Reporting for ICAVs and SICAVs
ICAVs and SICAVs are two common but distinct types of investment vehicle structures in Ireland and Europe that have certain regulatory reporting obligations. What is an ICAV and a SICAV? ICAVs ICAV stands for Irish Collective Asset-Management Vehicle. ICAVs are a corporate structure created especially for the Irish funds industry – it may be listed […]
Are products traded with a Systematic Internaliser considered OTC?
A Systematic Internaliser (SI) is an investment firm that, when executing client orders over-the-counter (OTC), multilateral trading facility (MTF), or organised trading facility (OTF), deals on its own account in an organised, frequent, systematic and substantial manner without operating a multilateral system (see Article 4(1)(20) of MiFID II). Summary The question of whether an International […]
SFTR comes to the US: SEC’s Rule 10c-1a – Rules for securities loans
Rule 10c-1a’s purpose is to increase transparency and for the securities lending market to be more efficient. This is the US equivalent to the European SFTR regulation which requires the reporting of Securities Financing Transactions (SFTs) to trades repositories. The final rules have been effective since 2 January 2024 (Effective Date), however, of the various […]
