As a fund manager, you likely face an array of different, and often competing, global regulations. In the United States, regulators have instituted a series of industry reforms since the financial crisis and have enhanced their examination and enforcement programmes. The compliance burden for you, as investment managers and with regards to private funds, in particular, has increased substantially since the enactment of the Dodd-Frank Act.
In addition, fund managers who intend to invest a fund’s assets in any futures are now forced to register with the CFTC. In Europe, the AIFMD has been a significant regulatory change, and we expect MiFID II to have a considerable impact when it comes in to force in 2018. Though the main focus for many of our clients, as we’re sure it is for you, is Brexit – as you wait to hear how it will impact your business.
In Asia, we are also seeing an increased focus from regulators on investment managers and anti-money laundering controls, with the Hong Kong Securities and Futures Commission investigating several SFC licensed brokerages for suspected inadequate AML internal controls earlier in the year.
Because of all of these impacts to your business, we routinely advise on such regulations affecting asset managers including cross-border marketing and financial promotions, investment-management mandates, appointment of custodians, securities-lending programmes and relationships with prime brokers and broker-dealers. We regularly assist with the registration of advisors and managers with the SEC, CFTC and FCA as well as the preparation, review and customisation of compliance manuals and programmes. We also advise corporate trustees and custodians, and on the structuring and selling of funds and on depositary responsibilities. The international reach of our funds and funds management lawyers means that we can provide you with holistic compliance solutions, to successfully navigate and make the most of opportunities in the shifting regulatory landscape.
