Sunday 30th August 2015
NEWS: Friday, August 28TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

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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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