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.
To say that the financial well-being of hundreds of millions of people around the globe rests on the performance of the tens of trillions of dollars held in funds with long-term investment horizons is not hyperbole. Whether these assets belong to defined-benefit or defined-contribution retirement plans, endowments or…
This 86-page report by IMCA (the International Capital Market Association) is a detailed presentation of recent market practice and regulatory happenings.
CFA Institute provides Policy Recommendations Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia.
Asset-backed securities (ABS) have had a bad reputation since the global financial crisis of 2008. However, despite the negative stigma, European ABS has actually performed very well from a credit point of view. Of all the ABS tranches issued between 2000 and 2016, only 0.59% of the original balance has realised or is…
As the 2020 election cycle gains momentum, both political parties are pushing proposals that would negatively impact not-for-profit hospital credit quality.
This report provides a detailed technical description of a stress test model for investment funds called Ceto. The model quantifies how asset sales from investment funds could amplify a sudden decline in asset prices through the liquidity risk premium of the corporate bond market. Ceto is grounded in the literature on agents…
This document provides details about the models developed or selected by the FederalReserve for use in the supervisory stress test with the aim of further increasing the transpar-ency of supervisory models and results.
Private equity continues to play a prominent role in the life of public and private U.S. companies. This presentation explains and explores the life cycle of a PE-sponsored public company, from initial acquisition to pre-IPO planning and structuring, governance considerations, and how public companies access the capital…
When it comes to structuring investment portfolios, insurers face a unique challenge. They must balance the regulatory pressure to reduce risk with the business pressure of increasingly uncertain target returns. Pursuing a strategy of minimising portfolio turnover can help address these needs.
On 8 March 2019, the European Commission published a proposed update to the Solvency II directive, aiming to remove certain constraints to the financing of the economy, and to better align insurers’ capital charges with those of banks. The proposals contain a number of significant reductions in both the equity and spread…
Dutch legislators seem intent to push ahead with controversial proposals intended to rein in shareholder activists and make hostile takeovers more difficult, as Louise Piffaut explains.
There is a gap in the regulation of crypto-assets that Congress needs to fix. The gap is contributing to fraud and weak investor protection in the distribution and trading of crypto-assets. Better regulation will benefit crypto investors, further the development of new technologies, curtail the use of crypto-assets used for…
This Hymans Robertson paper focuses on the improvement of retirement outcomes for UK retirees, including updates on FCA announcements related to pension guidance.
Small-cap markets are the best example of why the sheer number of publicly traded stocks is both a blessing and a curse for investors. The blessing is opportunity, the curse is that small caps have fewer research analysts per stock.
The environment for private equity is particularly dynamic at the moment. Geopolitical developments are impacting market access and conditions, while regulatory and policy changes bring new—and sometimes more favorable — compliance requirements. And new vehicles and opportunities emerge to allow capital to be put to use…
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