Bill Kapogiannis, Executive Director at The Depository Trust and Clearing Corporation (DTCC), comments on his firm’s enhanced offering and the impact of the ETF rule.
Legal & Regulation
With the profound impacts of Covid-19 continuing to reverberate around the world, it is notable how robust the funds industry has been during the last six months. In Ireland, like elsewhere, significant redemptions were registered in March as investors sought to reduce risk and increase liquidity.
The Irish funds industry may have some catching up to do in the private funds space, but as the government gears up to introduce a refreshed Investment Limited Partnerships Act, the jurisdiction is expected to see an influx of managers from the UK, the US and further afield choosing to set up their private funds in Ireland.
The Nottingham Company (Nottingham), a fund services administrator and private label issuer to the mutual fund and ETF industry, has received Security and Exchange Commission (SEC) approval for the short form exemptive relief application for Blue Tractor’s Shielded Alpha ETF Structure.
Jim Nash (pictured), director at compliance consulting and outsourced broker/dealer firm Foreside, is urging ETF issuers to call their compliance consultants now as the December 2020 deadline looms for compliance with the ETF rule, rule 6c-11.
Researchers at digital asset specialists 21Shares have uncovered further details on a recent gold counterfeiting attempt – is bitcoin the way forward, they ask.
EFAMA has called on the European Commission (EC) to enforce the creation of a consolidated tape (CT), commenting: “MiFID II still fails to deliver a CT and the notion of “Reasonable Commercial Basis” in data cost has been largely overlooked.
Having trained with Dillon Eustace, Brian Higgins (pictured), partner, returned some 14 years ago and is now in the happy position of being with Ireland’s largest law firm in the funds industry, and working with Dublin-registered ETFs. Higgins is joining the regulatory panel for etfLIVE Europe, discussing the rapid rise of the ETF industry and the potential impact of MiFID II changes and the potential for active ETFs in Europe.
Market maker Old Mission has obtained a brokerage license modification for its Old Mission Markets’ subsidiary from Financial Industry Regulatory Authority, which will enable Old Mission Markets to begin offering trading services directly to buy-side institutions and ETF issuers later this year, complementing the firm’s existing market making business conducted through the Old Mission Capital broker-dealer.
Swedish Financial Supervisory Authority (SFSA) Finansinspektionen has approved the Base Prospectus filed by Amun AG for fully collateralised, passive investment products with crypto currencies as the underlying asset.