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Any restrictions on the eligibility of assets, particularly derivatives, through UCITS VI must avoid curtailing legitimate hedging activity at fund managers.

There is debate as to whether a multiple-depositary model could emerge under the EU’s Alternative Investment Fund Managers Directive (AIFMD) once the national private placement regime expires in 2018.

BNP Paribas Securities Services has launched an outsourced service for firms filing their Annex IV reports under AIFMD (the Alternative Investment Fund Managers Directive).

Annex IV reporting is time-consuming and obligates hedge funds, private equity and real estate funds to fill in more than 300 data points before submitting this data to their relevant regulator 30 days after the end of the each quarter. Funds of funds are permitted to submit their Annex IV 45 days after the end of each quarter.

A white paper published by DTCC (the Depository Trust & Clearing Corporation) has urged regulators and financial institutions to collaborate more on the increasing threats posed by cyber crime.

DTCC advised regulators and financial institutions to share more information on the nature of the threats posed by cyber criminals. It recommends the creation of a harmonised, clear and non-duplicative notification system in order to achieve this.

ESMA (the European Securities and Markets Authority) is likely to force prime brokers to segregate AIF assets from non-AIF assets in what could have significant implications for the prime brokerage operating model.

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