The Bermuda Monetary Authority (Authority) has successfully petitioned the Supreme Court of Bermuda to wind up Cumulus Eastern European Property Fund Limited (Cumulus) pursuant to section 36(1)(b) of the Investment Funds Act 2006 (the IFA) and the provisions of the Companies Act 1981.
Legal & Regulation
By George Ralph (pictured), RFA – If you hadn’t already got enough on the agenda for this year, MiFID II - Markets in Financial Instruments Directive II - and its accompanying regulation, Markets in Financial Instruments Regulation (MiFIR) are looming ever closer to their full implementation date of 3rd January 2018. That’s 23 weeks away. I don’t need to tell you that it’s not long at all.
By George Ralph, RFA - It’s August already, and 2017 is over half gone. There are two major pieces of legislation coming into effect in early 2018, which will affect alternative investment firms in the UK, and firms worldwide who are holding data on European citizens, or trading with firms in the EU.
Financial regulators across the globe are cracking down heavily on cases of individual misconduct, according to the 5th annual Global Enforcement Review published by the Compliance and Regulatory Consulting Practice of Duff & Phelps.
By George Ralph (pictured), RFA - 2017 is as good a time as any to be starting a new alternative investment firm, certainly better than it would have been a decade ago, but there are some key areas of focus that start-ups should be on top of. Here are some thoughts on how to help set your start-up to be successful:
By George Ralph (pictured), RFA Financial Cloud and Technology Services – It’s a widely held misconception that heavily regulated industries are the least agile, and the slowest to innovate. In the financial services sector particularly, there is a tendency to see compliance and responsibility as a barrier to success, when they should be seen as the essential foundation.
By George Ralph (pictured), RFA Financial Cloud and Technology Services – The global financial crisis and subsequent recession happened almost a decade ago, but their legacy goes on and on, with more stringent regulations and bigger fines every year.
Mexican industrial real estate investment trust Terrafina, which is externally advised by PGIM Real Estate, has received approval from the Mexican Securities and Banking Commission (CNBV) for shelf registration program for the issuance of its Certificados Bursátiles Fiduciarios Inmobiliarios and long-term Certificados Bursátiles Fiduciarios (the Program).
Regulatory reporting has become a critical component of running an alternative investment fund. This requires well-developed data sourcing and data management processes to help ensure that fund managers remain compliant.
Beginning in 2018, Kempen has decided to cover external investment research costs as part of its strategy to comply with MiFID II. These costs however may still be passed on to clients under strict conditions.