Appointed Representatives
An appointed representative (“AR”) is a person or firm which can arrange deals in investments and advise on investments by being authorised under the umbrella of a firm that is directly authorised by the FCA (the “principal”) which is already authorised to arrange deals in investments and advise on investments.
LLP Agreement Questionnaire
One of the advantages of a limited liability partnership (LLP) is that the LLP is a corporate business vehicle with a legal personality separate from that of its members, who have a limited liability only. An LLP can do anything that a natural person can do, including hold property, enter into contracts, sue and be sued.
Shareholders’ Agreement Questionnaire
This questionnaire is designed to consider many of the main issues which may be covered in a shareholders agreement and the company’s complementary articles of association and directors service agreements.
The Cummings Pepperdine Training Programme
The Cummings Pepperdine Training Programme has been designed specifically for the asset management industry. Uniquely, our modules have been devised by a combination of a compliance consultants, lawyers, chartered accountants, tax advisors and regulatory consultants.
New fund Questionnaire
This questionnaire is designed to consider many of the main issues which may be covered in a shareholders agreement and the company’s complementary articles of association and directors service agreements.
Regulatory Hosting Platforms
If you are planning to set up as an investment advisor, marketer or manager, a regulatory hosting platform can allow you carry out regulated activities with the necessary FCA permissions without, or before, you need to obtain direct authorisation in your own right.
Talking to regulatory hosting platforms – how to prepare
You have made the exciting decision to establish your investment advisory business or your investment management business or you are wanting to market your investment fund in the UK and do so using a regulatory hosting platform (“Platform”). To be taken seriously by the Platform, you need to be fully committed, prepared and organised before you start speaking with a Platform.
Venture Capital Funds
A venture capital fund is a collective investment vehicle which invests in early-stage companies which have been selected for their growth potential in accordance with a defined investment strategy and policy. In contrast to a private equity fund, a venture capital fund takes a minority rather than a controlling stake.
Cummings Pepperdine on how to Start a Hedge Fund
A standard hedge fund will generally be based in an offshore jurisdiction, such as the Cayman Islands, the British Virgin Islands, Bermuda, Guernsey or Jersey, so that the investor, rather than the fund, pays tax on the increase in value of the fund’s portfolio. For some investment managers, jurisdictions such as Luxembourg, Malta and Ireland are more attractive, due to perceived EU advantages, while others are deterred by the regulation which comes with an EU alternative investment fund (“AIF”) as well as an EU alternative investment fund manager (“AIFM”).
The FCA Moves on Appointed Representative Arrangements
The FCA has had appointed representative (“AR”) arrangements in its sights for a while now, and it won’t surprise anyone to know that in light of Greensill Capital its gaze has intensified. Indeed, the House of Commons Treasury Committee recommended reforming the appointed representative regime in the light of its investigation.
Cummings Pepperdine and Larkstoke Advisors on the UK Reporting Fund Status Regime
How to invest in a fund with tax efficiency
Anyone who is setting up a fund will be faced with a range of issues to consider. As well as the Jurisdiction of the fund and the fund manager, and the regulatory considerations which come with those decisions, is the overriding issue of tax..
Cummings Pepperdine on Acting as an Investment Advisor or Arranger in the UK
An investment advisor and arranger in the United Kingdom (“UK”) will generally be set up either as a limited company or as a limited liability partnership (“LLP”). This choice as to formation will depend upon a number of issues, including, but not limited to, management and control, size, key individuals, employees,One of the key factors usually centres around the question of taxation.
Capability Statement
Cummings Pepperdine is a unique firm for the alternative assets and crypto industries advising on the three key business areas of:
LAW TAX FCA
We provide relationship-based holistic solutions linking law, tax and FCA compliance – with all these services under one roof together with a focus on integrated governance and risk procedures.
Specialising in these three key areas allows us to offer clients a wide breadth of assistance to cater to their core business needs. A sound understanding of law, tax and FCA issues, with the ability to apply solutions to problems arising in these areas, is essential to ensure any business runs smoothly.
AIFMD: Marketing Funds into the UK for US Managers
The Alternative Investment Fund Managers Directive (AIFMD) came into force on 22 July 2013, with the result that all alternative investment fund managers (AIFMs) must (subject to quite limited exemptions) be appropriately authorised to manage alternative investment funds (AIFs) which are established or marketed in the UK and the UK. Post-Brexit, the application of the AIFMD in the UK applies, but as the UK is not part of the UK the rules on cross border marketing to no apply in relation to the UK but instead only the UK member states.
In this publication therefore we look only at the AIFMD in relation to the UK
The Cummings Pepperdine guide for start-up Fund Managers
Our FCA Start-up Checklist.
Welcome to the Start of your successful business.
As with many things in life, your business revolves around the law and the rules that apply to it. Get it wrong and it can be nasty. But get it right, and you will build the foundation for long-lasting success.
Cummings Pepperdine on reverse solicitation and the AIFMD
The Alternative Investment Fund Managers Directive (“AIFMD”) is a European Union (“EU”) legislative measure which, in brief, intends to regulate: (i) managers of Alternative Investment Funds (“AIFs”); and (ii) how AIFs are marketed/distributed to professional investors throughout the European Economic Area (“EEA”).
Where the AIF has a no-EU investment manager (“AIFM”) the AIFM will need to go through a local notification or registration process in respect of each AIF it markets in each jurisdiction.
Cummings Pepperdine on what to look for in a fund administrator
We are always being asked which fund administrators should be considered for a new fund and who to switch to if there is to be a parting of the ways with the existing fund administrator, and following a request from a member of our Cummings Pepperdine Fund Forum LinkedIn Group, this week’s topic is what to look for when selecting your fund administrator.
Managed Accounts
Managed account structures have been in demand for a number of years in certain markets, including commodities, for the benefits they provide in terms of greater transparency and liquidity. In recent years there has been an increasing activity in the world of managed accounts, including with new players coming in from the world of crypto.