Thank you for joining us! We were delighted to have so many of our friends and clients attend our dinner last week.
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Caribbean Dinner And Cocktails Highlights
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Derek Delaney speaking at the PcW AWM Roundtable event in Boston – Raising Capital & Investing in Europe
We are pleased to inform our Boston clients and friends that Derek Delaney, COO of DMS Governance, will be joining his industry peers at PwC’s AWM Roundtable: Raising Capital & Investing in Europe, where speakers will share expert perspectives covering a range of operational, tax and regulatory considerations in the alternatives space to help you move forward confidently in expanding your footprint in Europe. The panel of experts bring a wealth of deep industry knowledge of alternatives including private market and public market strategies and products. Given the complex regulatory landscape and the increasingly competitive and challenging environment for raising capital, launching new funds, and deal structuring, the topics will be covered through an expert roundtable discussion of panelists with deep industry knowledge of alternatives including the private market and public market strategies and products.
Please register below to join this expert roundtable discussion on the keys to capital raising, fund structuring and deals spanning the European landscape.
PANELISTS INCLUDE:
Derek Delaney, Chief Operating Officer, DMS Governance, Ireland
Guillaume Touze, Quadra Capital Partners, London
Ajay Pathak, Partner, Goodwin, London
Ed Saad, Tax Partner, PwC, Boston
Edwin Chan, Senior Vice President, Northern Trust, London
Moderator: Valerie Tixier, Partner, PwC, Luxembourg
EVENT DATE:
Tuesday, May 21st, 2019
AGENDA:
3:30pm – 4:00pm Registration and Check-in
4:00pm – 5:00pm Roundtable Discussion
5:00pm – 6:30pm Networking & Cocktail Reception
EVENT LOCATION:
PwC Seaport Office
101 Seaport Boulevard, Room: 03098, 3rd Floor, Boston, Massachusetts 02210
(Validated parking will be available at 101 Seaport Boulevard. The entrance to the garage is located directly behind the building off of Boston Wharf Road. Please note that parking in the lot behind the building will not be validated. Limited spots are available.)
Derek Delaney
Chief Operating Officer
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Alternatives 4 Children (A4C) UK launch
DMS are proud to be a sponsor of the Alternatives 4 Children Launch Event in London on 4th June 2019.
A4C have raised more than a million Euros since inception from the investment industry to support the education needs of children around the world. Help A4C transform the lives of children around the world by joining the A4C UK launch event!
VENUE
Eversheds Sutherland, One Wood Street, London, EC2V 7WS
Programme
17:30 – 18:00
– Registration
18:00 – 18:30
– Introduction and housekeeping – Ben Watford, Eversheds Sutherland
– History of A4C – Marc de Kloe, founder of Alternatives 4 Children
– Introduction to A4C UK – Stuart MacDonald, A4C UK Trustee
18:30
– Networking drinks and canapes
Gavin Devitt
Director
The post Alternatives 4 Children (A4C) UK launch appeared first on DMS Governance.
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Sohn Geneva Fundraising Update
As you know, all proceeds from the Sohn Geneva Conference go directly to local Swiss charity, CANSEARCH Foundation, entirely dedicated to funding research aimed at improving the understanding and treatment of cancer and blood diseases in children. Now that all the donations have been confirmed, we are pleased to inform you that we were able to donate double the amount raised in 2018. This is no small task and we could not have executed such a fantastic event without DMS’ assistance before, during and following the event. We are truly fortunate to have Titan as our partners.
David Morrissey
Managing Director
The post Sohn Geneva Fundraising Update appeared first on DMS Governance.
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An introduction to Cayman Private Equity Funds
By Amber Ramsey – Executive Director, DMS Governance. Published in MAINSPRING.
The Cayman Islands are the world’s fifth largest financial center and the pre-eminent offshore jurisdiction for private equity fund formation.
It has been a natural choice for institutional investors and fund managers, for several reasons:
- Regulatory environment – Its government and its regulator, the Cayman Islands Monetary Authority (CIMA), have worked continuously with international authorities to ensure that the Cayman Islands is trusted as a well-regulated, cooperative and transparent jurisdiction.
- Tax neutral – it works transparently with international tax authorities to counter tax evasion.
- A respected legal system, based on English law, with well-recognised legal concepts at its core.
- A supportive government with a strong philosophy of cooperation and consultation within the industry and a highly-respected court system.
- Funds flexibility with bespoke formation and structuring options. Cayman operates in a straightforward, responsive and timely manner and with a flexibility that imposes no restrictions on strategy, liquidity, leverage or investment restrictions.
- The Cayman Islands’ high-quality service providers make it easy and affordable to launch a Cayman fund.
Amber Ramsey
Executive Director
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Cayman Economic Substance – What Fund Managers Need to Know
The International Tax Cooperation (Economic Substance Law) 2018 (the “ESL”) introduced certain reporting and economic substance requirements for “relevant entities” conducting “relevant activities”, such as fund management et al. The Cayman Islands Government published the Securities Investment Business (Amendment) Bill in April 2019 which, in combination with recent changes in the ESL, will require the typical fund management company to comply with economic substance requirements for the first time.
For more information on the relevant entities and activities:
REPORTING DEADLINE FOR REGISTERED SIBL ENTITIES IS JULY 31, 2019
REPORTING REQUIREMENTS
The Securities and Investment Business (Amendment) Bill, 2019 (the “Bill”) and the Directors Registration and Licensing (Amendment) Bill, 2019 were both passed by the Cayman Islands Government recently.
It should be noted that this Bill proposed a number of amendments to the Securities Investment Business Law (2019 Revision) (“SIBL”) and is relevant to managers using a Cayman Islands domiciled fund management company. These amendments will not affect fund vehicles, however, they will impact all persons registered with the Cayman Islands Monetary Authority (“CIMA”) as ‘Excluded Persons’ under SIBL. In particular, the amendments create a category of “registered persons” which require authorization by CIMA.
Given that the ESL recently expanded the definition of “fund management business” from just licensed entities to include “otherwise authorized” fund managers, the SIBL amendments trigger the application of the ESL to previously excluded fund management companies.
In advance of this new regulatory regime, CIMA is requiring reporting for risk assessment purposes and the relevant guidance documents AIR-157-75 and ARC-158-75 are available here.
The reporting deadline for these entities is 31 July 2019 with the full registration due by 15 January 2020.
Consequential changes to the Directors Registration and Licensing Law (DRLL) will remove directors of these investment managers from coverage under the DRLL as they will instead be subject to the full CIMA approval process under the new process.
NEXT STEPS
DMS understands well the changing landscape around regulatory risk and how to guide relevant entities through the transformation necessary to comply with applicable Laws and Regulations. Our experts can assist you in redefining and evolving your current business model to prepare for the future. Please contact any of your usual DMS contacts to find out how we can assist you further.
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Astarte partners with DMS for distribution services
Schulte Roth Helps Astarte With £400M Real Estate Fund
By Andrew McIntyre, Law 360
Law360 (April 15, 2019, 6:10 PM EDT) — Astarte Capital Partners LLP has set up a £400 million ($523.8 million) real estate fund with help from Schulte Roth & Zabel LLP to invest in hospitality, health care, entertainment and education properties in the London metro area, the company said on Monday.
Astarte said the fund, which Weil Gotshal & Manges LLP also helped the company with, will invest in between eight and 10 properties, targeting properties that have the potential to be repositioned or redeveloped. Astarte eyes “megatrends such as demographics, smart cities and sustainability,” the firm said in its announcement Monday.
“We strongly believe that this is the right time for institutional capital to be looking at London,” Teresa Farmaki, co-founder and a partner at Astarte Capital Partners, said in a statement on Monday. “Our new platform will give global investors the opportunity to invest in … off-market, real estate in London, one of the most attractive markets in the world.”
The company said its Astarte Special Opportunities Platform, one of Astarte’s co-investment platforms, is leading the investment side of the new fund. ASOP works with third-party investors and asset operators to invest in real estate. Astarte said the new fund will draw expertise from the asset management, private equity and development sectors.
Astarte did not name other partners in the latest fund. The firm’s website states that it has drawn investment in the past from pension funds and family offices.
For Astarte, the latest fund follows a smaller one launched last year.
In the first quarter of 2018, the firm launched its Astarte Alternative Assets Specialist Fund LP, a $200 million fund. Astarte partnered with DMS Governance, which provided distribution services.
The company in September 2017 had announced it was halfway toward raising $200 million for the fund, and said at that point the fund would target infrastructure assets as well as luxury retirement homes, with a focus on London, Switzerland and Barcelona, Spain.
Astarte is based in London and lists “specialist real estate” as one of its three areas of investment. The firm also invests in the natural resources and transportation sectors, according to its website.
Astarte is represented by Schulte Roth & Zabel LLP on the corporate side and Weil Gotshal & Manges LLP on the funds side.
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Renewed Emphasis On Regulatory Supervisory Engagement For Irish Domiciled Funds
Two important speeches delivered by the Central Bank of Ireland’s Deputy Governor and the Director of Asset Management and Investment Banking last month have brought renewed focus on key issues being faced by asset managers and board of directors with fund investment vehicles domiciled in Ireland.
The Central Bank has now advised the industry that a thematic review will commence that will aim to measure and evaluate how firms have implemented CP86 since its introduction in July 2018.
WHAT ARE THE IMPLICATIONS FOR INDIVIDUAL FIRMS?
The process will involve Central Bank supervisory engagement with individual firms to understand how they have structured themselves, with a heavy emphasis on the six key managerial roles performed by Designated Persons (DPs). The 3-step process will be:
- A questionnaire with a 5th July deadline has already been issued to firms by the Central Bank
- A desk-top review by the Central Bank
- An on-site inspection by the Central Bank.
KEY MATTERS
In a speech delivered by the Central Bank’s Director General, Derville Rowland last December, she noted that, “Fund management companies play a critical role in the EU funds industry. They allow investment managers to gain access to EU fund products, UCITS, AIFs and EU investors.” She went on to say, “We will use our full suite of tools to address any failings we identify.” A sentiment that was echoed by the Central Bank’s Deputy Governor, Ed Sibley in May this year when he commented, “the aim of this work will be to identify standards of industry compliance…ensure that management companies have systems of governance in place to protect investors’ best interest”.
The questionnaire that was issued by the Central Bank on 21st June, with a deadline for completion of 5th July, will bring renewed spotlight on how individual firms are managing key managerial functions on a day-to-day basis. This will bring into focus the question of:
- Seniority, experience and expertise of Designated Persons;
- Approach to managing and monitoring risk on a daily basis;
- Ensuring appropriate measures and means of supervision of all delegates are in place;
- Identification of the party who yields the actual decision-making powers.
THE DMS VIEW
With the continued uncertainty of the outcome of Brexit, DMS feels that to ensure continued investor protection and for the Irish fund industry to remain competitive with domiciles such as Luxembourg, a number of the current operating models in place supporting SMICs will come under further scrutiny from regulators, asset managers, board of directors and ultimately investors over the coming months.
DMS has being consistent in maintaining a unique industry position, through its ongoing engagement with key industry stakeholders. The continued evolution of the Irish funds industry, together with demand from investors, indicates that a third-party management company that can provide the appropriate substance, expertise, knowledge, independent daily risk management and ability to discharge the six key managerial functions, is an option that asset managers and board of directors should now be considering.
If you are interested in learning more about what the Central Bank has said, DMS’ take on these matters or would like to explore the future implications for your firm, please contact your usual DMS representative to discuss further.
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GAA abroad: DMS Proud to be part of GSC Luxembourg
On a sizzling hot day in mid-September, Cavan’s Mick Higgins darted past his Kerry opponents to score a crucial second goal for the trailing men of Breffni in the All-Ireland Senior Football final. Hungry for success and determined to bring the Sam Maguire home he, and his teammates, fought voraciously against the defending All-Ireland Champions to eventually clinch a memorable four point victory.
Yet this was no ordinary final. For one it was unseasonably warm, with temperatures reaching over 30 degrees. Secondly, Higgins had the privilege of claiming his first All-Ireland medal only a few miles from where he had been born; surprisingly the pitch wasn’t situated among the green fields of the Lake County nor along the banks of the Royal Canal but in a baseball stadium in upper Manhattan. A New Yorker by birth and a champion by sheer force of will I’m sure he couldn’t have helped but feel that Gaelic games had just gone global. Yet in truth it had done so long before.
Oisin Kilgallen
Associate Director
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CSSF Brexit Notification Press Releases Highlight the Impact of Brexit on UK Financial Firms
On the 15th July the CSSF (Financial Sector Supervisory Commission) published two press releases detailing the impact that a hard Brexit could have on UK Financial Firms, along with any UCIs they may manage (collectively ‘UK Firms’).
The press releases outline the steps that UK firms should take to ensure that they can continue to do business in Luxembourg following a possible hard Brexit.
The CSSF reiterated to UK Firms that they will be considered as “third-country entities” and will lose their passporting rights under the relevant EU Directives, should a hard Brexit occur.
The CSSF have also stressed that UK firms should already have taken any necessary steps to anticipate and prepare for the consequences of a possible hard Brexit and they have reminded UK firms that the provision of regulated services in Luxembourg without the proper authorisation is illegal and therefore subject to sanctions. All impacted UK Firms will be required to notify the CSSF of their intention to continue operating in Luxembourg no later than the 15th September, should a hard Brexit occur. The CSSF have opened a dedicated, notification portal on their website to allow notification submissions – https://edesk.apps.cssf.lu/edesk-dashboard/dashboard
Following this notification, UK Firms will be required to submit a plan to the CSSF setting out how they intend to continue doing business in Luxembourg, factoring in their loss of passporting rights, following a hard Brexit.
While the Brexit Laws previously published by the CSSF earlier this year allow for a transitional regime for UK firms, this regime will be limited in its scope and only for a period of 12 months. Approval to utilise this transitional regime will be granted by the CSSF on a case-by-case basis and only after the adequate Brexit notification submissions have been made within the allocated timeframe.
Entities that are currently authorised in the United Kingdom under both the UCITS Directive and the AIFM Directive will be required to submit a Brexit notification for both licenses.
A link to both publications is set out below:
Should you wish to discuss how the above may affect your firm, please reach out to the following DMS contacts:
Darren Gorman
Managing Director
Oisin Kilgallen
Associate Director
The post CSSF Brexit Notification Press Releases Highlight the Impact of Brexit on UK Financial Firms appeared first on DMS Governance.
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DMS London has moved
Our new address:
DMS Governance 2nd Floor,
20-22 Bedford Row
Holborn
London
WC1R 4
Our telephone number will remain the same
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DMS Governance Acquires Host Capital Limited
DMS Governance (“DMS”), the worldwide leader in governance + risk + compliance announced today that it has acquired Host Capital Limited, an independent Authorised Corporate Director (“ACD”), regulated in the United Kingdom (“U.K.”) by the Financial Conduct Authority (“FCA”). This acquisition, together with a strong and experienced team, allows DMS to expand its European products and bespoke solutions to asset managers operating U.K. regulated investment funds and provide tailored solutions to assist with any Brexit concerns.
As a result of this acquisition, DMS will be uniquely placed to assist from inception to launch of FCA Authorised Collective Investment Schemes. DMS London office is led by Noelle White who is responsible for overseeing the strategic growth of its U.K. based team and products. Previously with Blackrock, Noelle has extensive experience in financial product development, operations and oversight.
Anne Storie, CEO commented, “We are delighted to welcome Host and its experienced team to DMS. This is a key acquisition for us that allows us to build on our existing client offering for our expanding European client base. Our clients in the UK, Ireland, and Luxembourg will now be able to take full advantage of our broadened comprehensive services.”
DMS’ European headquarters based in Ireland is authorised by the Central Bank of Ireland to act as an AIFM and UCITS Management Company and has been branched into Luxembourg in response to increased client interest in establishing Luxembourg investment products.
DMS has a successful track record as a European AIFM and UCITS Management Company supported by an experienced team of professionals unparalleled in any third-party management company offering.
In addition, its European group companies and business affiliates can support:
- Risk Management and regulatory reporting solutions
- Distribution support services
- European Structured Finance solutions
- Trade Execution
- Cash Management
- CRS
- Banking & Trust
- Corporate Services
- Outsourcing Solutions to support the establishment of tax and regulatory substance in the European Union
Derek Delaney, COO advised, “DMS has been highly recognized for its pioneering work in the fund governance industry and this acquisition will allow us to develop and enhance our client offerings enabling us to serve our clients with intensity through every stage of their business growth.”
Noelle White
Director
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Reporting and Responsibilities Under Cayman’s New Data Protection Law
The Cayman Islands Data Protection Law, 2017 (“DPL”) will come into effect on 30th September 2019 and Cayman investment funds will be deemed to be data controllers under the DPL. This applies to all funds, not just those registered with, or otherwise authorised by, the Cayman Islands Monetary Authority.
A key operational consequence of the DPL is that data breaches must be reported to the Office of the Ombudsman in the Cayman Islands within five (5) days.
Data breaches can include inadvertent breaches, such as those caused by mis-configured investor data portals, not just malicious intrusions.
Failure to notify the Office of the Ombudsman of a breach when required to do so is an offence under the DPL and can result in a conviction and a fine of approximately US$120,000.
Failure to notify may also be subject to a monetary fine imposed by the Ombudsman under Section 55 of the DPL.
As the fund is the data controller, it has the reporting and compliance responsibility, but personal data may be stored at various data processors such as the fund administrator, FATCA/CRS consultant, investment manager/adviser and the AML Compliance Officer/MLRO.
The Ombudsman recommends that a data controller should have a data protection policy and the absence of such a policy may increase the likelihood of enforcement action in the event of a data breach.
The data protection policy should conform to the eight data protection principles which can be found here:
WHAT STEPS SHOULD I TAKE?
- Establish an inventory of personal data processors;
- Ensure the fund directors are aware of their obligations under the DPL;
- Ensure the fund board approves a data protection policy that incorporates the eight data protection principles; a. The policy should clearly designate a knowledgeable person who will be responsible for receiving, reviewing any onward reporting data breaches to the Ombudsman;
- Update agreements with all fund service providers who hold personal data;
- Update fund documents with a form of privacy notice;
HOW CAN DMS HELP?
DMS can assist with points 1), 2) & 3) as set out above and can discuss with you any relevant issues. Drawing on almost 20 years of governance, risk and compliance experience in the Cayman Islands, DMS has completed many hours of specific discussions with the Office of the Ombudsman regarding the application of the DPL to the uniquely distributed infrastructure of the alternative funds industry.
Please contact your usual DMS representative to find out more or contact our team of specialized professionals below:
Alison Mitsas
Marketing Director
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Cayman Economic Substance Solutions for Fund Management Businesses
Managers with entities currently registered as “excluded persons” under the Securities Investment Business Law (2019 Revision) (“SIBL” and “Cayman Mancos”) are likely to be considering various options with their counsel and international tax advisers in regards to the impact of the International Tax Co-operation (Economic Substance Law) 2018 (the “ESL”) and SIBL amendments on their Cayman Mancos ahead of the 15 January 2020 re-registration date.
For existing managers who are seeking to retain their Cayman Mancos or new managers who are launching with a Cayman Manco as part of their fund structure, DMS offers bespoke outsourced substance solutions which are designed as steps towards substance (“ES solution”).
DMS’ ES solutions are grouped into tiered service lines. They are loosely categorized into the elements of ‘core income generating activity’ (“CIGA”) prescribed under the ESL for fund management business, including:
- Taking decisions on the holding and selling of investments;
- Calculating risk and reserves;
- Taking decisions on the currency or interest fluctuations and hedging positions;
- Preparing reports or returns, or both, to investors or to the Cayman Islands Monetary Authority (“CIMA”).
The elements of CIGA are neither exhaustive nor mandatory. The choice of appropriate ES solution will be dependent on a full analysis of the Cayman Manco’s operations, revenue in Cayman, investment strategy of the underlying funds and the size, complexity and risks of its portfolio securities.
Each Tier includes the provision of Directors required to comply with the ESL and the provision of dedicated personnel, premises and resources in Cayman required to comply with the ESL. For further information on how DMS can assist you, please reach out to your usual DMS representative or contact us below:
Alison Mitsas
Marketing Director
The post Cayman Economic Substance Solutions for Fund Management Businesses appeared first on DMS Governance.
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Sohn Geneva Fundraising Update
As you know, all proceeds from the Sohn Geneva Conference go directly to local Swiss charity, CANSEARCH Foundation, entirely dedicated to funding research aimed at improving the understanding and treatment of cancer and blood diseases in children. Now that all the donations have been confirmed, we are pleased to inform you that we were able to donate double the amount raised in 2018. This is no small task and we could not have executed such a fantastic event without DMS’ assistance before, during and following the event. We are truly fortunate to have Titan Advisors as our partners.
David Morrissey
Managing Director
The post Sohn Geneva Fundraising Update appeared first on DMS Governance.
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DMS continues its expansion with the opening of its new location in Cashel, Co. Tipperary
DMS Governance (DMS), a global governance, risk and compliance (GRC) company is to substantially increase its Ireland-based workforce by creating an additional 50 roles in Cashel, Tipperary.
Minister for Business Enterprise and Innovation, Heather Humphreys TD today joined DMS at the official opening of its new location in Cashel. DMS also announced the creation of an additional 50 new roles in Cashel following the acquisition of Aviation Corporate Services (“AvCS”) in June 2018 and this is in addition to its previous announcement of 50 newly-created jobs at the time of acquisition. The project is supported by the Irish government through IDA Ireland.
Derek Delaney
Chief Operating Officer
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Cayman Islands New Data Protection Law
On 30 September 2019 the Cayman Islands Data Protection Law (“DPL”) will come into force. The DPL sets out the rights of individuals to control their personal data and implements a system to protect against misuse. It broadly reflects the provisions of the EU General Data Protection Regulation (“GDPR”).
DMS is committed to ensuring that privacy is protected and it adheres strictly to the provisions of all relevant data protection legislation globally, including the GDPR and the DPL.
DMS’ intention is to be fully transparent about how it collects, uses, processes and ultimately protects personal data and has therefore updated its Privacy Policy which can be accessed here. The updates will take effect from 30 September 2019 and no further action is required by our clients and contacts, in order to benefit from the policy.
The DPL requires businesses that contract with a data processor to ensure that their contracts or arrangements for services contain certain contractual assurances. DMS will, in the provision of certain services to clients and to the extent it processes personal data, act as ‘data processor’ and has therefore produced a Data Processing Addendum which provides assurances to clients. The Addendum can be accessed here. To the extent you are receiving services from DMS, (with the exception of trust, banking, custody or liquidation services), and DMS acts as a data processor in the provision of those services, the Addendum will apply automatically from 30 September 2019.
Where DMS provides banking, custody, trustee or voluntary liquidation services, or where it accepts your personal information as part of an application for employment, it acts as a ‘data controller’ in its own right for the purposes of the DPL (and where relevant, other equivalent legislation) and the data processing addendum will not apply. To this extent DMS has adopted Privacy Notices, which can be accessed here and which will apply automatically where applicable from 30 September 2019.
If you have any questions about how DMS holds personal information, or about the contents of this email, or if you would like to be removed from our database, please contact DMS Compliance Europe dmscomplianceeurope@dmsgovernance.com.
If you would like to discuss compliance with the new data protection regime in the Cayman Islands, please contact your usual DMS representative.
Niall O’Dowd
Director
Samantha Fletcher-Watts
Chief Compliance Officer
The post Cayman Islands New Data Protection Law appeared first on DMS Governance.
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Cayman Islands Regulatory Update
The third quarter of 2019 saw a series of changes in Cayman Islands legislation and we detail below the latest of these legislative changes:-
Information on Directors of Cayman Companies now available for inspection
In accordance with Section 5 of the Companies Amendment Law and Section 3 of the LLC Amendment Law, from 1 October, 2019, members of the public will be able to visit newly-introduced Company Information Kiosks in the lobby of the Government Administration Building. There they will be able to view a list of names of the current directors and alternate directors of a company incorporated in the Cayman Islands and a list of names of the current managers of a limited liability company.
The Cayman Islands General Registry will be responsible for overseeing the viewings and each request will be required to be carried out in person, with an administrative fee of CI$50 payable to the Cayman Islands Government.
Change to the Register of Directors and Officers
The period within which a Cayman Islands company must notify the Registrar of Companies of any changes to its directors and officers has been reduced from 60 days to 30 days. A company must ensure that it notified any changes to its register of directors, officers or managers to its registered office provider, in order for the Registrar to be informed within the revised timeline.
Updates to the Register of Members
Section 40 of the Companies Law (2018 Revision) was recently updated and included an additional requirement stating that the register of members of a Cayman Islands company specify, with respect to each category of shares, whether such category of shares carries voting rights and, if so, whether such voting rights are conditional. If a company was incorporated or registered after August 8, 2019 it must comply on or before 7 November 2019 and if already incorporated or registered on or before August 8, 2019, it will be required to comply prior to February 7. 2020.
Beneficial Ownership Regime
Pursuant to the Companies Law Amendment, the LLC Law Amendment and the Limited Liability Partnership (Amendment) Law, 2019 the penalties for failure by an entity to establish or maintain its beneficial ownership register, be in compliance with notices and provide required information have been increased. The maximum prison term has remained the same, however fines have been increased to a maximum of $120,000. A company should ensure that it monitors any upcoming changes relating to registrable persons and that they are reflected in the company’s beneficial ownership register.
Economic Substance
Managers with entities currently registered as “excluded persons” under the Securities Investment Business Law (2019 Revision) (“SIBL” and “Cayman Mancos”) may now be considering various options with their counsel and international tax advisers with regard to the impact of the International Tax Co-operation (Economic Substance Law) 2018 (the “ESL”) and SIBL amendments on their Cayman Mancos ahead of the 15 January 2020 re-registration date. READ MORE
New Data Protection Law
On 30 September 2019 the Cayman Islands Data Protection Law (“DPL”) came into force. The DPL sets out the rights of individuals to control their personal data and implements a system to protect against misuse. It broadly reflects the provisions of the EU General Data Protection Regulation (“GDPR”).
DMS is committed to ensuring that privacy is protected and it strictly adheres to the provisions of all relevant data protection legislation globally, including the GDPR and the DPL. READ MORE >>
DMS’s team of highly-skilled regulatory experts are available to assist you with any queries you may have on any of the topics covered in this communication to ensure that you and your fund are fully compliant with all regulatory matters. Please reach out to your usual DMS representative if you require further clarification or contact us below.
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DMS亚洲监管更新
上一季度，亚洲地区在监管和行业更新方面表现活跃，因此，我们希望与客户和朋友分享此信息及其影响。我们在下文列出可能会影响您业务的最新资料：
香港开放式基金公司（简称“OFC”）制度
为继续加强香港作为国际资产管理中心的领导地位，根据《证券及期货条例》引入新的“开放式基金公司” （OFC）。OFC结构允许投资管理人以公司形式而非单位信托形式设立投资基金。该新结构可用于公共和私募投资基金。香港首个私人OFC最近于2019年8月推出。已注册的OFC名单可于证监会网站查阅。
网络卫生
为减低日益增加的网络威胁风险，新加坡金融管理局（MAS）已颁布《CMG-N03网络卫生通知》，该通知适用于所有受监管的金融机构，包括资产管理人。MAS是世界上首个强制实施网络卫生的金融监管机构，其中一些措施包括实施多因素认证程序、定期更新防病毒防护和加强防火墙。更多信息，请参考MAS公告。
新加坡可变资本公司结构（简称“VCC”)
VCC是新加坡一种新的投资基金公司结构，可用于多种战略和结构。2019年9月3日，议会通过《可变资本公司（杂项修正案）法案》，该法案规定了与新公司结构相关的税收待遇、破产规定和其他技术修正案。下一步是通过附属法例最终确定操作框架，一旦完成，将推出VCC框架。目标推出日期为2019年年底。您可通过阅读我们较早前关于该主题的通讯了解更多信息，其中涵盖VCC的潜在优势。
停止在新加坡进行基金管理活动的审计师证明
从2019年6月起，受监管基金管理人向MAS发出希望停止业务运营的所有通知，必须在停止运营前提交审计师证明。审计师将需确保上述基金管理人已完全履行所有客户责任，并确保客户的资产和/或款项已在证明内列明。如基金管理人未能提供有关证明，则应在提交终止通知前与MAS接洽，并就未能取得审计师证明提供足够的理由。
DMS是指导您应对这些监管变动的不二之选，并帮助您解决可能受到这些变化影响的问题。DMS在香港和新加坡设有办事处，为亚太地区的客户提供优质服务。如欲了解开曼群岛最近的立法变动，请点击此处查看我们的最新动态。
如欲进一步讨论这些更新，请联系您日常联络的 DMS 代表或按以下联系方式联系我们。
The post DMS亚洲监管更新 appeared first on DMS Governance.
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VOCÊ ESTÁ GERINDO OU OPERANDO UM FUNDO EUROPEU?
Você já deve estar ciente das soluções de governança para fundos da DMS e de sua plataforma de diretores profissionais independentes baseados em Cayman. Além de fornecer esses serviços de governança de alta qualidade, a DMS também fornece soluções na Europa para clientes que desejam diversificar ou aumentar capital. Suas plataformas de Fundos Europeus permitem uma opção “plug and play” bem simples e, além disso, a DMS pode atuar como sua “management company”, interagindo diretamente com seus provedores de serviços em Luxemburgo e na Irlanda. Se você tiver interesse em discutir as opções nesta área, adoraria lhe apresentar nossos especialistas europeus.
SOBRE DMS EUROPE
A DMS Investment Management Services (Europe) Limited (“DMS”) é uma gestora de fundos de investimentos alternativos (AIFM) e gestão autorizada de UCITS , aprovada e regulamentada pelo Banco Central da Irlanda para fornecer serviços de AIFM e UCITS na Irlanda e no Luxemburgo. A DMS Europe está sediada na Irlanda, com escritórios em Londres e em Luxemburgo para apoiar seus clientes com produtos regulados na Europa.Além das soluções de plataforma e hosting, o DMS IMS também oferece soluções para o MiFID e MiFID II.
O DMS também fornece um conjunto abrangente de soluções regulatórias e de relatórios de riscos, com uma equipe focada em prover soluções para os mais diversos clientes. As soluções regulatórias e de risco da DMS oferecem um serviço simples e holístico para atender às necessidades regulatórias de cada cliente.
SERVIÇOS EUROPEUS DE GESTÃO DE ATIVOS
Além disso, por meio de empresas e afiliadas, a DMS proporciona suporte a:
- Soluções de gestão de riscos e relatórios regulatórios
- Serviços de suporte à distribuição
- Soluções europeias de financiamento estruturado (structured finance)
- Trade Execution
- Cash Management
- Common Reporting Standard (CRS)
- Serviços bancários e fiduciários
- Serviços corporativos
- Soluções de terceirização para dar suporte ao estabelecimento de substância fiscal e regulatória na União Europeia.
Teremos o maior prazer em ajudá-lo(a) em qualquer uma das áreas abordadas neste newsletter.
Francine Balbina
Executive Director
The post VOCÊ ESTÁ GERINDO OU OPERANDO UM FUNDO EUROPEU? appeared first on DMS Governance.
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