Dechert On Reg: A Global Financial Regulation Podcast Series

November 27, 2024

Challenging economic conditions combined with heightened scrutiny require greater sophistication when it comes to anticipating the impact of regulatory developments on the asset management industry.

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Dechert On Reg is a global podcast series that explores the ever-changing landscape of financial regulations and the key issues shaping the future of asset management. In each episode, we speak with Dechert colleagues and other industry experts about the most pressing issues in financial regulation.

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Latest Episode: Episode 12 – Country Edition: A Focus on France’s Unique Regulatory Landscape

In this episode Dechert On Reg, host Angelo Lercara kicks off the new Country Edition series: Together with his guests, he will focus on different jurisdictions and explore the unique regulatory landscape of the countries in discussion. This time it is all about France, one of the most robust economies in the world: What should asset managers—both domestic and international—be aware of when raising capital there? With partner Cyril Fiat from Dechert’s Paris office, Angelo discusses France's economic indicators, investment behaviors of French individuals and institutional investors and the role of regulatory bodies such as the Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution. The episode also covers common fund structures in France, key tax considerations, trends in the French asset management market and the impact of recent regulatory changes.

Speakers:

Angelo Lercara | Partner, Financial Services and Investment Management, Dechert
Cyril Fiat | Partner, Financial Services and Investment Management, Dechert

Show Notes:

Key Takeaways

France has a sophisticated and regulated asset management industry, with the AMF and ACPR as the primary regulatory bodies overseeing the sector. Asset managers must comply with both national and E regulations when operating in France.
French investors tend to favor traditional investment products over more innovative or higher-risk options. Building relationships with local intermediaries and offering products tailored to French investor preferences, such as tax-efficient vehicles, can be important for asset managers looking to raise capital in France.
The French asset management market is trending toward thematic investing and financial technologies like robo-advisors and tokenization. Recent regulatory changes, such as the modernization of the alternative investment fund regime, are aimed at making the French market more competitive and attractive for asset managers both inside and outside of France.

Previous On Reg Episodes:

Episode 11 – UK EMIR Reporting Changes: Need to Know with a Month to Go

August 30, 2024: Changes to the UK’s EMIR derivatives reporting regime take effect on Monday September 30, 2024. Dechert On Reg host Angelo Lercara is joined by Richard Chapman and Karen Stretch to discuss the changes, how they differ from those for EU EMIR that took effect earlier in 2024 and how in-scope firms can make sure they are prepared.

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Episode 10 – UK Securitization Reform – What Fund Managers Need to Know

July 3, 2024: Dechert On Reg host Angelo Lercara is joined by Dechert’s John McGrath, Richard Pugh and Aaron Scott for a deep dive on how the new UK securitization regulations – which go into effect November 1 – will affect fund managers and market participants, how the new UK rules compare with existing EU regulations, and what investors should be doing now to prepare for the changes.

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Episode 9 – Breaking Down the UK’s New Anti-Greenwashing Rule

May 30, 2024: The UK’s Financial Conduct Authority is combatting greenwashing with a new rule designed to protect customers from investment firms’ false or misleading sustainability claims about their products. In this edition of Dechert On Reg, Angelo Lercara, Mikhaelle Schiappacasse and Simon Wright examine the FCA’s new sustainability disclosure safeguards and how they could impact asset managers in the near future.

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Episode 8 – AIFMD 2.0: New Rules Impacting Loan Origination Funds

May 20, 2024: The latest episode of our On Reg podcast dives deep into the AIFMD's new rules and their transformative effects on loan origination strategies and fund management. Whether you're navigating the complexities of today's financial regulations or just interested in learning the latest industry developments, this episode is essential listening. Special guest Marianna Tothova offers her insights on what's changed for AIFMD, what's to come, and how it may affect your business.

Episode 7 – Funds Congress: Regulatory Roadmap Panel Recap

April 10, 2024 – The regulatory landscape defining the asset management sector is set to undergo significant changes in the years ahead. In this episode of Dechert On Reg, host Angelo Lercara is joined by Richard Frase and Philippa List to recap the crucial updates presented during the "Regulatory Roadmap" panel at this year's Funds Congress event, including ESMA's priorities, ELTIFs, AIFMD 2.0 and more.

Episode 6 – The Impact of Upcoming Individual Accountability Rules on Irish-Regulated Entities

December 21, 2023 – The Central Bank Individual Accountability Framework Act of 2023 is likely to have far-reaching implications on Irish-regulated entities. In this episode of Dechert On Reg, Doireann O’Daly, Mark Dillon and Simon Wright join Angelo Lercara to discuss the impact on strengthening the individual accountability of senior executives in the operation of management companies, investment firms and fund boards in Ireland.

Episode 5 – EMIR Reporting – Change is Afoot: What You Need to Know

November 30, 2023 – 2024 heralds significant changes to the EMIR reporting regime in both the EU and the UK. All market participants that enter into derivatives – from asset managers to investment firms – are likely to be impacted. In this episode, Angelo Lercara, Karen Stretch, Richard Chapman and Philippa List take a look at the EMIR reporting requirement, the changes coming and how to prepare.

Episode 4 – The SEC’s New Private Fund Adviser Rules: What Asset Managers Should Expect

November 3, 2023 – In this episode, Angelo Lercara, Karen Anderberg and Michael McGrath discuss how asset managers will be impacted by the SEC’s new private fund adviser rules, which significantly reform the scope of reporting, disclosure, and other obligations imposed on investment advisors to private funds.

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Episode 3 – AIFMD 2.0

September 7, 2023 – In this episode, Dechert's Angelo Lercara, Patrick Goebel, Philippa List and Marianna Tothova discuss the impact of proposed reforms to a profound piece of legislation for the asset management sector — the Alternative Investment Fund Managers Directive or AIFMD.

Episode 2 – Rated Funds Developments

August 31, 2023 – In this episode, Angelo Lercara and Lindsay Trapp discuss developments from the U.S. National Association of Insurance Commissioners' (NAIC) 2023 Summer Meeting. The episode explores expanded definitions for "principles-based bonds" and “residual tranches" and their impact on rated feeder funds and collateralized fund obligations (CFOs), as well as proposed amendments to the NAIC's Securities Valuation Office (SVO)’s discretion over NAIC Designations assigned through the filing exemption process.

Episode 1 – UK Mansion House Reforms and ELTIF 2.0 Updates

July 27, 2023 – In this episode, Dechert's Angelo Lercara, Colin Sharpsmith, Simon Wright and Matthias Kerbusch discuss the latest trends and challenges facing the asset management sector, including the future regulatory framework of the UK, the retailization of private assets and the European Long-Term Investment Fund (ELTIF) regime.

About Dechert's Financial Services Group

With over 200 financial services lawyers in 17 offices throughout the world, Dechert was the first and is the leading law firm with a funds practice in all key European fund domiciles, including the UK, Ireland, Luxembourg, Germany and France, as well as the U.S., the Middle East and Asia. The firm is consistently recognized as a top law firm for investment funds by a number of publications in the U.S., Europe, Asia and the Middle East, including Chambers, The Legal 500 and Best Lawyers. Learn more.