January 22, 2018 – London – Dechert LLP has launched a new commercial lending module on its World Compass subscription platform, a web-based service offering guidance on areas of regulation to cross-border investment and other financial services firms.
World Compass subscribers have access to concise legal, regulatory and practical guidance across more than 100 jurisdictions presented in an easy-to-use, regularly updated format. Ongoing alerts notify subscribers of recent and upcoming changes or developments in applicable law. The new commercial lending module is designed for subscribers involved in cross-border commercial lending and debt activities. It provides guidance in key jurisdictions on relevant restrictions or licensing requirements, risks, alternative approaches where restrictions do hamper transactions and high-level observations on significant tax issues.
Dechert also welcomes Nigel Austin as Chief Operating Officer of World Compass and World Passport, with over 25 years of in-house financial services experience in legal, compliance and business roles.
Most recently Mr. Austin was the Head of International Compliance at Janus Capital Group (prior to its merger with Henderson), where he was responsible for managing the group compliance functions across EMEA, Japan, Pan-Asia and Latin America. He was previously the COO EMEA at Janus responsible for running the EMEA business and spent over 10 years as General Counsel for International at Janus in charge of legal affairs across EMEA, Japan, Pan-Asia and Latin America.
“We are committed to developing innovative tools for global investment firms and are very pleased to welcome Nigel on board to lead our World Compass and World Passport service offerings” said Gus Black, co-chair of Dechert’s global financial services practice. “The expansion of World Compass into commercial lending is a highly cost effective way for our clients to stay informed about changing regulation in the private debt deal landscape.”
World Compass now offers guidance that spans four major categories of client products and services. In addition to commercial lending, these are the modules:
- Fund Marketing – marketing and distribution guidance in over 100 jurisdictions for UCITS funds, non-UCITS open-end funds and private closed-end funds covering private placement rules, licensing and intermediary requirements, the permissibility of various marketing scenarios and other relevant requirements of each jurisdiction.
- Managed Account Marketing – covering each jurisdiction’s rules on offering managed account services to institutional investors domiciled or resident, covering the permissibility of, and requirements relating to, offering the managed account services, and describing the rules related to various marketing and client servicing activities.
- Beneficial Ownership Reporting – summarizing the laws of key jurisdictions on shareholder ownership reporting requirements and providing links to the relevant laws and regulations.
Annual subscriptions to World Compass and World Passport are available and can be tailored to meet client needs.
About Dechert
Dechert is a global law firm focused on sectors with the greatest complexities and highest regulatory demands. We deliver practical commercial insight and judgment to our clients' most important matters. Nothing stands in the way of giving clients the best of the firm's entrepreneurial energy and seamless collaboration in a way that is distinctively Dechert.
About World Compass
Understanding current local regulatory requirements is essential for a successful global financial services business. World Compass provides detailed information on global distribution rules, beneficial ownership reporting requirements and regulatory issues affecting cross border commercial lending and debt activities through a web-based portal that is up-to-date, available 24/7 and easily accessible. World Compass is a solution for investment managers and their in-house legal and compliance professionals as they advise their teams on distribution strategies and navigate the constantly changing regulatory landscape relating to global offerings of financial products.
About World Passport
World Passport is an innovative financial services package that acts as a one-stop shop for fund registration, marketing and legal compliance for investment firms seeking to distribute UCITS or alternative investment funds cross-border and was recently recognized by the Financial Times in the 2017 “European Innovative Lawyers” Report. Active in over 35 jurisdictions, World Passport also includes concise, practical legal information on passporting or registering funds, gaining market entry and maintaining compliance with local regulations, complimented by World Compass’s marketing guidance. World Passport handles the cross-border registration (and ongoing maintenance) for client funds and allows the clients to focus on distribution activity.
