ad hoc regulations towards it being brought into one handbook with appropriate chapters covering key market segments.”

According to the central bank, these changes will result in a more efficient and streamlined regulatory environment for all types of alternative investment funds in the country. “The timing of this consultation process will allow managers to establish AIFMD compliant funds in time for the implementation of the EU directive in July of next year,” explains Eoin Fitzgerald, managing director, Morgan Stanley Fund Services, and a member of IFIA Council, which leads industry engagement.

The central bank is proposing the redesign of its AIF regime to optimise its reliance on European regulatory requirements, or at least those set out in the AIFMD; the creation of a higher risk AIF option to UCITS for retail investors; the elimination of regulations on QIAIFs that are not substantially adding to the protection of investors as well as the application of the AIFMD depositary regime to all authorised AIFs, including those with AIFM below certain thresholds.

Changes to share class rules, the issuance of partly paid units and the removal of existing property fund rules will make it more attractive and easier to establish both private equity and property funds in Ireland. IFIA chief executive Pat Lardner explains that with 40% of the world’s hedge funds serviced in the country, “Ireland is the leading global centre for the domiciling and servicing of alternative investments.”

For more on this story, read the November edition of FTSE Global Markets, or visit the website: www.ftseglobalmarkets.com from Friday onwards.

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