FCA Confirms Dealing Commission rule changes to take effect on June 2nd 2014

FCA Confirms Dealing Commission Rule Changes – Rob Moulton from Ashurst shares his briefing with us.

The FCA has now confirmed the rule changes that it will make following its consultation on the dealing commission rules in CP13/17. The FCA emphasises that the final rule changes “should ensure the use of commissions is interpreted correctly as a narrow exemption”, and the changes will certainly have that effect.
However, some of the changes, in particular new wording on mixed-use payments, are complicated and will not bring additional clarity to this important area.
Whilst the FCA says that “we do not see the change to the rule and evidential provision as marking a significant departure from the standards of compliance and record keeping we would expect compliant firms to already have in place”, the volume of feedback should have given the FCA an indication that the industry does not share this view.

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Seonaid Mackenzie talking to Private Equity Manager on the topic of AIFM

Seonaid Mackenzie of Sturgeon Ventures spoke to a Private Equity Manager on the topic of AIFM in the article ‘Pain in the Annex’ published on 29 April 2014, by Thomas Duffell.

Read the article below or on the Private Equity Manager website:
The AIFMD is riddled with complexity and challenge, but reporting is one area proving to be especially concerning to private fund managers.
Recent research on the Alternative Investment Fund Managers Directive (AIFMD) reveals that many GPs are aware of what the directive says and does, but still aren’t feeling confident about their ability to fully comply with the EU law – which goes into effect this July.

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AIMA publishes new AIFM Guides (only available to members)

The AIMA has published a new set of practical guides for hedge fund managers covering the UK, Ireland and Luxembourg. The new guides will help AIMA members with answering key questions to establishing businesses or setting up funds in these locations.
Jack Inglis, AIMA CEO, said:

“We hope that these practical guides for the UK, Ireland and Luxembourg improve managers’ understanding of what they need to do in order to establish a business or fund in those locations.

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Unlocking corporate venture capital to fund Europe's growth companies

Innovation matters in today’s intensely competitive global environment, and venture capital has an outstanding record of financing some of Europe’s most innovative growth businesses.

Corporate venture capital (CVC) has long been a key part of the venture sector, but many believe that it has more to offer. In the search for a sustainable innovation strategy, a number of larger corporates have recently joined their peers in launching CVC funds and programs – and the conditions may be right for more to do so in the years ahead.

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Sturgeon Ventures enters Joint Venture with Dublin’s Gandon Alternative Fund Management

Sturgeon Ventures, the regulatory incubator, has entered into a unique joint venture with Dublin’s Gandon Alternative Fund Management to offer a full regulatory service for alternative investment funds (AIFs) in Europe.
It is the first regulatory incubation service to offer full coverage for both the Alternative Investment Fund managers Directive (AIFMD) and the Markets in Financial Instruments Directive (MiFID).

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Seonaid Mackenzie speaker at Hedge Fund Start-up Forum London 2014

Seonaid Mackenzie will be a headline speaker at the Hedge Fund Start-up Forum London 2014  on 7th May, on ‘Compliance & Regulation: Best Practice & Meeting Challenges’. The talk will include:

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Sturgeon Ventures encouraged by Hedge Funds Flocking To Ireland

Sturgeon Ventures is amongst those encouraged by the growth of business in Dublin, with the latest views in AIFM Irish Solutions, reported by the Irish Funds Industry Association:

“According to information released from the Central Bank of Ireland (CBI) to the IFIA today, applications from 72 fund management firms are being processed at present, with 11 AIFMs already authorized by the Central Bank of Ireland. In recent weeks 47 applications have been received.”

Read the full article on HedgeCo.Net

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FCA Crowdfunding Policy Statement

ADD TO YOUR T&C LOG YOU HAVE READ POLICY PS 14/4 NOTE: PROMOTION OF UNLISTED SHARES SHOULD NOW STATE THAT THEY ARE “NOT READILY REALISABLE SECURITY” NEW FCA TERM (PAGE 37) Friday 7th March 2014

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Sturgeon Ventures headlines the Great British Private Investor Summit

Sturgeon Ventures LLP is a headline speaker at AngelNews’ Great British Private Investor Summit on March 18th where Seonaid Mackenzie will be interviewed by Modwenna Rees-Mogg on Governance Ethics and Culture. Joining Seonaid on the day are keynote speakers Rajat Malhotra and Kevin McCloud and the key players in the crowd funding, peer-to-peer lending and alternative finance market for panel debates and live pitches.

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