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Alternative Market Briefing

Regulatory extraterritoriality is not all that bad

Tuesday, April 15, 2014

Bill Mulligan
Benedicte Gravrand, Opalesque Geneva:

Two compliance experts discuss financial regulatory extraterritoriality, the current confusion among European fund marketers, new managers’ stance toward the AIFMD, and the beauty of technology within compliance practices.

Extraterritoriality, the application of a law outside its territory (or the exemption of one), has become an issue for fund managers as they have to deal with several regulators from many jurisdictions.

But once managers work through what needs to be done, then things can clear up. Cordium, a compliance and regulatory services provider to the financial services industry, is one of those houses that managers go to to get help to coordinate the procedures.

"As business becomes more global, it’s inevitable that regulators around the world will be responsible for different aspects of firms’ businesses, and firms have historically dealt with that as a patchwork of "I’ll comply with that regulator and this regulator,"" Stephen Burke, managing director at Cordium’s London offices, explains to Matthias Knab in a recent Opalesque TV interview.

"What extraterritoriality does is essentially bring all of that home," he continues, "so for instance you have got firms based here in London that are regulated by the FCA, CFTC, the FINRA and the SEC all at once, and they haven't even left the UK. Then, as they grow and they move ......................

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