Regulation and Compliance - Articles & White Papers
Reports and white papers on investment regulation and compliance issues. Amongst the research in this investment compliance and regulation section are white papers on AIFMD (Alternative Investment Fund Managers Directive) and Solvency II - particularly the practical implications for fund managers and insurers. Reports discussing the impact of regulation on fund management companies, and the operational challenges this presents, have been particularly well received, whilst regulatory primers (for instance providing an overview of who regulates whom and how) have also been well read. Other surveys and articles cover financial regulatory policy, hedge funds regulation, investment regulation, risk management, IFRS financial statements, GIPS performance reporting and the future of investment compliance for asset owners.
The business of investment management will change significantly in the years ahead. Demographic and regulatory trends have imposed gradual change upon the industry, but technological developments are now injecting more urgency into the pace of change. In this white paper, Robeco examines the forces that are driving change, and how this will transform the industry. The authors ...
An excellent and comprehensive study of compensation amongst Canadian CFA Charterholders. Showing salary, bonus and benefit levels for portfolio managers, multi-asset PMs, portfolio analysts, risk analysts, compliance/regulatory professionals, investment marketers, product development professionals, investment advisers and private client execs. Compensation levels are cut and ...
This report by the Boston Consulting Group provides insights from a recent survey of nearly 140 leading fund managers representing over 55% of global industry AuM. It aims to give new insights into the state and outlook of the industry, specifically its main sources of profitability to help asset managers build a prosperous future.
This 300-page book could have been entitled, "everything you ever wanted to know about investment", such is the breadth of topics covered. The author, Paolo Vanini gives readers a thorough grounding in the main players in institutional investment, and how the industry operates. A wide variety of the building blocks of the investment process are covered in detail, ...
Brexit—the UK decision to exit the European Union—has important implications for UK and EU investment management firms and their clients. This guide for investment management professionals explores the legal and regulatory considerations and analyzes the possible outcomes.
When the UK leaves the EU and its single market by the spring of 2019, UK-based financial firms will lose their passport to do direct business with EU27 clients. Brexit will thus lead to a partial migration of financial firms from London to the EU27 (EU minus the UK) . This 13-page paper by Bruegel provides a comparison between London and four major cities (Frankfurt, Paris, Dublin ...
Following the UK's Brexit vote, this paper seeks to quantify the possible impacts of the decision on the country's financial services sector. Commissioned by TheCityUK, the paper seeks to model exactly what the sector looks like today and the different likely access and regulatory outcomes to come.
In this paper, the authors examine the implications the Solvency II "look-through" principle has for calculating solvency capital needs. The principle assesses the individual investments held in a fund and their true risk characteristics. The authors highlight how it may change the way various asset classes are viewed by insurers, among other issues.
This 30-page report was produced by PwC in conjunction with AIMA. It analyses the disruptive forces currently impacting upon hedge fund distribution, and explores how hedge fund firms are responding and thriving under these conditions. The report explores which products are selling at present, the landscape for liquid alts, the impact of regulation and the sophistication and ...
This report from Deloitte include a seven page spotlight on the Asset Management industry. The 70 page document covers, amongst other things risk governance, enterprise risk management, stress testing and the management of key risks such as credit risk, market risk, liquidity risk, ALM, operational risk and regulatory risk.
This 25 page report is based on a survey of the heads of investment operation and fund distribution at large asset management companies. The report discuss the impact of regulation upon fund management companies, the risks associated with outsourcing, and issues surrounding corporate actions, collateral management, trade processing and fund distribution.
This 14 page document is informed by interviews with North American asset owners and investment managers between May and December 2014, seeking to understand how they manage compliance programs. Although a few respondents conduct their compliance back-office work in house, the majority have contracted it out to custodial firms or providers that supply a full back-office service.
The most significant change in recent years for the European (re)insurance market is Solvency II. It establishes revised capital requirements, disclosure requirements, and risk management standards, heralding changes to asset servicing providers and asset manager practices.
This comprehensive 50 page report provides a summary of the agencies that oversee financial markets, and the key policies of those agencies. It sets out which agencies have oversight of which institutions, markets and practices.
Direct solicitation by hedge funds was banned until only recently. In this paper, the authors analyze the impact of hedge fund advertising by comparing hedge fund circumstances with sibling mutual funds in parent institutions, extrapolating flow and performance. They find that ads are predicted by low net inflows, but followed by large losses, suggesting that hedge fund ...
This comprehensive 60-page analysis argues that regulatory drivers are now becoming the key forces of change in the hedge fund industry. It examines the changes to industry structure resulting from such issues as; the exit of proprietary trading talent from sell-side corporations; the impact of increasing AUM at hedge funds, future increases in the cost of financing emanating from ...
The institutionalization of the hedge fund sector has put managers under scrutiny from regulators, resulting in a promulgation of regulations in the aftermath of the credit crisis. This has created a complex environment of regulatory change.
This detailed 64-page report by KPMG examines the investment management regulatory landscape. Around the globe, the industry is in the process of implementing new requirements and responding to data requests and supervisory reviews. And more changes loom on the horizon. Some jurisdictions face a pipeline of new regulatory initiatives, and some parts of the industry are being ...
This 35-page quarterly report has been authored by State Street Global Advisors. It gives a detailed overview of important legislative and regulatory developments in the European Union.
The presentation of the Commission’s proposal last November was only the first step in the legislative process of the European Union. Now, work is being developed in the Council and the Parliament, both of which need to reach an internal agreement before a final text can be agreed. Even though there seems to be widespread support for the proposal, further technical details ...
