The new UK fund vehicle Reserved Investor Fund (RIF) is available beginning today, 19 March 2025. The RIF is available for all investment strategies, but what might make it an appealing option, particularly certain tax...more
The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 have been published, alongside an explanatory memorandum. The Regulations amend the...more
For more than a year, SEC Chair Gary Gensler has, in some public forums, been mentioning concerns about gaps in the regulation of collective investment funds (CIFs), as compared to that of registered open-end investment...more
The ruling confirms that courts will consider substance over form when assessing collective investment scheme arrangements and exemptions under securities law. On 2 August 2023, the Hong Kong Court of Appeal handed down...more
EU cross-border distribution of funds: ESMA guidelines on marketing communications - Following its consultation in November 2020, the European Securities and Markets Authority (ESMA) has published a final report on...more
Collective investment schemes: IOSCO workstreams on liquidity risk management The International Organization of Securities Commissions (IOSCO) has launched a thematic review on the implementation in member regulatory...more
TMPR: FCA update on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has updated its webpage on adding a new sub-fund to an umbrella scheme in the temporary marketing permissions regime (TMPR)...more
A recent enforcement action (Proceeding) by the US Securities and Exchange Commission (SEC) against a state-chartered trust company (Trust Company) has attracted attention in the banking and asset management industries. ...more
TMPR: FCA webpage on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has published a new webpage on adding a new sub-fund to an umbrella scheme that will be in the temporary marketing...more
Bearer Certificates (Collective Investment Schemes) Regulations 2020 - The Bearer Certificates (Collective Investment Schemes) Regulations 2020 (SI 2020/1346) have been published, together with an explanatory memorandum....more
• The introduction of an OFC structure in Hong Kong is intended to further develop Hong Kong as an international asset management centre and fund domicile. • The OFC provides Hong Kong Type 9 licenced managers seeking to...more
On 10 June 2016, the Securities and Futures (Amendment) Bill 2016, which introduces the legal framework for the open-ended fund company (“OFC”) regime, was enacted as an ordinance (“Ordinance”) in Hong Kong. The Ordinance is...more
Following public consultation in March 2014, the Financial Services and the Treasury Bureau (FSTB) has now published the “Consultation Conclusions on Open-ended Fund Companies”, and the related Securities and Futures...more