Global Asset Managers Regulation Introduction
Giles Swan
15 years: Asset management
Giles provides a high-level overview of asset management regulation across the world. Specifically, what's on the regulatory agenda and what the current international standards are, including how foreign portfolio management and investment is regulated.
Giles provides a high-level overview of asset management regulation across the world. Specifically, what's on the regulatory agenda and what the current international standards are, including how foreign portfolio management and investment is regulated.
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Global Asset Managers Regulation Introduction
18 mins 15 secs
Key learning objectives:
Identify the relevance of international standards and regulation
Understand the main regulators and their functions
Learn the applications of these global standards
Overview:
Global regulatory standards impact funds, securities, leverage and risk management in an international and cross-border fashion. Major standard setters relevant to funds include central banks, ministries and regulators, Joint Forums and other financial services standards setters such as the World Bank.
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What are International Regulatory Standards?
- Approaches to either formalise common practice, such as, approaches to liquidity management
- To deliver political commitments designed by international standards setters
How do International Standards impact funds?
- Influence regional laws and local laws
- Can great extraterritoriality
- Alter compliance obligations for funds and/or development of global compliance policies (e.g. remuneration)
How can International Standards become Extraterritorial?
- Standards can act in foreign jurisdictions where funds have activities overseas
- Can create competing compliance obligations
- Local rules for fund authorisation
- Local rules for distribution
- Foreign investment rules
Which International Standard Setters are relevant to funds?
- G20 leaders and the FSB group of central bank governors, finance ministries and regulators
- Joint Forum of key international regulators, including IOSCO – international group of securities regulators
- OECD, World Bank and standards boards such as the International Accounting Standards Board
How are different cross-border funds regulated?
Regulation applies to a fund’s overseas activities all across the value chain. The three main approaches to cross-border fund regulation are national treatment, passporting and recognition both bilateral or unilateral.
How is Foreign Distribution Regulated?
- Foreign distribution is subject to local rules where the investor is inc disclosures and reporting obligations
- Rules may include; point of sale disclosures, regulatory reporting obligations and a restriction on fee payments to distributors
How is Foreign Portfolio Management Regulated?
- Substance rules for delegating firms may apply. These can include; minimum levels of resource, local government standards and operational systems and controls
- Local rules for portfolio managers may impact. For example, an assessment of a portfolio managers local regulatory regime and licensing obligations for the foreign portfolio manager
How are Foreign Investments Regulated?
- Capital controls and repatriation considerations
- This may include: taxation considerations, exposure limitations, sell-side engagement rules and regulatory reporting obligations
What is hot on the Global Regulatory Standards agenda?
| ETFs |
|
| Leverage |
|
| Liquidity Risk Management |
|
| Cryptocurrencies |
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| Behavioural Finance |
|
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