Blog

On May 3, 2023, the SEC adopted a final rule amending Form PF. The final rule amendments apply to large hedge fund advisers, having at least $1.5 billion in relevant AUM; private equity fund advisers, having at least $150 million in relevant AUM; and large private equity fund advisers, having at least $2 billion in relevant AUM.

Yesterday, 21st of April, 2023, the Central Bank of Ireland (the “Central Bank”) sent a Dear Chair letter to all Alternative Investment Fund Managers in Ireland. In the Central Bank letter, Darragh Rossi, Head of Division, Funds Supervision Division, set out significant AIFMD reporting changes that the Central Bank will implement in November 2023.

Today, April 14th 2023, the financial services commissioner Mairead McGuinness has published amendments on the interpretation of Regulation (EU) 2019/2088. These amendments seek to clarify how under the sustainable finance disclosures regulation (SFDR) investment products can be sold as "sustainable" to investors after asset managers downgraded many of their funds due to uncertainty over the rules.

In this blog, we analyze an insightful keynote speech delivered this morning, 21 March 2023, by Verena Ross, Chair of ESMA (European Securities and Markets Authority). The speech, entitled “The macro-prudential supervision of investment funds – from a global debate to a balanced European regulatory framework,” was given at the ALFI European Asset Management Conference 2023. Ross highlighted how the remaining vulnerabilities of Open-Ended Funds (OEFs) are being closely monitored on a global scale.

To meet regulatory reporting requirements, companies need to convert their annual report to the ESEF/UKSEF format, tag the figures in the primary financial statements and block tag the notes. Upcoming legislation will likely bring additional tagging for ESG disclosures.

Keeping data volumes and regulations in one place: Many fund service providers face ongoing challenges related to data quality assurance, information security and complex data-driven regulations.

On the 26th of October 2022 the Monetary Authority of Singapore (MAS) issued a consultation paper proposing additional regulatory safeguards for cryptocurrency firms. The summary below sets out the main elements of the proposed expansion of the existing regulatory framework.

AQMetrics won the Most Innovative Technology Firm Award at the 2022 HFM US Services Awards for its innovative regtech platform. In this blog, AQMetrics sets out how it's moving forward with even more innovation throughout the remainder of 2022, into 2023 and beyond.

On 3 October 2022, the Financial Conduct Authority (FCA) issued Market Watch 70. In this publication, the FCA sets out recent observations related to transaction reporting data quality and reconciliation requirements.

In the third blog of our ESG series, we examine how the SEC’s proposed changes impact private funds and the similarities between the SEC’s Proposed Amendments and other ESG regimes.

In this second blog of the ESG series, we examine the proposed ESG-related disclosure and reporting requirements for investment advisers through amendments to Form ADV, Part 2A (“the Brochure”). The Proposed Amendments require investment advisers to disclose their ESG investing approach by strategy, relationships with related persons, and any ESG-related impacts on proxy voting. These proposed changes will likely apply to wrap fee funds too.

As global regulators are intensifying their focus on “greenwashing”, the absence of standardization or a common disclosure framework frustrates investors and their managers. Across the industry, there is a well-recognised lack of consistent and comparable data which may lead to potential greenwashing and is making the regulators’ and managers’ jobs ever more challenging and burdensome regarding regulatory data management.

At Adminovate 2022, held on the 26th of May, we listened to a detailed panel discussion titled “ESG and the Funds Industry”. They also discussed when investments are made by firms in projects that ultimately have a focus on an initiative that brings a general benefit to society, and therefore gaining a social license for their investment priorities. Implications of social movements such as Black Lives Matter were discussed in relation to the power and importance to society, with matters such as that from 2021.

Today the FCA have released a joint Discussion Paper (DP) aiming to gather views to inform the UK’s authorities’ development of MMF reform proposals. The FCA are inviting feedback on the reform options discussed in the DP by 23 July 2022 and will consider this in deciding whether to consult on MMF reform proposals. The FCA has also issued new non-handbook guidance on the UK MMF Regulation.

The financial conduct authority have announced some changes to AIF001 and AIF002 reports that come into effect from the end of June 2022 following the UK's withdrawal from the EU. This is the first major schema update since 2014.

The proposed changes are significant in that large hedge fund advisers and all advisers to private equity funds would have one business day to report to the Commission the particulars surrounding certain “key events”.

The European Commission has delayed implementation of the second phase SFDR Level 2 disclosures until January 2023. This article examines what that means for AQMetrics clients and what has to be done by January 2023.

As 2022 dawns we look ahead at the regulatory requirements for asset managers, asset service providers and investment managers.

The AQMETRICS annual regulatory round-up - an initiative to keep you abreast of this year’s regulatory technology news and events.

We examine the shifting regulatory landscape for ManCos and Super ManCos in Ireland and outline how technology can help with the regulatory burden.