With the curtailment of trading in Belarusian, Russian and Ukrainian securities, fund liquidity is high on asset managers’ agendas. BBH’s Adrian Whelan addresses some of the key questions around use of side-pockets for UCITS funds.
Asset managers are facing increasingly rigorous regulatory scrutiny and fast paced technological change as they continue to grapple with market shifts. So when IMpower’s FundForum event called on senior industry leaders to share their collective experience and wisdom, they readily gathered to discuss the next phase of evolution. BBH's Janet Du Chenne reports on the main themes.
Regulations are an inevitable part of any cross-border fund distribution strategy, but the way in which firms adapt to them often dictates whether they help or hinder their European fund distribution models. BBH’s Killian Lonergan looks at three regulatory themes and the approaches that could spell success.
Following dramatic market volatility events, the U.S. post-trade industry is deftly mobilizing to move securities settlement cycles to T+1. Adrian Whelan and Derek Coyle explore why shortening the U.S. settlement cycle is so significant to asset managers globally.
With a growing focus in asset management on retail investor access to less liquid alternative investment funds, the U.K has mobilized the Long-Term Asset Fund (LTAF). Lata Vyas and Andrew Ritchie explain why 2022 could be a big year for this special purpose investment vehicle.
As the U.S. Securities and Exchange Commission pursues an agenda more aggressive than we have seen from the market watchdog in decades, its leader must find a delicate balance between fostering market growth and innovation with investor protection principles.
Plato is credited with famously saying “necessity is the mother of invention”. This phrase couldn’t be more appropriate for the European Union’s capital markets as they head into 2022. Olena Pochekaylo explains why.
New revisions to the European Long-Term Investment Fund remove many of the regulatory and structural impediments managers face when utilizing them currently and place them neatly into the EU regulated fund structure toolkit, writes Adrian Whelan.
BBH’s Adrian Whelan sat down with Amy Matsuo, Principal and Leader of Environmental, Social and Governance (ESG) and Regulatory Insights at KPMG, to discuss the main regulatory drivers for the U.S. asset management market in 2022.
Financial institutions have had a lot on their plates in bidding farewell to the most popular interest rate benchmark. Sinead McIntosh assesses industry progress in moving away from LIBOR to alternative risk-free rates and the extent to which it will consume the regulatory agenda in 2022.
As regulation harmonizing how central securities depositories in Europe operate continues to evolve, it’s impact will likely be felt by all participants in the post-trade chain in 2022 and beyond, write Sinead McIntosh, Derek Coyle and John Siena.
Martin Moloney, Secretary General of the International Organization of Securities Commissions, talks to BBH’s Adrian Whelan about the key issues and trends shaping the global regulatory landscape in 2022.
As the U.K. embarks on its post-Brexit regulatory journey, ESG is an area of policymaking where the rules are being framed to be similar but not the same as those of the E.U. These areas of divergence will occupy many asset managers’ minds as they look to compare and contrast rulesets, writes Adrian Whelan.
The U.S. Department of Labor has taken a significant step towards the integration of environmental, social and governance (ESG) considerations in pensions management. BBH’s Adrian Whelan sets out how the proposed rule reverses previous barriers to investment.
Amid new rules for cross-border funds in Europe, BBH’s Killian Lonergan sets out the gamechangers for distribution and how fund managers are partnering with external providers in their distribution efforts
SPACs have existed in the United States since the early 2000s, but they have enjoyed a resurgence in popularity recently, and in spite of a slight cooling of SPAC launches they remain one of the most discussed trends across the market. Here we take a whistle-stop tour through the various aspects of the rise of the SPAC.
Regulators are reviewing how gamification and other tech led sales techniques sit within their Regulation Best Interest framework after the recent Robinhood/GameStop events. Here, we discuss their considerations.
The global COVID-19 pandemic has brought the topic of operational resilience to the top of the agenda for regulators worldwide. Here, we sum up some of the common areas of focus among the open operational resilience regulatory assessments and how they are influencing policymakers' actions going forward.
Environmental, Social, and Governance (ESG) is one of the hottest topics in asset management, and just the start of many acronyms thrown around regularly. Here we discuss the latest ESG acronym: Corporate Sustainability Reporting Directive, or CSRD.
The ability to easily “passport” funds across E.U. borders is a great attraction for asset managers. Here, we discuss the regulations of European Passporting and some of the obstacles that are no longer in the way.
We explain some of the top issues likely to ensure Mr. Gensler doesn’t get a whole lot of a “honeymoon period” when he takes his seat at the head of the SEC table. One thing is for certain, he starts his tenure with a full plate.
In the final part of our three part series on fund liquidity, we focus on the recently published report from European Securities and Markets Authority (ESMA) on its study of UCITS liquidity risk management.
Despite certain points of tension across the asset management industry in the lead up to Brexit, overall things have been pretty calm in the wake of the “divorce”. Here, we discuss the latest Memorandum of Understanding and what it could mean for the industry.
The first phase of the E.U.’s Sustainable Finance Disclosure Regulation (SFDR) focused on adherence to the E.U.’s ESG agenda, representing the industry’s arrival at basecamp. We outline the three remaining challenges as the focus now turns to the detailed SFDR RTS and Taxonomy alignment.
Established in 1985, the UCITS fund structure is two years older than Rick Astley’s hit “Never Gonna Give You Up.” Ever since, investors in Europe and beyond have never given up on UCITS. We explain with a selection of the "greatest hits" from UCITS funds.
The recent spate of consolidation in fund platforms in Europe is raising an important question for many asset managers: are they working with the right platform or have they spread themselves too thin?
The Sustainable Finance Disclosures Regulation (SFDR) is the important first, big step in a longer E.U. ESG journey to enshrine sustainability across the entire E.U. asset management sector. Lingering questions remain about many of the disclosure requirements and fund classification process as the March 10th deadline nears.
January 20, 2021, President Biden was inaugurated as the 46th President of the United States. We look at some of the factors in the new administration that are likely to affect asset management regulation.
Many industry commentators have marked ELTIF off as an EU policy failure. Recently, there has been several new ELTIF launches by major market players triggering lively industry debate about the future of ELTIFs, which may be more promising than before.
In June 2020, authorities in China, Hong Kong, and Macau announced the launch of the Greater Bay Area Wealth Management Connect with the intent to facilitate cross-border investments for residents within the Greater Bay Area.
We continue to track the progress of the Irish Investment Limited Partnership Bill (ILP Bill) through its voyage, this week it took a couple of significant and most welcome policy steps towards its conclusion.
There remains both skeptics and widespread debate on how to achieve environmental goals as well as the pace of change as competing priorities remain. However, in the cacophony of 2020, it appears that in the sphere of asset management at least everyone broadly agrees that sustainability will remain a key driver for the foreseeable future.
NAV oversight, validation, and contingency plans for unexpected disruptive events had been a high priority of regulators long before the onset of the global pandemic. Now, the increasing new expectations from regulators is adding a layer of personal liability to those who help oversee NAV Production.
As we approach the conclusion of the Brexit transition period, several key regulatory areas remain uncertain. The Financial Conduct Authority (FCA) recently moved to make decisions which aim to fill in some of the remaining gaps on the Brexit regulatory puzzle.
Brexit is certainly rising in minds of asset managers, regulators, and investors as we reach the impending conclusion of the transition period on 11.00 p.m. (GMT) on December, 31. Despite having certain contingencies and accommodations already in place, several uncertainties remain as the UK and EU continue to wrangle over a deal to govern their future relationship.
While investors look to the sustainability of their investment portfolios, asset managers must also look to the sustainability of their own business model and product offerings and ask themselves whether they are building walls or building windmills as the winds of change rise.
Adrian Whelan, Senior Vice President of Regulatory Intelligence at BBH, speaks with Danny Lawlor from Aquest about the Central Bank of Ireland’s (CBI) Delegate Oversight Consultation Paper (CP86) and the CBI’s CEO mock letter that has recently made waves in the industry.
The implementation of the Settlement Discipline Regime of CSDR is scheduled for February 2021. Globally, firms continue to progress toward operational readiness. Brown Brothers Harriman (BBH) is committed to helping our clients successfully prepare.
Following the US Securities and Exchange Commission’s (SEC) approval of Precidian’s ActiveShares model in May, four proxy-based, semi-transparent ETF structures were given notice of approval by the SEC. The new ETF structures could herald a new era of active ETFs.
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