Liquidity management tools Definition | Legal Glossary | LexisNexis (2024)

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These tools include (among others) redemption fees, redemption gates, redemptions in kind (ie by way of assets rather than cash), side pockets and suspension of redemptions. For further information, see: IOSCO’s Final Report on Liquidity Management tools in Collective Investment Schemes: Results from an IOSCO Committee 5 survey to members.

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Undertakings for Collective Investment in Transferable Securities—timeline [Archived]

Undertakings for Collective Investment in Transferable Securities—timeline [Archived] ARCHIVED:This Practice Note is archived and is no longer maintained. UCITS stands for undertakings for collective investment in transferable securities. The term originates from Directive (EC) 85/611 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the Original UCITS Directive) which was adopted in 1985. The aim of the Original UCITS Directive was to create a single market for open-ended retail investment funds which afforded enhanced protection for investors. The UCITS rules have been revised a number of times, with the introduction of the Management Company Directive 2001/107/EU adopted in 2002 and the Product Directive 2001/108/EU implemented in 2005 (together known as UCITS III), the implementation in 2011 of Directive 2009/65/EC (the UCITS Directive, also known as UCITS IV) which repealed and replaced the Original UCITS Directive, and Directive 2014/91/EU (UCITS V) which was transposed into national law on 18 March 2016. Date Source Document Description 2026 31 December 2026 HMT and...

EU Alternative Investment Fund Managers Directive (AIFMD)—timeline

EU Alternative Investment Fund Managers Directive (AIFMD)—timeline The Alternative Investment Fund Managers Directive (EU) 2011/61/EU (AIFMD) entered into force on 21 July 2011 and had to be implemented by EU Member States by 22 July 2013. The transitional period ended on 22 July 2014. The text of the AIFMD was published in the Official Journal of the EU (OJ) on 1 July 2011. The AIFMD applies to alternative investment fund managers (AIFMs) that are managing or actively marketing alternative investment funds (AIFs) in the EU, irrespective of where these AIFs are established. An AIF is broadly defined as a collective investment undertaking, other than an undertakings for collective investment in transferable securities (UCITS) covered by the UCITS Directive (Directive 2009/65/EC). AIFMs of hedge funds, private equity funds and other AIFs (such as commodity funds venture capital funds, and real estate funds) are all within scope of theAIFMD. The AIFMD sets out requirements for the authorisation, ongoing operation and transparency of AIFMs which manage and/or actively market AIFs in...

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Complying with the collective investment schemes sourcebook (COLL)

Complying with the collective investment schemes sourcebook (COLL) The Financial Conduct Authority’s Collective Investment Schemes Sourcebook (COLL) is a specialist sourcebook forming part of the FCA Handbook. COLL provides the detailed framework within which authorised funds operate and this Practice Note provides a summary of its main provisions. What is COLL? The Collective Investment Schemes sourcebook (COLL) is a specialist sourcebook forming part of the Financial Conduct Authority (FCA) Handbook. It provides the detailed framework within which FCA-authorised funds operate. COLL is supplemented by the COLL information guide (COLLG), which is covered in COLLG below. The rules in Chapters 2 to 8 of COLL are a major part of the product regulation regime for investment companies with variable capital (ICVC), authorised unit trust schemes (AUT) and authorised contractual schemes (ACS) and related parties. COLL: • supplements the requirements in the Open-Ended Investment Companies Regulations 2001, SI 2001/1228 (OEIC Regulations) (for ICVCs) (for further information on both types of fund see OEIC and ICVC authorisation and winding-up) • supplements...

Conflict in Ukraine—EU sanctions tracker [Archived]

Conflict in Ukraine—EU sanctions tracker [Archived] ARCHIVED:This Practice Note is archived and is no longer maintained. This tracker aims to assist banking and financial services regulatory lawyers, track relevant developments published by the EU in relation to the conflict in Ukraine. It includes legislation and other announcements from the European Commission, the Council of the EU, the European Parliament and its Committee on Economic and Monetary Affairs (ECON), the European Baking Authority (EBA), the Single Resolution Board (SRB), the European Central Bank (ECB), the European Securities and Markets Authority (ESMA), and the European Systemic Risk Board (ESRB). Commission FAQs related to finance and banking (eg deposits, insurance/reinsurance, CSDs, crypto assets, Russian Central Bank, sale of securities, trading, SWIFT) are included below; a full set of relevant Commission FAQs on the implementation of Council Regulation No 833/2014 and Council Regulation No 269/2014, can be found here. Commission guidance documents relating to finance and banking, individual financial measures (asset freeze(s)) and those in the topic ‘horizontal’ (general questions,...

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Financial Services weekly highlights—25 July 2024

This week's edition of Financial Services weekly highlights includes: FSB chair warns of high debt levels and vulnerabilities in real estate and NBFI; ECB consults on roadmap to more effective internal governance and risk culture; Lawyers test new routes for redress for APP fraud victims; plus dates for your diary over the coming week.

Banking and Finance weekly highlights—25 July 2024

This week's edition of Banking and Finance weekly highlights includes: (1)High Court guidance on reasonable suspicion under sanctions legislation; (2) AFME’s vision for UK and EU capital markets; and (3) ISDA publishes documentation on low IMA adoption and the need for greater efficiency and automation in document negotiation.

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