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Solid Relationships: Investment Managers and Service Providers Using Collaboration to Build Reliable Middle-Office Outsourcing ModelsIn the last several years, middle-office outsourcing has become an important consideration for investment managers as they evaluate their current business models and renew their focus on core competencies. When used effectively, middle-office outsourcing can generate additional efficiencies and savings, provide more predictable cost structures and help increase speed to market for new products. Business: Asset Servicing
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Regulated Investment Company Modernization Act of 2010The bill, signed into public law on December 22, 2010, streamlines and updates technical tax rules with the objective of correcting inefficiencies, and addressing unintended tax consequences relating to the previous law governing the taxation of regulated investment companies (RICs). Business: Asset Servicing
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Securities Lending, Crisis Management and the Orderly Liquidation AuthorityIn the aftermath of the financial crisis, regulators are working to prevent another disaster similar to Bear Stearns or Lehman Brothers. In the U.S. and Europe, one answer has been to begin to create orderly unwind processes that allow both regulators and the markets to understand what will happen in the event a major institution is near default. International organizations are looking at cross-border resolution capabilities given the interconnectedness of the global financial system. This report evaluates recent government efforts and their potential impacts on beneficial owners in the securities lending market.
In collaboration with: Finadium LLC |
Evaluating the Post-Crisis Tri-Party Repo MarketThe financial crisis of 2008 - 2009 prompted regulatory agencies worldwide to re-examine systemic risks in various markets and re-evaluate the way that many transactions are conducted. The Task Force on Tri-Party Repo Infrastructure was created to identify risks that could be mitigated in tri-party repurchase transactions and to recommend actions to help avoid these risks in the future. While such steps are necessary to bolster confidence in our financial markets, institutions must look at the costs involved and decide how best to adhere to new initiatives while still maximizing the potential for yield. Business: Asset Servicing
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Regulatory Change in Securities Lending: An Update for ClientsAn array of proposed legislation and recommendations including Basel III, Dodd-Frank and European Commission rules on short selling will ultimately provide new mandates for securities lending market participants at all stages of the transaction. In the meanwhile however, beneficial asset holders and securities lending agents are working to assess the new environment as regulatory concepts become formalized and specific rules are adopted.
In collaboration with: Finadium LLC |
AIFMD Changes Europe's Euro 2 Trillion Alternative Investment Fund IndustryThe AIFM Directive introduces harmonized rules for managers of alternative investment funds that are sold to EU investors. The Madoff fraud, the Lehman experience (impacting hedge funds) and the political desire to create more transparency around hedge funds and private equity funds were immediate catalysts for this new directive. This paper outlines the Directive, examines the impact on the fund value chain and the deepening manager - service provider relationship, reviews the increased depositary duties and liabilities as well as the new hedge fund - prime broker depositary models. Business: Asset Servicing
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MiFID II - Expanding Regulatory Reform in EuropeThe Markets in Financial Instruments Directive became a core pillar in the European Union financial markets regulatory system when it was implemented on 1 November 2007. The Directive's main objectives were to increase competition, improve investor protection and, combined with other Directives, help create a single market for financial services and activities in the EU. The key measures implemented through the directive were: best execution and order-handling practices, categorization of clients, investment research, conflicts of interest, outsourcing, transaction reporting, pre- and post-trade transparency and regulation of trade-related market infrastructure. The objective of this paper is to provide BNY Mellon's perspective on the impacts of changes to The Markets in Financial Instruments Directive as proposed in a package of amendments and a regulation currently under consideration by the European Parliament and the European Council. Business: Asset Servicing
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Securities Lending -- Impact of Regulatory Initiatives on Borrower Default IndemnificationIndemnified agency securities lending still serves a vital role by generating income for beneficial owners and supporting financial market liquidity. Nevertheless, although the outcome of many of the regulatory regime changes discussed in this article remains uncertain, the overarching theme to the proposals is a tightening of restrictions affecting agent banks' indemnified securities lending programs. Business: Asset Servicing
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The Business of Investing at U.S. Endowments and FoundationsEndowments and foundations plunged into alternative investing five to seven years ago, and are now working to sort out complex issues related to performance measurement, accounting and transparency in their investments. Custodians are the natural service providers to assist endowments and foundations with this challenge, although the trend towards using external managers has left endowments and foundations with insufficient assets at their custodians to pay for the services they require. How endowments, foundations and their service providers meet the challenge of performance measurement in a time of scarce resources is an open question.
In collaboration with: Finadium LLC |
AIFMD and the Impact on Investment TrustsThe Alternative Investment Fund Managers Directive (AIFMD) looms among an avalanche of financial services regulation facing the alternative investment funds industry. Fund managers will need to consider the consequences of the AIFMD's requirements and how these fit within their existing organisational and operating structures. Investment trusts have already begun detailed analysis of the impact on their business and operational models. Business: Asset Servicing
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