Podcasts about aifmd

In this conversation, Eva-Maria Dimitriades, CEO of Conduit Connect, discusses the mission and objectives of the organisation, which focuses on impact investing in areas such as climate, health, education, and inclusion. She explains the investment process, the importance of recurring revenue, and the demographics of their investors. Eva also highlights the unique features of Conduit Connect, including community engagement and the Generation Impact Academy, aimed at educating the next generation of impact investors. She concludes with advice for aspiring investors and emphasises the importance of aligning investments with personal values.Disclaimer: This podcast is a financial promotion for the purposes of Section 21 of FSMA. It is issued by The Conduit Connect FRN: , 826000 an Appointed Representative of Enterprise Investment Partners LLP FRN:604439 , an AIFM as defined by the AIFMD, who have approved it, on [19/11/2024], and who are authorised by the FCA. This podcast is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. No recommendation is made, positive or otherwise, regarding individual investments. Any decision to invest should only be made further to review of an applicable Information Memorandum. Please be aware that we invest in unquoted companies which are non-readily realisable securities and should be considered as high-risk, long term, illiquid assets. We do not give financial or taxation advice. If you are in any doubt about whether to invest, you should seek appropriate professional advice.Resources Mentioned In This Episode:>> Eva-Maria Dimitriadis [LinkedIn]>> Conduit Connect [Webiste]>> WT237: ‘Head 2 Head w/ Louise Hill, Co-Founder & CEO of GoHenry'Next Steps On Your Wealth Building Journey:>> Join the WealthBuilders Facebook Community>> Schedule a 1:1 call with one of our team>> Become a member of WealthBuildersIf you have been enjoying listening to WealthTalk - Please Leave Us A Review!

In episode 6 of our podcast series, Let's talk asset management, Claire Guilbert discusses our recently updated AIFMD and NPPR guides. She also touches on the AIFMD passport and national private placement regime in Luxembourg. Our AIFMD guide looks at how the AIFMD passport works in practice and the differences in local implementation across fourteen EEA Member States. Our NPPR guides looks at the requirements non-EU alternative investment fund managers face when marketing alternative investment funds to professional investors across fourteen EEA Member States, Switzerland and the United Kingdom.

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Neste episódio do Podcast Líder De Elite, temos o privilégio de acolher Thais Sperle Aguiar, uma especialista renomada em compliance, governança e risco. Com uma trajetória de mais de 20 anos nesse campo, Thais compartilha sua vasta experiência, oferecendo uma visão abrangente e atualizada sobre como empresas podem fortalecer suas práticas de compliance para enfrentar os desafios do mercado atual e futuro. Esse episódio é imperdível para líderes e executivos que buscam a excelência em governança e querem entender melhor como o compliance estratégico pode ser um diferencial competitivo. Acompanhe os insights valiosos e as melhores práticas detalhadas por Thais. Principais Destaques do Episódio: ◾ Compliance: essencial em governança, começa com a conformidade com leis. ◾ A importância de mitigar riscos não regulamentados, como os de IA. ◾ A ética em compliance: fazer o que se diz e agir com integridade. ◾ Análise de risco: crucial para um programa de compliance eficaz. ◾ Disciplina e medidas punitivas são fundamentais em um sistema de compliance. ◾ Características de um bom profissional de compliance: curioso e atualizado. ◾ Avanços e desafios na igualdade de gênero no setor financeiro. ◾ Impacto da maternidade na carreira das mulheres no mercado financeiro. ◾ A visão estratégica do compliance: mais do que custo, um parceiro de negócios. ◾ A valorização da experiência sênior na era da inteligência artificial. ◾ Treinamentos personalizados como parte essencial do serviço de compliance. ◾ A gestão do risco sistêmico e o papel regulador do Banco Central. Este episódio do Podcast Líder De Elite é uma oportunidade única de ganhar perspectiva e conhecimento sobre a implementação e a importância do compliance nas organizações. Não perca a chance de aprender com uma das maiores especialistas do campo. Thais Sperle Aguiar é executiva com mais de 20 anos de experiência nos mercados financeiro e de capitais, sendo que desde 2004 trabalha com governança, risco e compliance com foco em regulação nacional (Bacen, CVM e Anbima) e em algumas jurisdições estrangeiras (SEC, CFTC, NFA, CIMA e AIFMD). Atualmente é consultora de governança, risco e compliance através da empresa Hepta Training & GRC que é Cofundadora, e é membro do Conselheiras e do CWC - Compliance Women Commitee. Nos últimos anos atuou como Sócia e Diretora Operacional da gestora de private equity Gaia Co. e Sócia Cofundadora da instituição financeira Accendo Serviços Financeiros. Também atuou em grandes multinacionais, como Diretora de Compliance na gestora de recursos Gávea Investimentos (na época subsidiária do JPMorgan Chase & Co.) e BNY Mellon. Se formou em ciências econômicas pela UFRJ e possui pós-graduação em Mercados Financeiro e de Capitais pela Anbima, tendo começado sua carreira como estagiária da CVM. https://www.linkedin.com/in/thais-sperle-aguiar-01121824 #podcast #liderdeelite #governança #compliance #esg #etica #integridade

In this episode of the Legal Zeidgeist podcast, AIFMD II takes the centre stage. Kunal Grover, Head of Business Development is joined by Valentin Chantereau to dissect the key highlights of the amendments to AIFMD and what these updates hold for EU and non-EU AIFMs.As the industry braces for the new regime, discover the proactive steps fund managers need to navigate this new regulatory landscape, with Valentin's insights and guidance.

Find out more about this event on our website: https://bit.ly/3GW6mMJ A regular speaker at the FS Club, David Doyle is back to give a new year update on the EU financial services regulatory agenda. In this webinar, David will cover: Future of the access rules for non-EU financial services institutions in the EU Markets in Crypto-Assets Regulation Revisions to the MiFID and AIFMD regimes, including the delegation model for 3rd country investment firms Powers and reach of the New EU Anti-money laundering Authority Speaker: Dr David Doyle is known across Europe as a leading expert on EU financial services regulation and long-standing speaker at the Financial Services Club. A former diplomat with over 20 years of service on mainland Europe at bilateral and multilateral level, he now acts as an EU Policy Advisor between Brussels and London, specialising in regulatory developments in banking, fund management and insurance. He is a Board Member, and Secretary to the Financial Services Working Party, of the joint MEP-EU industry advocacy body, The Kangaroo Group, at the European Parliament, holds a seat on the Board of Directors of the Genesis Initiative at Westminster that promotes entrepreneurship and SME policy, as well as being active in the Conference Board Corporate Governance Council.

Find out more on our website: https://bit.ly/3cjCvRl A regular speaker at the FS Club, David Doyle is back to give a mid-year update on the EU financial services regulatory agenda. David will cover the latest regulatory developments from Brussels, covering the EU bank prudential regime (Basel III), revisions to MiFID, AIFMD, the EU digital agenda (MICA, DORA) and the progress on the EU Sustainability finance regime. Speaker: Dr David Doyle is known across Europe as a leading expert on EU financial services regulation and long-standing speaker at the Financial Services Club. A former diplomat with over 20 years of service on mainland Europe at bilateral and multilateral level, he now acts as an EU Policy Advisor between Brussels and London, specialising in regulatory developments in banking, fund management and insurance. He is a member of the Executive Board of the joint MEP-EU industry advocacy body, The Kangaroo Group at the European Parliament, holds a seat on the Board of Directors of the Genesis Initiative at Westminster that promotes entrepreneurship and SME policy, as well as being active in the Transatlantic Business Council on Capital Markets and the Conference Board Corporate Governance Council.

The European Commission published proposed amendments to the Alternative Investment Fund Managers Directive (“AIFMD”) in November 2021, as part of a package of measures to deliver on the key commitments in the 2020 Capital Markets Union action plan. Listen to Helen Slater, Senior Product Manager and Mhairi Sandeman, Senior Product Manager for Global Trustee and Fiduciary Services at HSBC's Securities Services as they discuss the key proposals in AIFMD II and the implications for asset managers and the wider securities services industry. Hosted on Acast. See acast.com/privacy for more information.

A regular briefing for the alternative asset management industry - Issue 34Towards the end of last year, many private fund managers began reviewing their approach to interest rate risks. Although private funds are often heavily exposed to movements in interest rates – most obviously in relation to leveraged portfolio investments, but also for fund-level facilities and manager-level liquidity – low and stable rates have been the norm for the past 10 years, making interest rate risk a relatively low priority. That has clearly changed: central bank announcements warning of phased increases in interest rates, along with governmental pressure to combat rising inflation, have prompted many funds to consider how to hedge against future rises.A firm's review of its approach to interest rate risks is likely to start with an assessment of its own knowledge and skills. Fund managers – and portfolio company finance teams – clearly need to model the impact of expected future rate rises on returns and liquidity needs, but also need to understand the tools that are available to manage the risks, and the circumstances in which they can be deployed.That is partly about making sure the firm has the right expertise (internally or externally) to identify, and then negotiate terms for, the instruments that can ensure that risks are appropriately hedged. It will also be important for the firm to analyse the regulatory framework that applies to the use of any derivatives for hedging – including restrictions and additional reporting requirements imposed by both specific derivatives rules such as EMIR, and by more general pan-European legislation, most obviously the AIFMD and MiFID (and their UK equivalents). Any provisions on hedging (or related aspects, such as fund guarantees) in the fund's Limited Partnership Agreement (LPA) will need to be navigated, and the impact of hedging at fund-level on the borrowing base under a fund-level facility fully understood.Managers seeking interest rate protection by accessing the bank and broker-led markets will need to put in place appropriate legal agreements, so an understanding of current ISDA terms and model documents is needed. These are specialist documents, and a firm's regular fund formation or fund finance counsel may not be familiar with the detailed provisions or market practices. Therefore, managers should not underestimate the time that it can take to agree them, especially because they should be tailored to the specific fund.Establishing or reviewing policies and procedures for interest rate risk management will require firms to address questions of responsibility and accountability among the portfolio management, legal and compliance and finance teams.It is likely that some of these required skill sets and advisory relationships will need refreshing. Establishing or reviewing policies and procedures for interest rate risk management and the use of derivatives will flush out gaps and will require firms to address questions of responsibility and accountability among the portfolio management, legal and compliance and finance teams. Such clear procedures are vital and, indeed, investors may be expected to ask more questions about them as we enter a higher interest rate environment.Some managers, recognising the specialist skills needed, have sought to implement systematic interest rate risk management on a centralised basis across their portfolio. This marks a change to the more traditional approach where interest rate risk management was delegated to the underlying investee companies and portfolio manager, rather than being subject to centralised modelling and oversight. While centralisation does bring some advantages,...

ICMA's Irene Rey, AMIC Secretariat, provides key highlights of interest to AMIC members on the AIFMD and ELTIF proposals which were released by the European Commission at the end of November 2021.

In this episode, CSS's SVP of Business Development Ashley Smith takes a trip around the world to discuss evolutionary changes for regulatory compliance in 2022 from SFDR and PRIIPs to AIFMD II and 18f-4.

Waystone and its colleagues at CCL Compliance, a Waystone Group Company, review the UK Investment Firm Prudential Regime (IFPR) which will come into effect on January 1, 2022.  This will have a significant impact on UK MiFID investment firms who are authorised and regulated by the FCA that are currently subject to any part of the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR) including Investment Firms that are currently subject to BIPRU and GENPRU including:Matched Principal FirmsFirms conducting combination of MiFID with UCITS & AIFMD activities categorised as CPMIs (Collective Portfolio Management Investment Firms)Firms currently authorised as Exempt-CAD firmsFull scope', ‘limited activity' and ‘limited licence' investment firms currently subject to IFPRU and CRR (MTF & OTF)Listen to our prudential specialist to help you simplify and navigate these requirements, as well as providing advice on what analysis required to address them.

A regular audio briefing for the alternative asset management industry. In the event, of course, the third country passport wasn't activated in 2015, and still hasn't been – perhaps in part because the UK voted to leave the EU in 2016, and UK-regulated firms could have used the passport to gain access to the single market. Meanwhile, the AIFMD review was duly launched in 2017, when KPMG was commissioned to prepare a report, but it was only last week that concrete reform proposals were issued by the Commission. Both the slow pace of the review and the limited scope of the proposals that have been put forward reflect the Commission's view that the current regime is broadly working well. There has also not been much pressure from industry participants and other stakeholders for dramatic change.There is still some way to go before any changes become effective, and the European Parliament and Council may yet demand more radical reforms. But, even if only the Commission's current proposals survive, there could be important implications for EU and international firms over time – especially those with structures that rely on delegation.It was widely expected that the Commission would have something to say on delegation, since many EU-headquartered asset management firms (along with many based in the UK, US and elsewhere) rely on structures in which an EU-regulated fund manager delegates important functions – usually "portfolio management" – to a firm in another financial centre, which may be inside the EU or in a third country. The delegation model is a well-established feature of EU asset management and allows functions to be carried out more efficiently. The AIFMD itself already includes demanding rules on delegation, including a requirement that the EU-regulated principal manager must have the resources and expertise to effectively supervise the delegate, and that it retains enough functions so that it does not become a mere "letter-box". As anticipated, however, the Commission's proposals signal a continuing concern that delegation may be over-used. The proposals therefore include a requirement for EU regulators to probe delegation arrangements more thoroughly and to report substantial delegation arrangements to the supervisor, ESMA, on an annual basis, with ESMA reporting to EU institutions every two years on developing market practice. If adopted, the proposed amendments to the AIFMD would also require ESMA to conduct two-yearly peer reviews of measures taken by national regulators to prevent firms becoming "letter-box" entities. That would inevitably increase the (already significant) focus on delegation by national regulators, especially in Luxembourg and Ireland. Moreover, the Commission will review the effectiveness of the AIFMD delegation regime after five years, so it is possible that further changes may be made in future.Other notable provisions in the draft include a requirement to report more extensive information on fees and charges to fund investors on a quarterly basis. This would include all fees and charges directly or indirectly charged or allocated to the fund, or to any of its investments. While many firms will already provide such information to investors in various forms, they would have to compare their current practice to these new, more prescriptive, regulatory requirements. It also seems highly likely that the revised AIFMD will restrict access to firms under national private placement regimes if they – or the funds they manage...

In a very special in-depth episode, Viola Lutz, Head of Climate Solutions at ISS ESG and one of Forbes 30 under 30 financial influencers talks about the current state of ESG within the markets and the reporting implications. Viola has overseen the screening of over $3.3tril of ESG assets for institutional investors, and is a recognised expert on ESG and its impact on securities lending, green collateral, data quality and the way different reporting regimes and jurisdictions are influencing the development of ESG within MiFID2, UCITS, AIFMD and SFTD within the EU and beyond. 

*Article #390 . . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

Depositary: Voluntary Withdrawal, Removal, Non-Compliance, Insolvency - RAIF XXII #389 *Article #389 . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

AIFM: Voluntary Withdrawal, Removal, Missing Authorisation, Insolvency - RAIF XXII - #388 . . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

Interview with Christian Minkus As regards the future, it is important for us to respond to the wishes and concerns of financial intermediaries and to find joint solutions Christian Minkus, Head of the Legal Section Securities und Markets Division FMA, Financial Market Authority Liechtenstein Dear Mr Minkus, Even before the AIFMD was introduced, the Principality of Liechtenstein implemented the Directive in 2012. An article in the journal ZBB 2014, 22ff stated " ...the Principality of Liechtenstein is included because this EEA state has wrested the traditional role of "first mover...." from Luxembourg; it did this by adopting it in full in December 2012." At XOLARIS, we are familiar with the issue of first movers and the associated risks. What motivated the FMA to take this step ahead of any other European country and in this way put Liechtenstein very clearly on the map? Liechtenstein has close economic and social ties with its neighbours. It also was and, therefore, continues to be a concern that mutual market access should be made possible. As a member of the European Economic Area, Liechtenstein is also required to implement the European financial market regulatory regime into national law. The rapid, consistent and market-driven implementation of strategic EU regulations, such as the AIFMD Directive, creates certain competitive advantages and this precisely in sectors where markets are only just opening up. As a small country, Liechtenstein uses its inherent advantage of short distances. It is a very agile and innovative country and its fund centre strategy is a successful one. more: https://www.yumpu.com/en/document/read/65724787/the-xolaris-market-news-n01 ___ Follow us on LinkedIn for news and updates or send a message to @xolarisgroup or by e-mail to info@xol-group.com for questions or support. linktr.ee/xolaris_group www.xol-group.com | XOLARIS AG | Austrasse 15, 9490 Vaduz Tel. +423 265 056 0 | Fax +423 265 056 9 | Mail: info@xol-group.com Press Contact: Zoe Peffer | +49 7531 584 880 | z.peffer@xol-group.com

AIFMs are faced by a lot of regulatory changes in respect of risk management. Lates development was the introduction of ESG criteria as a new risk factor. which leads to significant changes in the whole set-up of an organization and in daily operations. Both real estate and private equity fund managers are concerned about the burden laid down to them as far as risk management is concerned. This was performed more or less with the help of a portfolio management system but without processes and procedures in place to fulfill regulatory requirements in full. With the requirement for AIFMs to implement a functionally and hierarchically independent risk management function and setting up a documented risk management process, RE and PE fund managers have to familiarize themselves with a new operating model. In order to be independent of the risk-management function, specific safeguards have to be established. Senior Management must be composed adequately as well as the board, remuneration committee, and conflicts of interest policy. As an example, the oversight of risk management cannot be performed by the conducting officer in charge of portfolio management. Similarly, remuneration for personnel in control functions has to be separated from that of employees in operational units. The precondition for an AIFMD-compliant risk-management function is thus the implementation of an according to organizational and governance structure. The result is a huge challenge for current and prospective fund managers because all current processes and structures must be reviewed and – where necessary- replaced by appropriate procedures. Another difficulty is to find well-trained and experienced staff in order to be able to perform all risk management tasks properly because the job specification of a risk manager has changed dramatically during past years and the labor market for these specialists isn`t that big. Another item in respect of performing risk management according to regulatory requirements is the question of which risk management software to use. This is dependent of the kind of funds an AIFM is administering and the risk management policy as well as measurement and management tools. The key obligations set out in the AIFMD and its delegated regulation (Level 2) are to identify, document, measure and monitor all risks that are relevant for each of its AIFs and the AIFM itself with adequate frequency. Risks that have to be monitored generally include market, credit, liquidity, counterparty, operational and ESG risks. AIFMs must have a clear idea of the meaning and implications of risks for each AIF they administer. Therefore a stringent risk management framework has to be established allowing to monitor different fund types and associated risks and to set up risk limits. Once breached a predefined escalation process has to be followed. As an example, market risk for a RE fund may be defined along the lines of investment market and micro-location developments, whereas for a PE fund investing in companies producing goods it may rather relate to developments within target customer groups or competitor movements. more: https://www.yumpu.com/en/document/read/65724787/the-xolaris-market-news-n01 ___ Follow us on LinkedIn for news and updates or send a message to @xolarisgroup or by e-mail to info@xol-group.com for questions or support. linktr.ee/xolaris_group www.xol-group.com | XOLARIS AG | Austrasse 15, 9490 Vaduz Tel. +423 265 056 0 | Fax +423 265 056 9 | Mail: info@xol-group.com Press Contact: Zoe Peffer | +49 7531 584 880 | z.peffer@xol-group.com

Safekeeping - RAIF XXI #387-376* *Article #387 *Podcast #387 *YouTube Video 376| . . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

AIFM, RAIF & European Passport - RAIF XX #386-375* *Article #386 *YouTube Video 375| . . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

What Is a Well-Informed Investor ? RAIF XIX *Article #385 *Podcast #385 *YouTube Video 374| . . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

The Reserved Alternative Investment Fund - RAIF xviii *Article #384 *YouTube Video 373| . . . . . . . . #ImpactInvesting , #avocat #MariauxAvocats , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVenture , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #AIF , #AIFM , #AIFMD , #ResponsibleFinance To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum. Subscribe to: Bertrand Mariaux Avocats' YouTube channel; & Podcast THE LAW & IMPACT PODCAST | Le PODCAST DU DROIT & DE L'IMPACT - https://mariauxavocats.com/podcast Connect with Bertrand on: LinkedIn @BertrandMariaux; Facebook @BertrandMariaux; & Instagram / IGTV @ThriveAndAccomplishYourMission Follow us on: LinkedIn @BertrandMariauxAvocats; Facebook @MariauxAvocats; & Twitter: @BertrandMariaux Any content published on MariauxAvocats.com does not constitute legal advice. Its sole purpose is to provide general information at the date of publication. Whenever necessary, it is preferable to seek advice from a licensed lawyer. Les contenus publiés sur MariauxAvocats.com ne constituent ni des conseils, ni des consultations juridiques. Ils sont uniquement destinés à fournir une information générale à la date de leur publication. En cas de besoin, veuillez consulter un avocat.

In this episode of the Legal Zeidgeist podcast, Aoife Maguire, Head of Fund Registration at Zeidler Group is joined by Robert Boyle, Head of Dublin Office, to provide a comprehensive overview of National Private Placement Regimes (NPPR). Discussing when investment firms may use these regimes, Aoife and Robert share their legal and regulatory insights on the differences in each country, gold plating requirements and the  difficulties firms may encounter when choosing to deregister. 

"Wir müssen mit keiner Revolution bei der Novelle der Richtlinie für Verwalter alternativer Investmentfonds rechnen", sagt David Eckner, Manager und Rechtsanwalt bei KPMG Law, im BVK-Expertentalk mit Swantje von Massenbach. Welche Rolle spielt die AIFM-Richtlinie, welchen Einfluss hat sie auf den Fondsstandort Deutschland und wie schätzt David Eckner die Novelle AIFMD II ein? Das erfahren Sie im BVK Podcast!

Susanne von Gueltlingen, Partner in the Alternatives Asset Management unit within Siemens Fonds Invest, joins the podcast to discuss her career journey and experience from corporate finance to life as an LP in Europe. Susanne offers her take on culture in private equity. Is the commonly accepted notion that private equity careers require a commitment that comes at the expense of family obligations here to stay? Or is inclusivity driving change in work-life balance? Susanne also discusses Siemens’ investments in light of the COVID pandemic and their growing portfolio in the US. Finally, Susanne offers insights on the European Commission’s AIFMD review and ways that GPs can access the European market. Have questions, comments, or concerns? Email us at voicesofprivateequity@ilpa.org

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/luxembourg-limited-partnership What is a Luxembourg Limited Partnership? Limited partnerships are fund types that usually have illiquid strategies. They have been modelled on partnerships that can be setup in other jurisdictions such as United States, United Kingdom and the Cayman Islands. Such funds invest into venture capital/private equity, debt markets or real estate. The AIFMD introduced in 2013 was instrumental in helping Luxembourg become a leading jurisdiction for funds that invest in alternative assets. The partnership comprises a General Partner (LP), usually a SARL, and Limited Partners who are investors. This arrangement is governed by the Limited Partnership Agreement, or LPA. A Luxembourg Limited Partnership is not subject to any asset diversification requirements, nor any specific asset type. Types of Luxembourg Limited Partnerships: There are three types of Limited Partnerships. The first is a Partnership Limited by Shares, or SCA. Structurally, the SCA is like a Public Limited Company. The second is the Common Limited Partnership, commonly known as SCS or CLP. And the third, and most frequently used is the Special Limited Partnership, or SLP. An SCA and a CLP have a legal personality, unlike an SLP. Other notable differences between an SCA and the CLP/SLP strutures is that the latter can be formed in front of a notary or by private deed, and typically governed by the Limited Partnership Agreement, unlike the SCA which comes under Company Law. Also, the SCA is subject to taxation (but has access to double-taxation avoidance treaties), while the CLP and SLP are tax-passthrough structures.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/debt-funds-in-luxembourg Why set up a debt fund in Luxembourg? Luxembourg is a leading jurisdiction for investment funds and the second largest investment fund centre in the world after the United States. It is the largest fund jurisdiction in the European Union, with more than Euro five trillion of assets under management. The country is a politically and financially stable EU country with a AAA-Rating. As a jurisdiction within the European Union, debt funds established in Luxembourg can be more easily distributed within the EU on the basis of existing passporting rights for EU funds. What are the key advantages of setting up debt funds in Luxembourg? 1. The first big advantage is choice. Fund managers can choose the level of supervision they require, depending on the kind of clients that the fund will market itself to. Accordingly, hedge funds can be unsupervised (such as SLPs), supervised (such as SIFs) or attach themselves with a supervised AIFM (such as RAIFs). 2. A Luxembourg structure also offers comfort to investors, given the good reputation of the jurisdiction, the enhanced protections offered to investors and the existing network of globally-recognised service providers. 3. Distribution options are the next major advantage. A Luxembourg fund could be passported on the basis of the AIFMD framework, once it appoints an AIFM. (i.)Then there are the tax benefits. a.There is a choice of tax treatment according to the choice of investment vehicle. Debt funds can be fully taxable and have access to Luxembourg's double tax avoidance treaties network, or can choose to be tax exempt, but with very limited access to double tax treaties. b. Debt funds can also be tax neutral with either legal or no legal personality. In this event, the partners of the fund will become taxable, and not the debt fund itself.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/setting-up-an-umbrella-fund-in-luxembourg What is an umbrella fund? An umbrella fund is collective investment scheme that legally exists as a single entity but has several distinct compartments or sub-funds. These sub-funds may follow completely different investment policies and can have different investors for each compartment. Such sub-funds are treated as separate funds, with assets and liabilities being segregated and fund accounting also being done separately. Luxembourg offers multiple fund structures with the flexibility of opting for supervision, lower requirements for diversification of assets and an option for passporting by appointing an AIFM. Luxembourg also has a diverse ecosystem of existing funds and service providers, which makes it easier to rent a compartment or make a sub-fund of an existing umbrella fund. This is usually used by startup or first-time fund managers of smaller funds, due to the ease of setup and lower costs. What are the advantages of setting up an umbrella fund in Luxembourg? Luxembourg offers many advantages for the establishment of umbrella funds: The first one being time-to-market. 1. Setting up an umbrella fund is a one-time process, with an incremental sub-procedure for each compartment. a. The fund manager does not have to go through a separate setup process, nor re-negotiate terms with service providers, every single time. 2. Costs also play a big part here. An umbrella fund with multiple compartments costs much lesser than setting up distinct funds, especially for fund managers who wish to employee various strategies for specific investor groups. 3. The third is choice. Fund managers can choose the level of supervision they require, depending on the class of assets that the fund will invest in, and the kind of clients that the fund will market itself to. Accordingly, funds can be unsupervised (such as SLPs), supervised (such as SIFs) or attach themselves with a supervised AIFM (such as RAIFs). 4. A Luxembourg sub-structure offers comfort to investors, given the good reputation of the jurisdiction, the enhanced protections offered to investors and the existing network of globally-recognised service providers. Besides, this is a well-established practice, being tried and tested for many years. 5. Distribution options are also available. For instance, the umbrella and sub-funds could be passported on the basis of the UCITS or AIFMD framework.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/renting-a-sub-fund-in-luxembourg Why rent a sub-fund in Lexembourg? Luxembourg offers multiple fund structures with the flexibility of opting for supervision, lower requirements for diversification of assets and an option for passporting by appointing an AIFM. Luxembourg also has a diverse ecosystem of existing funds and service providers, which makes it easier to rent a compartment or make a sub-fund of an existing umbrella fund. This is usually used by startup or first-time fund managers of smaller funds, due to the ease of setup and lower costs. What are the advantages of renting a sub-fund in Luxembourg? Renting a sub-fund has many advantages: The first one being time-to-market. 1. Using an established provider helps launch the fund quickly. The fund manager does not have to go through a separate setup process, nor negotiate terms with service providers, since these platforms are pretty much plug and play options. 2. Costs also play a big part, especially for first-time fund managers. Plugging into an existing ecosystem has its advantages in costs, as opposed to setting up a fund outright. 3. The third is choice. Fund managers can choose the level of supervision they require, depending on the class of assets that the fund will invest in, and the kind of clients that the fund will market itself to. Accordingly, funds can be unsupervised (such as SLPs), supervised (such as SIFs) or attach themselves with a supervised AIFM (such as RAIFs). 4. A Luxembourg sub-structure offers comfort to investors, given the good reputation of the jurisdiction, the enhanced protections offered to investors and the existing network of globally-recognised service providers. Besides, this is a well-established practice, being tried and tested for many years. 5. Distribution options are also available. For instance, the sub-fund could be passported on the basis of the UCITS or AIFMD framework.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/real-estate-funds-in-luxembourg Why setup a real estate fund in Luxembourg? Luxembourg offers multiple fund structures with the flexibility of opting for supervision, lower requirements for diversification of assets and an option for passporting by appointing an AIFM. Luxembourg has a diverse ecosystem of existing funds and service providers, which makes it easier to rent a compartment or make a sub-fund of an existing umbrella fund. This is usually used by startup or first-time fund managers of smaller funds, due to the ease of setup and lower costs. Such factors have led to Luxembourg becoming the leading domicile globally, for real estate fund structures. What are the advantages of setting up a real estate fund in Luxembourg? There are many!! 1. The first big advantage is choice. Fund managers can choose the level of supervision they require, depending on the kind of clients that the fund will market itself to. Accordingly, funds can be unsupervised (such as SLPs), supervised (such as SIFs) or attach themselves with a supervised AIFM (such as RAIFs). 2. A Luxembourg structure also offers comfort to investors, given the good reputation of the jurisdiction, the enhanced protections offered to investors and the existing network of globally-recognised service providers. 3. Distribution options are the next major advantage. A Luxembourg real-estate fund could be passported on the basis of the AIFMD framework, once it appoints an AIFM. Such funds also have a more advantageous tax treatment, with the choice of tax treatment according to the choice of investment fund. For instance, real estate funds can be fully taxable and have access to Luxembourg's double tax treaties network. Alternatively, funds can be tax exempt, but with very limited access to double tax treaties. A third course being tax neutral, with either legal or no legal personality. In this case, the partners of the fund are subject to tax, and not the fund itself.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/luxembourg-specialised-investment-fund-sif Advantages of setting up a SIF in Luxembourg The following are the advantages of setting up a SIF in Luxembourg: Can be established as a SICAV or SICAF. These can be established as public limited companies (SA), Private limited company (SARL), limited partnerships, special limited partnerships (SLP) or partnerships limited by shares (SCA). Can be setup as a contractual fund (FCP) with no legal personality and managed by a management company. Can be setup as an Umbrella Fund as well, with multiple compartments Asset protection – The SIF has to appoint an eligible custodian, that has to be present in Luxembourg, either directly or through a branch office. Supervision – The SIF is supervised directly by the CSSF. In case the SICAR falls under the purview of the AIFMD, then it has to appoint a regulated AIFM, which adds an additional layer of regulation and protection for the investors. Tax attractiveness – The SIF is exempt from most Luxembourg taxes. There is a 0.01% tax on the net asset value of the fund.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/reserved-alternate-investment-funds-raif-in-luxembourg What is a Luxembourg RAIF? The Reserved Alternative Investment Fund was created following the implementation of the AIFMD. Structurally, it is a combination of the Specialised Investment Fund (SIF) and the Investment Company in Risk Capital (SICAR). However, unlike the SIF and SICAR, the RAIF is not ordinarily supervised by the Luxembourg CSSF. This allows the fund to be launched quickly, since double-supervision is avoided. However, a RAIF would have to appoint a CSSF-regulated Fund Manager (AIFM). The Luxembourg RAIF is very popular in the EU, and there are around 650 RAIF established as of 2020. Can a RAIF be sold to all investors? A Luxembourg RAIF can only be sold to qualified investors, which include institutions and professional investors. In some cases, prospective investors can declare that they a) can invest a minimum of Euro 125,000 or obtain a confirmation from a credit institution, an investment bank or a management company, certifying their expertise, experience and knowledge in sufficiently judging and understanding the implications of an investment made in the RAIF.

This episode is also available as a blog post: https://10leaves.ae/publications/luxembourg/setting-up-a-private-equity-structure-in-luxembourg How do I establish a PE fund in Luxembourg? Luxembourg offers multiple fund structures for private equity transactions. Specialised Investment Fund, or SIF, is the most flexible investment fund structure, that can be used for multiple asset classes and investment strategies, including Private Equity deals. The Luxembourg SIF is a supervised corporate vehicle and usually reserved for professional or qualified investors. It has low diversification requirements and can also be established as an umbrella fund with multiple sub-funds, thus allowing for multiple deals in the same structure. A Luxembourg Specialised Investment Fund can also qualify to obtain an AIFMD passport, given that it satisfies some mandatory conditions. The Luxembourg Investment Company in Risk Capital, or SICAR, is also a supervised investment vehicle. The main purpose of the SICAR is to invest in risk-bearing assets, and is meant to be used as a vehicle for professional and qualified investors. SICARs are not obliged to follow risk-spreading obligations or diversification requirements. A Luxembourg SICAR can also qualify to obtain an AIFMD passport, given that it satisfies some mandatory conditions.

Unquote has partnered with Jersey Finance to record a second podcast. Funded by members of the local finance industry and the Government of Jersey, the not-for-profit organisation works to represent the interest of its 160 member firms, encourage best practice, and help the local industry develop.Elliot Refson, head of funds for the organisation, discusses the blend of innovation and stability that the island offers to private equity, from the firm's AIFMD stance, to its brand new ESG product. We also discuss Jersey's no-change outlook in the face of Brexit.0:00 – Intro 1:54 – Brexit, substance and transparency 4:57 – Exclusive: Jersey Finance's new ESG product 9:44 – International outlookUnquote would like to thank Jersey Finance for sponsoring and contributing to this episode of the podcast.Theme music: ©2012 Kick Up The Fire

Sean Tuffy, Virginie O'Shea and the GC team are back to discuss the latest FinReg news including the proposed harmonisation of the AIFMD and UCITS frameworks, along with the rollout of SRD II. See acast.com/privacy for privacy and opt-out information.