We spoke to HSBC's head of product solutions - regulatory change, Paul Ellis, about how the bank managed the implementation of UCITS V and the similarities with getting over the line with AIFMD, how this directive has impacted custody arrangements
The £126 million fine levied by the UK Financial Conduct Authority (FCA) on BNY Mellon in April for breaches of the rules on the safekeeping of client assets was the latest in a series of similar sanctions.
Institutional investors have been urged to carefully monitor the custodian agreements they have signed if they invest in a managed account or fund of one that is not subject to the Alternative Investment Fund Managers Directive (AIFMD) or UCITS V.
Depositary banks are looking for a convenient and efficient way of meeting their obligation to monitor transfer agents, while transfer agents are looking for an efficient and convenient way of giving large numbers of depositary banks the information they need to fulfil their obligations under AIFMD and UCITS V. Thomas Murray Data Services has developed an AIFMD and UCITS V transfer agent monitoring service to meet these twin needs.
Standalone fund administrators offering full depository services subject to strict liability for the restitution of assets under the Alternative Investment Fund Managers Directive (AIFMD) must ensure they have sufficient balance sheet capital to h
A proposed EU bonus cap on Ucits funds has spooked US fund managers operating or planning to launch Ucits vehicles, while any remuneration restrictions are likely to the further stymie the migration of absolute return hedge funds onshore, Dechert