Ezine October 2015 Archives

Remuneration Rules Under UCITS V

Member states have until 18 March 2016 to transpose UCITS V into national law. It is apparent that over time UCITs and AIFMD are set to converge and this is another part of that process[1]. For example the role of the depositary in terms of its functions, eligibility, duties and its liability has been clarified […]

September 17, 2015, by administrator

CP86 Update

The big news over the summer (at least in Ireland) was the release of the Central Banks feedback statement on CP86 – see here. This was intended to clarify the designated person’s role in terms of responsibility for managerial functions. In terms of risk management given the focus on clear segregation between the front office […]

September 17, 2015, by administrator

October 2015 RiskSystem ezine

Welcome To The Latest RiskSystem Newsletter Current Observations and Musings It seemed a particularly quiet summer – at least until the end of August. Perhaps economic recovery meant more people were on vacation. Or maybe the regulators decided we all needed some time off to digest all the recent legislative changes – fat chance! Still Greece […]

September 17, 2015, by administrator

Exchange Traded Commodities

Exchange Traded Commodities – Are they eligible? The Undertakings for the Collective Investment in Transferable Securities (UCITS) rules forbid funds to invest in commodities or in financial derivatives instruments of commodities with embedded delivery mechanisms. Nevertheless, fund managers have several other avenues to explore in order to gain exposure to the price of commodities, however […]

September 17, 2015, by administrator

VaR Days

Value at Risk (VaR) models are now thoroughly embedded in European risk management practice and have even received regulatory imprimatur in UCITS legislation. However all models are only as good as the assumptions used in their construction and so, after a month where there were some extreme market moves, it is reasonable to ask how […]

September 7, 2015, by administrator

Why China Matters

As my old boss said twenty plus years ago “anything times the number of people in China is a very big number”. China is now extremely important to global GDP growth and a slowdown there, or worse a recession, will have profound implications for the rest of the world – in particular countries that export […]

September 7, 2015, by administrator

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