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By Dr Isabelle Agius, Senior Manager, MFSA Regulatory Development Unit – The transposition in Malta of the Alternative Investment Fund Managers Directive1 ('AIFMD') strengthened the Maltese regulatory framework applicable to Alternative Investment Fund Managers ('AIFMs') and further reinforced the integrity of the financial system. Even though the AIFMD focussed on establishing a European framework aimed at regulating and supervising AIFMs, the Malta Financial Services Authority ('MFSA') went beyond the AIFMD and made provision for a structured framework for the regulation and supervision of Alternative Investment Funds ('AIFs').
Since July 2013, the authorisation and regulation of AIFs runs parallel with the
Whilst the Netherlands might not be foremost when people think about choosing their preferred European jurisdiction, there are many advantages it has to offer. The Dutch regulator, the Authority for the Financial Markets ('Autoriteit Financiële Markten', or 'AFM'), is proactive, swift at processing licenses for full-scope AIFMs, and easy to approach if the manager has anything that needs clarifying.
As well as having first-rate transport, operational and technical infrastructure supported by a deep pool of professional advisers, the Netherlands' reputation is helped by having:
• A political and economic climate, which has been stable for decades;
• An exceptional number
Since the Irish Collective Asset Management Vehicle (ICAV) came into effect on 18 March 2015, more than 157 vehicles had been authorised by the Central Bank of Ireland (through March 2016), according to the latest statistics released by Irish Funds, the representative body for Ireland's cross-border investment funds industry. In total, these funds have more than EUR8.4bn in AUM and have attracted net positive inflows every single month.
This is a testament to Ireland's reputation as Europe's leading onshore alternative funds jurisdiction and is helping to further augment the number of Irish-domiciled funds.
"Ireland has a longstanding tradition as a
Over the years, Ireland has built out its financial services industry to become Europe's de facto onshore alternative funds domicile.
Up until March 2015, the most popular legal entity was the Irish Plc, also known as a Part XIII Company. This has since been superceded by the hugely popular Irish Collective Asset Management Vehicle (ICAV). Since March 2015, more than 157 new funds have been registered with the CBI using the ICAV fund vehicle, equating to more than EUR8.4bn in AUM. The majority of ICAVs, moreover, have launched as AIFs to market into Europe.
The ICAV was designed to improve
The publication of this Guide comes as shockwaves from the UK's decision to withdraw from EU membership continue to reverberate across the world, raising several challenges for UK-based asset managers distributing across the EU.
As Bobby Johal, Managing Consultant, Cordium, notes: "UCITS funds will still be distributed across Europe, but not in quite so straightforward a manner as is the case presently. UK UCITS will lose their status (under the UCITS directive) and most likely become alternative investment funds (AIFs). If we assume the UK is to be a `third country' (the so-called WTO option: a big assumption, subject to
High Access Maintenance, the Manchester headquartered ‘working-at-height’ specialist, has secured a GBP3.3 million investment from BGF (Business Growth Fund) to pursue further growth across the UK.
Founded in 2005 by chief executive Niel Bethell, the business carries out at-height work for major property management firms including CBRE, Savills and Allied London.
Generating turnover of GBP5m through its planned project and reactive services, services include roof, gutter and lighting maintenance and high level cleaning, glazing and coating services.
Bethell and his management team already employ the highest number of at-height operatives in the North West and plan to
Global law firm White & Case has advised Avast Software on its agreement to acquire New York Stock Exchange-listed AVG Technologies, a developer of business, mobile and PC device security software applications, for a total consideration of USD1.3 billion.
“White & Case has forged a close relationship with Avast in recent years by advising on a number of key transactions, including the initial private equity investment by Summit Partners in 2010 and the minority investment by CVC Capital Partners in 2014,” says White & Case partner Ian Bagshaw, who led the firm’s deal team. “Advising on this exciting acquisition is
Lending Works, the first peer-to-peer lender to have insurance against borrower default risks such as accident or loss of employment, has closed its Series A investment round, raising its target of GBP3 million.
NVM Private Equity invested GBP2 million in early June 2016 to complete the round after earlier investments from an existing institutional shareholder.
The cash injection provides a timely boost for Lending Works, which is on the brink of launching its new Innovative Finance ISA (IFISA), in addition to confirming new partnerships, announcing key hires and introducing new loan products as part of the firm’s ambitious growth
France-based SME lending marketplace Lendix has received its formal CNMV accreditation to operate as a P2P lending platform in Spain.
In April 2016, Lendix completed a Series B financing round of EUR12 million led by major institutional investors including CNP Assurances, with the objective to become a leading Continental Europe actor of P2P SME financing with major ambitions in France, Italy and Spain.
The Spanish entity will be the first Lendix international market to open. It will target financing of credits to SME, for amounts ranging from EUR30,000 to EUR2 million, duration of 18 to 60 months and at
Black Swan Data has closed its Series B funding, raising a total of GBP6.2 million. The round sees Albion Ventures join initial institutional investors Blackstone and Mitsui, to help further accelerate Black Swan’s international growth and expansion of its product platform, ‘The Nest’.
Founded in 2011 by Steve King (CEO) and Hugo Amos (CSO), Black Swan has achieved outstanding growth based on its unique capability of applying big data and predictive data science techniques to consumer marketing.
It works with many of the world's leading consumer-focused brands including PepsiCo, Vodafone, Samsung, Disney and Panasonic, to help them think differently
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