EMIR, it’s short for European Market Infrastructure Regulation. It has also become a four-letter word for fund managers struggling to fulfill reporting requirements. About five months after the effective date for fund managers and broker dealers to send details of trades executed on exchange-listed and over-the-counter swap transactions to recognized trade repositories, fund managers are bemoaning the number […]
FATCA: Four Steps to Meeting IRS Reporting Requirements
When the US Treasury made foreign financial institutions responsible for catching potential American tax evaders overseas, it also gave them a major migraine they are now finding difficult to alleviate. Determining with certainty who is responsible for paying US taxes just became their job. If they choose not to cooperate with the US’s Foreign Account Tax Compliance […]
Bitcoins: What Compliance and Operations Experts Should Know
Bitcoins may sound like just a passing fad to compliance and operations specialists at fund management shops, but they would be foolish to presume that bitcoins won’t be part of their operations, and possibly soon. As the virtual currency gains momentum, they will need to brace themselves for new world of regulatory oversight. In recent weeks bitcoin has received […]
Phone Monitoring Records: Mining for Profit?
Three years after the UK’s Financial Conduct Authority (FCA) began requiring financial firms to record all mobile phone communications related to securities transactions, compliance remains dangerously weak. “Financial firms need to start thinking about just how they will comply and what additional benefits they can obtain for the costs involved,” says Rik Turner, senior analyst at […]
FINRA’s CARDS: Time to Get Ready
The US Financial Industry Regulatory Authority’s proposal to collect megatons of customer account information is far from being implemented, but behind the scenes, operations, technology and data management specialists are rushing to make the necessary preparations for the first phase expected in 2015. The reason: despite all the lobbying against the initiative coined CARDS, short for […]
Intergovernmental Agreements: Blessing or Curse in Complying With FATCA?
Intergovernmental agreements will help foreign financial institutions more easily meet the requirements of the US Foreign Account Tax Compliance Act (FATCA), which aims to curtail tax evasion by US persons abroad. Or so financial firms around the world were told by the US Internal Revenue Service (IRS) and their local tax authorities. That’s not exactly a […]
Fund Managers and FATCA: Behind the Curve Or Just Being Prudent?
The Foreign Account Tax Compliance Act (FATCA), which aims to help the US Internal Revenue Service catch potential tax evaders outside its radar, has always been viewed as a difficult regulation for financial firms to follow and with key deadlines close at hand some fund managers still apparently overwhelmed. They are so overwhelmed that they are massively unprepared […]
Bad European Data Validation Rules Give Banks Reporting Jitters
It’s hard enough for bank operations and financial reporting specialists to fill out all the data points and formats required by regulators in filing mandatory documentation evidencing financial soundness. But when a major banking regulatory watchdog — the European Banking Authority — issues 290 incorrect data validation rules, the whole reporting process can go awry […]
AIFMD: No Pain, No Gain for Fund Managers
Alternative fund managers who might have been initially hot to take advantage of the new European Alternative Investment Fund Managers Directive (AIFMD) to more easily market their investment funds cross-border are quickly waking up to a cold reality: they might be ill-prepared to comply. With so little time left, they will need to warm up […]
Validating NAVs: An Ounce of Prevention Saves a Lot of Grief
leaked nudes porn Ceren Bal Free Net asset value, or NAV for short: it’s a basic calculation which hundreds of mutual and other investment fund managers have to make each day to allow investors to know just how much they will pay to buy and sell shares or units. While the timetable for when the […]