However,despite significant improvements in the global economic landscape, 2014 was marked bysignificant geopolitical events, which have taken their toll on financial markets outsidethe US and Japan. In the UK, both the Scottish referendum and predictions of a closegeneral election outcome in May 2015 created an uncertain political environment. At a European level, markets have been faced with continuing tensions in Eastern Europe,as well as the ongoing sovereign debt issues, with the Greek crisis featuring heavily innews headlines over the past 12 months. The collapse of oil prices, the spread of the Ebola virus in West Africa and the ongoing conflict in the Middle East have also had a significant impact on the global economy.

Nevertheless, the importance of the asset management industry continues to grow. Nowhere is this truer than in the context of pensions, as the global population becomes larger, older and richer, and government initiatives to encourage independent pension provision continue. By way of example in the UK, changes to the rules governing what retirees can do with their pension benefits look set to open up a new section of the market to discretionary managers and product providers.

The activities of the financial services industry remain squarely in the public and regulatory eye, and the consequences of this focus are manifest in ongoing regulatory attention around the globe. Regulators are continuing to seek to address perceived systemic risks and preserve market stability through regulation. In Europe, major changes to the regulatory landscape were introduced by the Alternative Investment Fund Managers Directive, which has applied in full since July 2014, and this trend is set to continue in other areas of the asset management industry with the implementation of changes to the UCITS regime and the revised Markets in Financial Instruments package.

In the UK, the Financial Conduct Authority has announced plans for a market study on the asset management industry and the charges it levies on investors.

Read More

Type

Legal Guide

Locations

Bermuda

Share
Twitter LinkedIn Email Save as PDF
More Publications
1 Feb 2022

Technology and Innovation Guide 2022 – Bermuda

As the pace of technological change accelerates, so too does the legal and regulatory landscape. The...

1 Feb 2022

2022 Technology & Innovation Guide

As the pace of technological change accelerates, so too does the legal and regulatory landscape. The...

1 Feb 2022

Appleby Offshore Data Protection Guide 2022

With data protection laws in more than 120 countries around the world, personal data is now viewed a...

4 Nov 2021

A Bermuda perspective: Conflict of laws in multi jurisdictional (re)insurance disputes

This chapter provides a Bermuda perspective on the conflict of laws in multi jurisdictional (re)insu...

Contributors: Khiyara Krige
11 Aug 2021

Enforcement of Judgments 2021 – Trends and Developments

Bermuda is a self-governing overseas territory of the United Kingdom. It has a population of over 60...

9 Aug 2021

Enforcement of Judgments 2021 – Law and Practice

This edition discusses identifying assets, domestic judgments, foreign judgments and arbitral awards...

6 May 2021

Legal 500 M&A Guide 2021 – Bermuda update

This country-specific Q&A provides an overview of Mergers & Acquisitions laws and regulation...

Contributors: Riley O’Brien
7 Aug 2020

Enforcement of Judgments 2020 – Law and Practice

This edition discusses identifying assets, domestic judgments, foreign judgments and arbitral awards...