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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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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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Money Funds at Continued Cross RoadsReprinted with the permission of SourceMedia, Inc. Given the authority granted to the Financial Stability Oversight Council and the Federal Reserve by the Dodd-Frank Act, these regulators have been provided with a broad brushstroke to implement financial reform. With the intention of creating a stronger and more stable money market, the impact will most likely be increased oversight, further reporting requirements and more stringent guidelines designed to reduce potential systemic risk by a nonbank financial company. Author: Jim Cecere
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Global ViewReprinted with the permission of Euromoney Institutional Investor PLC In a recent interview with Global Investor, Nadine Chakar, global head of BNY Mellon's Derivatives360 business, explained how the business -- which spans the entire life of a derivatives transaction -- is developing and offered her reaction to regulatory reform. Author: Nadine Chakar
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VIDEO: Regulation's Reach - A New Day for Borrower Default IndemnificationJames Slater, Global Head of Securities Lending and Finance at BNY Mellon, explores how new and proposed regulation seems likely to change customary securities lending practices related to borrower default indemnification. Author: James Slater
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Trends in Environmental, Social, and Governance InvestingPost the financial crisis of 2008, demand for greater transparency and closer investment monitoring has driven the sophistication of risk management and compliance programs. One area that has seen a growing focus is the screening of investments for sensitive issues; otherwise known as Socially Responsible Investing (SRI) or Environmental, Social, and Governance (ESG) screening. Fund Sponsors, recognizing that societal concerns are impacting investment decisions, are adopting ethical considerations within the investment management process in implementing SRI/ESG and risk mitigation strategies. Authors: Greg Stewart, Scott Berard, Ed Fruscella
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Q&A - Trends and Challenges Facing the ETF MarketplaceReprinted with the permission of Institutional Investor, Inc. Get the latest insights on the exchange-traded fund industry from Joe Keenan, Head of Global Exchange-Traded Fund Services, BNY Mellon. Author: Joe Keenan
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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 |
The Renewed Appeal of Pension PoolsReprinted with the permission of Berlinguer Ltd Until recently, it looked like pension fund pooling had fizzled into insignificance even before it had managed to enjoy prime days. However, it did not fade away at all and pension pooling looks to have become more popular among multinationals than ever before. Author: Kerry White
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