A trio of new regulations will leave UK private fund compliance officers with a heavy workload in 2018, according to HarbourVest’s vice-president legal and compliance officer. Nick du Cros said there is a lot happening on the regulatory front, including the second Markets in Financial Instruments Directive, the Senior Managers and Certification Regime, and new fee transparency requirements.
Firms may have a difficult time justifying a decision not to encrypt certain data when new data protection rules are brought into force next year, according to an expert. While the Global Data Protection Review does not require firms to encrypt data, the simplicity of doing so in some cases makes it an easy way to add a layer of protection to your files, Bernard Parsons, CEO and co-founder of Becrypt, told pfm.
Private equity managers are most concerned about the risks regulation poses to their business, but also say it is the factor they are least prepared for, according to a report by law firm Ropes & Gray. In a survey of 50 private equity professionals including CEOs, CFOs, general counsels and compliance executives, regulation and compliance was ranked the most important risk, followed by tax developments and sanctions or export controls.
Deutsche Bank has sold its alternative fund services unit to Apex Fund Services, the third recent deal struck by the bank after its recent business review. “In the current regulatory environment, it was decided that the alternative fund service business was better off owned by a specialist in the industry,” a spokesman for Deutsche Bank told pfm.