Financial Services Quarterly Report: Fourth Quarter 2019

January 16, 2020

A review of recent developments in the international financial services industry, including:

  • To Compliance and Beyond: the Central Bank’s Forward View for 2020

A recent OnPoint, No Reward for Good Behaviour: The Central Bank’s Approach to Enforcement, examined guidance of the Central Bank of Ireland regarding the enforcement process involving non-compliant firms. The current article reviews key features of the Central Bank’s recent announcements, to look forward to what may be expected for 2020. Key areas of Central Bank focus pertaining to compliance and sanctions will include: fund management company effectiveness; corporate governance; UCITS performance fees; closet indexing; and wholesale market conduct risk. Read more »

  • ESG Investing: Considerations for U.S. Registered Investment Advisers

After having been a focus of some European institutional investors and asset managers, environmental, social and governance (ESG) investing currently appears to be having a breakout moment in the United States. It is gaining more attention in the U.S. asset management media, and it is widely perceived as popular with U.S. millennial investors, among many other groups. SEC-registered investment advisers are currently introducing new ESG-related products and modifying existing investment strategies to include ESG elements. The current phenomenon of ESG investing in the United States has been years in the making, and it is a complex phenomenon. Read more »

  • Marketing Foreign Funds into the UAE

The UAE Security and Commodities Authority released updated fund regulations covering locally domiciled funds in 2016, and the following year released further regulations covering the promotion of foreign funds in the UAE. As the most recent updates concerning promotion of foreign funds have been in place for nearly three years, this article provides an overview of how those regulations have been implemented in the market. 
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  • Developments in the Luxembourg Financial Sector

The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by ratification of the agreement for the UK to withdraw from the EU; the CSSF has entered into a partnership with the University of Luxembourg pertaining to the use of digital technologies to review fund documents; the CSSF has published a Circular implementing IOSCO’s principles on liquidity management into Luxembourg regulation; and the second Anti-Tax Avoidance Directive has been implemented into Luxembourg law. Read More »

  • New Limited Partnership Regime for Private Equity Funds in Hong Kong

The Hong Kong Financial Secretary announced in his 2019-20 Budget speech that the government was seeking to establish a limited partnership regime for funds, in order to facilitate industry development while maintaining market integrity and investor protection. This development is timely and could (with some caveats) prove to be transformational for private equity firms headquartered outside of Hong Kong, as well as other Asia-focused managers with Hong Kong operations. Read More »

  • Upcoming and Recent Events

Dechert lawyers share their knowledge and experience at seminars, conferences and events around the world, covering all the areas in which we practice. It is our goal to keep clients current with practical, up-to-the-minute information required to understand any debate, industry challenge or legal development. Read More »

  • Financing the Economy: The Future of Private Credit

Dechert has partnered with the Alternative Credit Council, the global body representing asset management firms in the private credit and direct lending space, to produce the fifth edition of Financing the Economy. The research draws together insights from 30 industry leaders and data from 60 firms managing close to US$400 billion in private credit assets. The development of the report is a cross-practice, cross-office initiative.

  • Video on Dechert U.S. Registered Funds Practice

With more than 100 lawyers focused on mutual funds, ETFs, closed-end funds and business development companies, Dechert has the largest practice serving the needs of U.S. fund managers. Our strong Washington presence and global footprint allow us to bring an informed, solutions-oriented perspective to our advice. At Dechert, we collaborate continuously, ensuring that our clients benefit from the collective knowledge and experience of our lawyers around the world. A video on our practice is available here.

  • Brexit Hub for Business

Dechert recently launched the new Brexit for Business Hub. The hub helps position the firm as a leader in advising businesses on the challenges and opportunities afforded by Brexit, across practice/industry groups and through multi-jurisdictional teams. It includes a central repository for all things Brexit, including news, insights, and thought leadership, and gives potential clients a way to engage with the firm through the Brexit Impact Analysis Tool. Visit the hub »

  • Cryptocurrency and Blockchain Tracker

Cryptocurrencies and the encrypted, decentralized blockchain protocol that underpins them have grown from abstract theories to a transformational force that is disrupting the way many industries will operate for decades to come. To assist our clients around the globe in navigating this rapidly evolving space, Dechert has launched a Cryptocurrency and Blockchain Technology website. Subscribe to Tracker updates. Read more »

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