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The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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Client Assets, UK

CASS is the FSA’s Client Assets sourcebook, the section of the FSA Handbook that sets out rules to provide regulatory protection for client money and assets. There has been a number of consultations on proposed amendments to CASS, to which AIMA has responded.


Relevant documents

FSA Handbook - CASS


Conflicts of interest - UK

FCA Consultation - Wholesale sector competition review - Call for inputs (July 2014)

FCA  Discussion paper - The use of dealing commission regime:  Feedback on our thematic supervisory review and policy debate on the market for research (July 2014)

FCA Consultation - The use of dealing commission rules - AIMA Response (February 2013)

FCA CP13/17 - The use of dealing commission rules - AIMA Summary (December 2013)

FCA consultation paper (CP13-17) -The use of dealing commissions (November 2013)

In November 2012 the FSA issued a ‘Dear CEO’ Paper, titled 'Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks' (the 'Paper'), which summarises the outcome of a themed review of asset managers’ arrangements for managing conflicts of interest.

Firms which received a hard copy of the 'Dear CEO' letter referred to in the Paper were expected to send an attestation of compliance with the Paper to the FSA by 28 February 2013. Managers who did not receive this letter were not required to attest. However, senior management of such firms should read and consider the document's findings, review their operations against them and ensure that their firm's arrangements comply with the FSA's rules.

FSA paper - Conflicts of interest between asset managers and their customers: identifying and mitigating the risks (November 2012)


Corporate governance -  UK  

AIMA Summary - The Small Business, Enterprise and Employment Bill - Part 7 - Companies: Transparency (July 2014)

AIMA Response - Transparency & Trust - Corporate Members of LLPs - BIS (June 2014)

AIMA Briefing Note - Changes to the FCA's Use of Dealing Commission Rules (May 2014)

Government Response - Department of Business Innovation & Skills - Government Response - Transparency & Trust: Enhancing the Transparency of UK Company Ownership and Increasing Trust in UK Business (April 2014)

Department of Business Innovation & Skills discussion paper - Transparency & Trust: Enhancing the Transparency of UK Company Ownership and Increasing Trust in UK Business (July 2013)

AIMA Response - Transparency & Trust: Enhancing the Transparency of UK Company Ownership and Increasing Trust in UK Business (September 2013)

 


Credit Ratings

AIMA submission - proposal for a Directive in respect of the excessive reliance on credit ratings (April 2012)


EU - Statutory Audit

In response to the financial crisis, the European Commission has been reviewing the auditing standards and procedures applied by Member States.  Following on from that review, on 30 November 2011 the EC published a pair of proposed directives.  The Proposals make it compulsory for all ‘public interest entities’ to be subjected to an annual audit performed in accordance with the International Accounting Standards by a qualified statutory auditor.  The requirements are meant to impose uniformity in the accounting policies used across the EU through the adoption of IAS, as opposed to the use of local Generally Accepted Accounting Principles in the respective Members States.

Relevant documents

Opinion of the Committee on Economic and Monetary Affairs for the Committee on Legal Affairs on Audit Directive (March 2013)

Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts

Proposal for a directive of the European Parliament and of the European Council amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts (COM(2011) 778 final)

Proposal for a directive of the European Parliament and of the European Council on specific requirements regarding statutory audit of public interest entities (COM(2011) 779 final)   

AIMA documents

Position Paper on EU Accounting Standards Reform and Extension of the Statutory Audit Requirement (May 2013)

Position Paper on EU Accounting Standards Reform and Extension of the Statutory Audit Requirement (December 2012)

Summary of the proposed revisions to the Statutory Audits Directive (October 2012)


 


Exchange traded funds

IOSCO consultation report - Principles for the Regulation of Exchange Traded Funds (March 2012)

AIMA response to IOSCO's consultation report on Principles for the Regulation of Exchange Traded Funds (June 2012) 

Reforming the banking sector

AIMA submission - consultation by the High-level Expert Group on reforming the structure of the EU banking sector (June 2012)Consultation by the High-level Expert Group on reforming the structure of the EU banking sector (May 2012)


Resolution of Financial Institutions


Valuation for Collective Investment Schemes

On 16 February 2012, the Technical Committee of the International Organization of Securities Commissions (IOSCO) published a consultation report on Principles for the Valuation of Collective Investment Schemes. The aim of this consultation is to outline principles against which both the industry and regulators can assess the quality of regulation and industry practices concerning collective investment schemes valuation, thereby ensuring that investors are treated fairly. Responses to the consultation are invited by 18 May 2012.

Relevant documents

IOSCO consultation: Principles for the Valuation of Collective Investment Schemes (February 2012) 

 

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  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
      5. European Venture Capital Directive
      6. Shareholder Rights Directive
      7. European Long Term Investment Fund Regulation
      8. Loan Origination Funds
      9. Capital Raising
      10. AIFMD-Related Events
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Systemically Important Financial Institutions ('SIFIs')
    6. Remuneration
      1. UK
      2. United States
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    7. Shadow Banking
    8. Volcker Rule
    9. Other
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    11. Dealing Commision
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  3. Markets Regulation
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      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
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      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
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      4. UK
      5. USA
    8. Short Selling
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    11. Trading
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  4. Tax Affairs
    1. Automatic Exchange of Information (AEOI)
      1. FATCA
      2. EU - AEFI
      3. OECD - Global Standard on AEFI
    2. Australia - Investment Manager Regime (IMR)
    3. Base Erosion - Profit Shifting (BEPS)
    4. FAIFs and FINROFs
    5. FIN 48 and IAS 12
    6. Financial Transaction Tax (FTT)
    7. UK Investment Management Exemption (IME)
    8. UK Offshore Funds Regime
    9. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. AIFMD
      2. BEPS
      3. CFTC Registration and Exemptions
      4. Dealing Commission
      5. Derivatives
      6. FATCA
      7. FTT
      8. High Frequency Trading
      9. MiFID / MiFIR
      10. Other Hot Asset Management Topics
      11. Other Hot Markets Topics
      12. Position Limits
      13. UK Partnership Tax Review
      14. Trading
      15. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme
    7. Regulatory Compliance Association
      1. About the Regulatory Compliance Association
      2. RCA Curricula and initiatives for alternative investment firms
      3. Meet the regulators and Sr. Fellows