Category:Institutional Investors

1
Australia: Review Recommends No Increases to Wholesale Client Test, Encourages Further Review
2
United States: SEC Issues New Guidance on Schedule 13G Eligibility
3
Europe: Irish Central Bank Discusses Its Approach to Exchange Traded Funds
4
United States: The Fed’s Recent Interest Rate Cut: A Step in the Right Direction for PE Sponsors
5
Asia: Japan Adopts “Asset Owner Principles” Amid Growing Interests in Alternative Investments Among Japanese Pensions
6
Europe: BaFin Changes Its Process for Fund Passporting Into Germany
7
Europe: Central Bank of Ireland Changing Notification Procedure for UCITS and AIF Passporting Applications
8
Europe: FCA Amends Opening Date for Registration of New UCITS Schemes Under UK Overseas Fund Regime
9
United States: CME Group Clarifies and Emphasizes the Duty to Supervise Trading on its Markets
10
Australia: Is ASIC Coming for Private Market Funds?

Australia: Review Recommends No Increases to Wholesale Client Test, Encourages Further Review

By: Kane Barnett and Bernard Sia

The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has been inquiring into the wholesale investor test for offers of securities, and the wholesale client test for financial products and services in the Corporations Act 2001 (Inquiry) (see our previous post). The Committee has now released its report from the Inquiry.

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United States: SEC Issues New Guidance on Schedule 13G Eligibility

By: Lance C. Dial and Jennifer R. Gonzalez

The SEC’s Division of Corporation Finance recently issued new guidance regarding when shareholders can file beneficial ownership reports on Schedule 13G. While the 11 February 2025 Compliance and Disclosure Interpretation (C&DI) maintains the same fundamental principles as before, it adopts a more nuanced approach to what constitutes “changing or influencing control of the issuer.”

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Europe: Irish Central Bank Discusses Its Approach to Exchange Traded Funds

By Hazel Doyle and Nicola McCaffrey

In an important speech, Derville Rowland, the Central Bank of Ireland’s Deputy Governor for Consumer and Investor Protection has outlined the Central Bank’s approach to ETFs in Ireland. Some of the points she made are highlighted in this blog.

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United States: The Fed’s Recent Interest Rate Cut: A Step in the Right Direction for PE Sponsors

By: Ed Dartley and Jamie M. Robinson

On 18 September 2024, the Federal Open Market Committee lowered the benchmark federal funds rate by 50 basis points to a target range of 4.75-5%. While this is welcome news on many levels, we expect that in the coming months it will have a real and positive impact on private equity sponsors, and particularly mid-sized and smaller sponsors.

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Asia: Japan Adopts “Asset Owner Principles” Amid Growing Interests in Alternative Investments Among Japanese Pensions

By: Tsuguhito Omagari and Yuki Sako

On August 28, under the ongoing “Japan as a leading asset management center” policy initiative, the Japanese government adopted “Asset Owner Principles” (Principles), which are five “common principles” that are “useful” for asset owners in “fulfilling their responsibilities to manage assets (fiduciary duties) in consideration of the best interests of the beneficiaries.” Asset owners are described to include public pensions, benefit associations, corporate pensions, insurance companies and university funds. These Principles are:  

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Europe: BaFin Changes Its Process for Fund Passporting Into Germany

By: Hilger Von Livonius, Emma O’Dwyer, Aoife Maguire, and Gayle Bowen

On 14 and 15 August 2024, the German Federal Financial Supervisory Authority (BaFin) updated the following guidance notices:

Guidance Notice on marketing of EU UCITS in Germany

Guidance Notice (2013) for marketing units or shares of EU AIFs or domestic special AIFs (Spezial-AIF) managed by an EU AIF management company to semi-professional and professional investors in the Federal Republic of Germany pursuant to section 323 of the Investment Code

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Europe: Central Bank of Ireland Changing Notification Procedure for UCITS and AIF Passporting Applications

By: Gayle Bowen, Emma O’Dwyer, and Aoife Maguire

The Central Bank of Ireland (CBI) is changing the process for the submission of UCITS and AIF passport notifications and de-notifications.

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Europe: FCA Amends Opening Date for Registration of New UCITS Schemes Under UK Overseas Fund Regime

By: Emma O’Dwyer, Aoife Maguire, and Gayle Bowen

The UK’s Financial Conduct Authority has put back the opening date for the application gateway for recognition of new UCITS schemes (i.e. those schemes not already registered under the Temporary Marketing Permissions Regime) under the OFR.

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United States: CME Group Clarifies and Emphasizes the Duty to Supervise Trading on its Markets

By: Clifford Histed and Cheryl Isaac

If you or your company trades on CME, CBOT, NYMEX or COMEX (CME Group exchanges, collectively referred to herein as “CME”), you will need to take note of CME’s new Market Regulation Advisory Notice (MRAN), which became effective on 16 July. The new MRAN is called “Supervisory Responsibilities for Employees and Agents” and should be reviewed closely to understand CME’s expectations related to diligent supervision, including policies, trainings, monitoring, remediation and sanctions.

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Australia: Is ASIC Coming for Private Market Funds?

By: Kane Barnett

What the ASIC chair said

At a recent industry event, the chair of the Australian Securities and Investment Commission (ASIC), indicated that ASIC would be increasing its scrutiny of private market funds.

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