Integrating environmental, social and governance (ESG) criteria into the management process
This session was introduced by a speech from Esther Wandel about the European Commission consultation on managers’ duties regarding sustainability. Wandel elaborated on the key action points. Action 1 is the development of a European Union taxonomy for climate change, environmentally and socially sustainable activities. The aim is to embed the future EU sustainability taxonomy in EU law and provide the basis for using such a classification system in different areas (eg, standards, labels, green-supporting factor for prudential requirements and sustainability benchmarks).
Chilean pension funds are ready to invest in private equity and private debt
The Chilean pension regulator has recently released an important clarification (SP Official Ruling 18847 dated 24 August 2018 to the hedge fund prohibition rule (SP NCG 220 – Hedge Fund Prohibition)).
Rotterdam court holding on investment vehicle with only one investor not qualifying as an AIF
In 2017, the district court of Rotterdam in the Netherlands issued a judgment in proceedings between the Dutch Financial Markets Authority and the manager of three investment vehicles. The court held that an investment vehicle with only one investor, but without any prohibition to raise capital from more than one investor, did not qualify as an alternative investment fund (AIF) as described in the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) because it cannot be considered to raise capital from a number of investors.
Australia: catching up with new Corporate Collective Investment Vehicles
Australia is seeking to attract foreign investors through the introduction of a new Corporate Collective Investment Vehicle and participation in the Asia Region Funds Passport.
Private debt funds: A German perspective on the legal and tax aspects of an emerging asset class
Private debt funds have made impressive progress in alternative investments for years. With assets under management (AuM) of around $700b (as of October 2018), private debt is still far away from the AuM we see in private equity ($3.1tn). However, the steady rise in fundraising suggests that private debt may one day catch up with private equity. Based on market analysis by data provider Preqin, the AuM of private debt funds is expected to double by 2023.
The Singapore Variable Capital Companies Act – an overview
The Singapore Variable Capital Company (VCC) is set to be the preferred investment corporate fund structure for Singapore based fund managers and for international fund managers considering the setting up of fund operations in Asia. The VCC is intended to further develop Singapore as an Asian hub for fund management and fund domiciliation.
India opens its doors for funds having NRIs/OCI/RIs as participants
Every country, in order to attract foreign investments, seeks to create a regime of preference for their flag bearers on foreign soil. For India, the Indian flag bearers on foreign soil have been non-resident Indians. Yet, the Securities and Exchange Board of India Circular on Know Your Client Requirements for Foreign Portfolio Investors, issued in April 2018, seemed to discriminate against them. Following a lot of criticism and after receiving recommendations from Harun R Khan’s committee report and through public consultation, the SEBI has backtracked.
From the Co-Chairs - September 2018
A message from Brian McDermott and Rebecca Silberstein.
Annual Conference 2018 highlights
IBA Investment Funds Committee sessions at the Annual Conference 2018 in Rome.
Admissibility of debt restructuring agreements entered into by Italian investment funds
After a long debate among Italian legal writers and following on from a noteworthy decision issued by the Court of Milan on 10 November 2016, debt restructuring agreements (accordi di ristrutturazione dei debiti) entered into by Italian investment funds have been declared admissible.
Trends in private funds - 29th IBA Globalisation of Investment Funds Conference, New York, 13-15 May 2018
Rebecca Silberstein kicked off the panel by asking about any emerging trans-Atlantic trends given the Alternative Investment Fund Managers Directive (AIFMD) mandates.
Passporting, private placement and reverse solicitations – what are the options? - 29th IBA Globalisation of Investment Funds Conference, New York, 13-15 May 2018
Kirstene Baillie introduced the panel by explaining how this might be viewed as a rather frustrating dialogue, where there were lots of options available but no clear boundaries to any of them and, possibly, various misconceptions.
Bitcoins, cryptocurrencies and investment funds - 29th IBA Globalisation of Investment Funds Conference, New York, 13-15 May 2018
The panel covered issues relating to the formation and operation of funds focused on digital assets and blockchain technology, as well as developments in these assets generally.
Brexit – what’s next? - 29th IBA Globalisation of Investment Funds Conference, New York, 13-15 May 2018
Jeremy Soutter introduced the panellists and stated that there were only 319 days until the United Kingdom would leave the European Union, either with an agreed transitionary period or a hard Brexit with little agreed.
Regulators’ Roundtable - 29th IBA Globalisation of Investment Funds Conference, New York, 13-15 May 2018
The Regulators’ Roundtable, which was chaired by Brian McDermott, once again provided a lively discussion on a number of key regulatory topics, and we were very fortunate to have a distinguished panel of speakers.