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Legal secretaries and PAs
Asset management quarterly - Europe
Developments and market trends in Europe
Global | Publication | October 2016
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How good are your AML systems and controls?
What UK real estate fund managers need to know about the United Kingdom's vote to leave the European Union
HMRC consults on introducing new penalties for "defeated" tax avoidance
Author Richard Sheen
Our last quarterly update was published just before the Brexit vote on June 23. Understandably, in the immediate aftermath of the vote there was a considerable mood of uncertainty which somewhat stabilised in late July and August following the change of prime minister and the release of some, arguably, better than expected economic indicators.
The UK funds sector suffered record asset outflows in July, with UK domiciled funds experiencing £4.7 billion of redemptions during the month. Property funds were particularly badly hit with some initiating the relatively rare step of suspending redemption requests or instituting value adjustments (although a number of these funds have reopened, most recently Henderson's property fund). Needless to say that the market uncertainty in the run up to the referendum and the relative shock of the result dampened investor demand for new products with the IPO market particularly badly affected. Private equity fundraising has, however, continued with a number of recent secondaries and buyout fund launches.
As the dust has settled, managers have begun to plan for the different Brexit scenarios. Whilst the shape and timing of the exit negotiations and the type of Brexit that ultimately takes place remain unclear, managers are beginning to assess the impact upon their businesses with anecdotal evidence suggesting that some are contingency planning for the "worse-case" scenario of the loss of EU passporting rights and restrictions on free movement of people.
The implication of this is that some UK‑based managers are re-assessing the location of both their operations and the domicile of their fund ranges. M&G, for example, is reported as considering moving certain of its funds to Dublin and Luxembourg and Aberdeen Asset Management is reportedly considering beefing up its staff headcount in Luxembourg. Other fund managers are on record, however, as considering that there will be little or modest impact on their business. Certainly, jurisdictions such as Luxembourg appear to be actively courting UK-based managers who are in the course of considering their future options. Much depends on the type of manager, asset classes, fund locations and the existing and target investor base. See our recent briefing Brexit and the effect on asset and wealth management and also the article on the Brexit impact for real estate fund managers by Michael Newell on page 14 of this publication.
It remains to be seen whether Brexit planning will be a contributory factor in the expected further wave of M&A activity and asset manager consolidation. Recently we have seen US-based manager HarbourVest launch a bid for UK private equity manager SVG Capital and continued speculation concerning the appetite of US and Canadian buyers for European managers given the weakness of sterling and given that recurring management fee revenue and asset diversification presents an attractive prospect during this period of low interest rates and weaker growth. Other current deals include the on-going auction of Pioneer Investments by UniCredit and the potential London listing of Premier Asset Management.
There was some secondary fundraising activity in August and there are reportedly some new IPOs being lined up. Whether this is an indication of the relative stability that crept back into the market or pent-up investor demand for products (particularly those offering yield) remains to be seen, but investment banks and brokers in the sector appear to be in a relatively confident move at this precise moment.
Asset managers have continued to adapt to the impact of regulatory and technological change with some managers specifically starting to address the opportunities and challenges presented by the growing fintech sector, and in particular the adaptation of the blockchain technology to the asset management space with the potential for faster clearing and settlement, costs reduction and disintermediation of platforms and brokers. The market is also assessing the impact of robo-advice, particularly in the context of retail investment into exchange traded funds and as a driver for growth in these types of funds.
Finally, some managers are also taking the time to consider how they reward their employees and whether bonuses also represent the optimal remuneration structure.
Author Simon Lovegrove
Given that the FCA has announced that anti-money laundering/counter-terrorist financing will be a key priority this year we re-examine an earlier thematic review as the regulator will be unsympathetic to those asset managers who have not taken on board its earlier findings.
In late 2017, the UK's anti-money laundering (AML) and counter-terrorist financing (CTF) regime will come under the spotlight as it will be reviewed by the Financial Action Task Force (FATF), the global inter-governmental body that sets standards for combating financial crime and related threats. In addition, before the FATF's review the UK will be required to implement the EU's Fourth Anti-Money Laundering Directive (4MLD) by June 2017.
"Financial crime and AML is one of the seven priority areas the FCA has set out in its latest annual Business Plan."
It is therefore unsurprising that in light of this international activity and in order to maintain the UK's reputation as a key financial centre (particular after the referendum vote to leave the EU) financial crime and AML is one of the seven priority areas the FCA has set out in its latest annual Business Plan. In terms of on-going AML supervisory activity there is an element of "business as usual" in the sense that the FCA will continue with its due diligence on firms and individuals applying for authorisation and its proactive supervisory assessments of firms whose business models present a higher inherent risk of money laundering. However, the regulator is also planning to roll out a new financial crime annual data return that will allow it to focus its supervision on "the right firms" which are expected to be those that are subject to the Money Laundering Regulations 2007, including dual regulated investment firms. More importantly, the regulator warns that where it finds firms with material weaknesses in their money laundering controls, it will use its enforcement powers to send a "deterrent message" to the relevant industry.
"The regulator warns that where it finds firms with material weaknesses in their money laundering controls, it will use its enforcement powers to send a "deterrent message" to the relevant industry."
In the asset management sector there are some areas where the risk of money laundering is heightened. For example, the selling of investment products, particularly where third parties are employed to raise money; the dealings that firms have with clients, both at the take-on and on an on-going basis; and the search for information to obtain a competitive advantage. In October 2013 the FCA published a thematic review on AML/CTF and anti-bribery and corruption (ABC) systems and controls for asset management and platform firms. During the thematic review the FCA found a number of weaknesses in the firms it sampled and set out the following examples of good and poor practice.
Governance, culture and management information
Examples of good practice
Examples of poor practice
Senior management roles and responsibilities are clearly defined. There is limited senior management involvement and challenge in AML and ABC compliance activities.
There is a clear organisational structure that meets on a regular basis to discuss risks, including money laundering and bribery and corruption risks. Management information in relation to money laundering and bribery and corruption risks is not collated.
Risk-based quality assurance work is carried out by the firm on a rolling basis. Money laundering and bribery and corruption risks are dealt with only on a reactive basis.
The firm regularly assesses and evaluates emerging regulatory and industry developments and the impact(s) this may have on its business. Money laundering reporting officer reports and other management information are not submitted in a timely manner.
The firm takes into account staff compliance with AML and ABC obligations in remuneration and staff incentive structures. There is limited quality assurance activity carried out to review the effectiveness of AML and ABC systems and controls.
The firm has defined breach and escalation procedures.
The firm implements senior management approval procedures in relation to the acceptance (or continuation) of higher risk business relationships.
Risk assessments are used to assess the money laundering and bribery and corruption risks and undertaken regularly. Limited or no activity is undertaken to identify and assess money laundering and bribery and corruption risks in a firm.
Processes are in place for undertaking risk assessments including collaborative engagement with front-line business personnel, and adequate senior management sign-off, review, and challenge (including sufficient engagement at board-level). Risk assessment activity is ad hoc and it is not proactively undertaken to inform senior management and/or the design and implementation of AML and ABC policies and procedures in a firm.
Risk assessment activity is not dynamic to ensure firms are capturing money laundering and bribery and corruption risks.
Risk assessments do not include an overall assessment of money laundering and bribery and corruption risks for a firm.
ABC risk assessments were carried out as a one-off exercise.
Specific AML controls
Ensuring AML policies and procedures reflect the legal and regulatory framework, and communicated to staff in the firm. Failure to ensure that AML policies and procedures reflect the legal and regulatory environment and are up to date.
Ensuring customer identification and verification procedures are in place, including detailed operational processes for customer take on. Failure to conduct enhanced due diligence for high risk/politically exposed person customers.
A customer risk classification framework is applied consistently to assess customer risks at the time of on-boarding, and on an on-going basis. Failure to identify and verify beneficial ownership, source of funds, and source of wealth.
Identification and verification information for customers is periodically reviewed and "refreshed", on a risk-sensitive basis. Transaction monitoring governance arrangements are not clearly defined (for example, in relation to the investigation and review of transaction monitoring alerts).
The firm has defined senior management approval procedures for accepting new (or continuing existing) business relationships which pose a high risk of money laundering.
A clearly articulated definition of a PEP (and any relevant sub-categories) which is well understood by relevant staff.
Specific ABC controls
ABC policies and procedures are documented and kept up to date. ABC policies and procedures are not tailored to the business.
ABC policies and procedures will vary from firm to firm however they must address relevant areas of bribery and corruption risks (either in a standalone document, or as part of separate policies). ABC policies and procedures do not address other areas of bribery and corruption risk but focuses on one area only e.g. gifts and entertainment.
Gifts and entertainment policies and procedures clearly define the approval process; include clear instructions for escalation, definitions and guidelines for staff to follow. Firms do not maintain a list of third party relationships and rely on informal means to assess the risk.
The rationale for using agents or introducers to generate new business is documented, and monitored through review and assessment on a continuing basis. A firm using intermediaries fails to satisfy itself that those businesses have adequate controls to detect and prevent where staff have used bribery to generate business.
The firm implements robust operational controls to monitor, review, and approve third party payments. Gifts and entertainment activity is not consistently monitored by senior management.
Training and awareness
AML and ABC training is delivered to all staff, including senior management. Senior management does not sign off or engage in training.
There is enhanced training for senior management and staff in key AML or ABC roles. New employees do not receive new joiner training promptly after joining a firm.
Training is tailored and includes practical examples relevant to the firm's business activities. The firm does not extend its AML and ABC staff training requirements to overseas employees who perform functions on behalf of the firm's UK customers.
The content of the AML and ABC training is periodically reviewed and refreshed. Training is a one-off exercise. ABC training material does not include training guidelines in relation to gifts and entertainment limits and pre-approval procedures.
Staff records setting out what training was completed and when and using those results to test staff understanding and quality of the training. Ensuring training covers how to escalate matters and/or report potential suspicions. The effectiveness of AML and ABC training is not monitored or assessed by a firm.
Training records are not maintained, and staffs are not encouraged to ensure they meet their training obligations.
Fines for AML failures can be significant. For example, in 2014 the FCA fined Standard Chartered Bank plc £7.6 million for failures in its AML controls. Whilst this case covered AML failings covering commercial banking activity it was generally felt in the market that all regulated firms should take note of the FCA's statement that failings will be considered particularly serious where firms have not sufficiently heeded guidance published by the regulator.
Individuals within regulated firms can also be fined for AML failures. For example in May 2012 the FSA (the predecessor of the FCA) fined Habib Bank AG Zurich £525,000 for failure to take reasonable care to establish and maintain adequate AML systems and controls and fined its money laundering reporting officer £17,500 for failure to take reasonable steps to ensure that Habib complied with relevant AML requirements.
Senior management responsibility for firm's AML requirements have also been taken to a new level with the introduction of the new individual accountability regime on March 7, 2016. A key feature of the new rules, which currently apply to banks and dual regulated investment firms, is a senior managers' regime that focuses on the most senior individuals who hold key roles. In particular these individuals will have a statement of responsibilities which set out the areas for which they are personally accountable. Among those individuals who have been designated by the FCA as a senior manager is the money laundering reporting officer. The UK Government has also introduced a "duty of responsibility" which means that senior managers are required to take the steps that it is reasonable for a person in that position to take to prevent a regulatory breach from occurring. The UK Government has said that it intends to extend the individual accountability regime to all regulated firms during 2018.
As AML and ABC are high on the regulatory agenda asset managers may wish to consider the following steps
Conduct a well-documented review of AML and ABC systems and controls and give sufficient attention to any findings keeping in mind the FCA's 2013 thematic review.
During the review process and thereafter any challenge or detailed discussion at board or governance committee level should be accurately reflected in the minutes.
Existing AML and ABC training should be assessed, asking whether more tailored material could be produced that focuses on the risks specific to the business.
Internal documentation and training will need to be updated at some stage in light of the 4MLD.
Author Mike Newell
The United Kingdom has voted to leave the European Union. Assuming this proceeds, and depending on what arrangements might be negotiated, there are likely to be consequences for UK real estate fund managers and for the financial services industry as a whole. We expect that whilst the departure process will take several years, fund managers will already be assessing the risks and opportunities that the UK's exit may bring.
In this article, we identify some of the key areas that UK real estate fund managers will be considering and monitoring closely over the coming weeks and months.
What access will UK managers continue to have to the single market post Brexit?
The shape of regulation that will apply to UK real estate fund managers after Brexit will depend on the nature of the UK's relationship with the EU including the key issues of access to EU markets and the continued ability to distribute products to European investors. Whilst it is thought that the clearest way in which this could be achieved would be to adopt the "Norwegian model" through the UK acceding to the European Economic Area (EEA) Agreement (which would retain single market access), whether this would be acceptable from a political perspective is not yet fully clear, since this model is generally understood to require free movement of people and significant financial contributions to the EU's budget, opposition to which were features of the pro-Brexit campaign.
of EEA membership, the model could be some sort of bespoke arrangement for the UK accessing the single market, whether through a series of sector-specific treaties (the so-called "Swiss model"), a more extensive free trade agreement (the so-called "Canadian model") or some sort of special affiliate status negotiated for the UK adapted from the current EEA arrangements. If, however, the UK is treated as a third country under EU financial services legislation and if UK investment firms wanted to continue to provide investment services or products to clients in the EU, UK rules will need to be deemed equivalent by the European Commission. The paragraphs that follow consider the position if the UK does not conclude any such arrangement and is considered a "third country" under EU financial services legislation.
What is the impact on distribution under the AIFM Directive?
Assuming the UK does not accede to the EEA Agreement or negotiate an arrangement with equivalent access, the UK will become a "third country" for the purposes of the AIFMD. As such, UK based AIFMs will lose their right to manage funds based in other EEA domiciles and their right to market UK domiciled AIFs to investors in other EEA signatory states using the AIFMD marketing passport. UK managers and funds would be able to take advantage of private placement regimes in electing EEA signatory states on the same basis as US or Channel Island based funds and/or managers, for example, although such private placement regimes may be abolished after 2018.
Should the European Commission decide to introduce a passport regime for third country AIFMs or AIFs, then it is likely that the UK should be in a position to demonstrate that it has a suitably equivalent regulatory regime and be able to access this arrangement. However, the introduction of such a regime is uncertain and possibly less likely following Brexit (not least as the UK was one of, it not, its main proponent in negotiations under AIFMD).
A more likely post Brexit scenario for UK real estate fund managers is that those managers who wish to distribute more widely to EU investors than can be readily accessed through private placement regimes will need to set up a fund domicile and distribution platform in a suitable EU member state, for example in Ireland or Luxembourg, with an AIFM established in such jurisdiction, in some cases, delegating portfolio management back to operations in the UK.
Of course, setting up a fund domicile and distribution platform in another EU member state could raise a number of UK tax issues, particularly where business functions, and/or people, are transferred out of the UK. In addition, to the extent that certain services are delegated back to the UK, this will raise transfer pricing and VAT issues, which will need to be explored.
Delegation rules
Given the likely need for UK fund management firms to rely on delegated arrangements from EU distribution hubs and platforms as discussed above, a further concern will be potential changes to the delegation rules that currently enable AIFMs to delegate to a UK based investment manager. This will depend on whether the post-Brexit UK regime would be deemed to be sufficiently equivalent to enable delegation by EU firms to UK investment managers, which we consider on balance to be the more likely scenario, although changes to those rules could be made that are less favourable than at present. For example, the EU might pass more stringent rules in relation to the remuneration regime that must apply to the delegated third country manager, including bonus caps, which is something the UK has resisted strongly to date but which it may be unable to influence so strongly in future. However, the delegation model could also be adversely affected by changes in the tax regimes of different EU member states. There may be changes to delegation rules enabling AIFMs to delegate to a UK based investment manager.
When considering the restructuring of EU management companies, to the extent there is delegation of portfolio management by an EU entity to, say, a UK management company, the substance of the EU management company will be an important focus of the EU and national Member State regulators. There is already a supervisory focus on whether some EU management companies are simply "letter box entities" and this is likely to intensify in a post-Brexit world.
Overall impact
The overall impact of Brexit (as far as can be seen as this stage) is likely to depend upon on the nature of the fund manager and the scope and scale of its activities. It is quite possible that smaller managers not requiring significant access to EU distribution (for example, those for whom access to the EU market through third country private placement regimes is sufficient) will be able to flourish in the future UK regulatory regime and that it may become significantly more cost-effective for start-up managers to launch than at present. However, the burden is likely to increase for those managers that do need to establish a hub in Dublin or Luxembourg, for example, even if using a third party provider or platform, as they will be subject to two different regimes.
It may be that larger fund managers with existing European operations (in jurisdictions such as Luxembourg and Ireland) will see little impact upon their ability to distribute products throughout the EU, since they are for the most part probably distributing AIFs from non-UK jurisdictions already. However, the position for fund managers which are subsidiaries or divisions of banks (or other financial institutions such as insurance companies) may become more complicated by reason of developments outside the fund management area, in particular if they are considering a reactive restructuring of their operations, including potential relocation of parts of their business.
Author Andrew Roycroft
HMRC is consulting on new legislation to impose additional penalties on those who use, and those who "enable" the use of, certain forms of tax avoidance. The proposals include imposing on taxpayers the burden of proving that they acted with reasonable care when engaging in certain forms of tax planning, and will see tax-geared penalties imposed on others who assist in implementing such tax planning. There is much for businesses to comment on, including the definition of what types of tax planning these penalties will apply to and how to ensure that those who assist in a tax-motivated transaction without being aware of the tax avoidance are not subject to penalties.
A recent trend in HMRC's approach to tackling tax avoidance is to increase the sanctions for engaging in activity which goes beyond legitimate tax planning and strays into unacceptable forms of tax avoidance.
Follower Notices and Accelerated Payment Notice (APNs)
In 2014 Parliament granted HMRC powers to issue Follower Notices and APNs.
These raise the stakes for those involved in disputes with HMRC in two ways. Follower Notices impose a penalty, of up to 50 per cent of the disputed tax, if the taxpayer does not settle the dispute (i.e. concede) within 90 days. This power should only be used where the dispute is sufficiently similar to a prior case which HMRC have won against another taxpayer, such as where several taxpayers have entered into the same "marketed" tax avoidance scheme.
If HMRC wins against one taxpayer, it expects others who have implemented a similar arrangement to concede promptly, and a Follower Notice gives it the power to penalise a taxpayer who proceeds in such a situation but either loses in court or concedes late in the day. If the taxpayer succeeds, the 50 per cent penalty does not apply, but the threat of this can be a powerful incentive to settle.
APNs require taxpayers to pay the disputed tax upfront, rather than when the dispute is resolved (for example, by a court decision). Again, they are only intended to be used in avoidance cases, which is defined as cases where a Follower Notice has been issued, where the dispute relates to a scheme which has been notified under the Disclosure of Tax Avoidance Scheme (DOTAS) rules or has been the subject of a counteraction notice under the General Anti-Abuse Rule (GAAR).
New penalties for "Defeated Tax Avoidance"?
The latest development occurred on 17 August, when HMRC issued a consultation document entitled Strengthening Tax Avoidance Sanctions and Deterrents: A discussion document. The two main proposals relate to the penalties which can be imposed in relation to certain "defeated tax avoidance" arrangements.
One proposal is to reverse the burden of proof for taxpayers who use such arrangements. Currently, HMRC can only impose a penalty if the taxpayer's actions have been careless (i.e. the taxpayer failed to take reasonable care), and HMRC's concern is that it bears the burden of proving that the taxpayer was careless. Doing so can be difficult where the taxpayer has relied on advice, and HMRC is particularly concerned about mass marketed schemes where generic advice on the arrangement is provided to taxpayers (for example, a QC opinion). In response to this, HMRC is seeking views on whether a taxpayer should be required to prove it has taken reasonable care, if the taxpayer is to be spared a penalty in cases of "defeated tax avoidance". Another option is to specify, in legislation, certain conduct which does not constitute reasonable care in relation to defeated tax avoidance arrangements, such as
Relying on advice addressed to a third party, or without reference to the taxpayer's specific circumstances.
Relying on advice commissioned on the basis of incomplete or leading facts.
Relying on advice commissioned or funded by a party with a direct financial interest in selling the scheme or not provided by a disinterested party.
Relying on material produced by parties without the relevant tax or legal expertise/experience to advise on complicated tax avoidance arrangements.
A second significant proposal is for HMRC to have a new power to impose a penalty (of up to 100 per cent of the tax in a defeated tax avoidance case) on the "enablers" of such tax avoidance. This is not limited to those who design, promote and market such schemes. HMRC's proposal is to define an "enabler" as anyone in the supply chain who benefits from an end user implementing tax avoidance arrangements and without whom the arrangements could not be implemented. As such, it extends beyond tax advisers and persons who "market" tax avoidance schemes. It is acknowledged by HMRC that, if such a wide definition is to be used, there will need to be safeguards to ensure that those who are unwittingly party to enabling the avoidance in question are not subject to penalties, and this is one of the many aspects of the proposals which HMRC is seeking views on.
In addition to consulting on the definition of "enablers" who will be the subject of the new penalty, whether a tax-geared penalty is appropriate and how to apply it in mass-marketed schemes, another key aspect of the proposals which HMRC is seeking views on is what constitutes "defeated tax avoidance".
This is critical as it is the trigger for both of the main proposals, being the means of identifying what forms of tax planning are unacceptable avoidance. At this stage, the proposal is for it to be cases where the taxpayer is defeated in any one of the following situations
The arrangement has been counteracted by the GAAR.
Where the taxpayer has been given a Follower Notice.
An arrangement which is notifiable under the DOTAS rules (or the equivalent VAT regime).
The arrangement has been the subject of targeted avoidance-related rules or unallowable purpose tests within a specific piece of legislation or regime. This latter category is potentially the most significant, given the volume of such rules/tests in the UK's tax regime.
The deadline for providing comments to HMRC is October 12, 2016.
Luxembourg RAIF and Corporate Act overhaul
Author Florence Stainier at Arendt & Medernach
Recently the law on reserved alternative investment funds came into force, representing one of the most significant developments for the Luxembourg fund structuring toolbox. In addition, there has been a major overhaul of Luxembourg company law with the coming into force of the law modernising the law of 10 August 1915 on commercial companies.
Recent Luxembourg legal developments include the flexible new Luxembourg RAIF regime and the Luxembourg Corporate Act overhaul.
On August 1, 2016, the law on reserved alternative investment funds (RAIF) came into force.
The RAIF or FIAR (fonds d'investissement alternatif réservé) represents the most significant advance for the Luxembourg fund structuring toolbox available to well-informed investors.
The RAIF offers alternative investment fund managers (AIFMs) a very attractive funds product structuring solution for the implementation of all types of alternative (non-UCITS) investment strategies. The RAIF can invest in any asset class (i.e. private equity, real estate, hedge, infrastructure, debt acquisition and loan origination, as well as listed securities of any type) and can be closed-ended or open-ended, leveraged or unleveraged.
In addition to having no limitation with regard to eligible assets or investment policies, the RAIF combines the legal and tax features and flexibilities of the existing Luxembourg alternatives fund regimes: it can be structured in typical Luxembourg corporate, partnership or contractual forms and it may opt for a variable capital structure as well as for an umbrella structure.
"The RAIF also benefits from the EU AIFM passport."
However, unlike most other available alternative funds, the RAIF is not subject to supervision or regulation by the Luxembourg supervisory authority, which significantly shortens time-to- market. Besides its non-regulated feature, the RAIF also benefits from the EU AIFM passport which makes it one of the most attractive alternative products across Europe.
"Unlike most other available alternative funds, the RAIF is not subject to supervision or regulation by the Luxembourg supervisory authority, which significantly shortens time-to-market."
On August 23, 2016, the law modernising the law of August 10, 1915 on commercial companies (the 1915 Law) came into force.
The modernised company law is the first major overhaul of Luxembourg company law and offers increased flexibility while remaining consistent with the core principles of the 1915 Law, namely "contractual freedom for shareholders" and "security for third parties".
"Regarding structuring of shareholdings, key amendments include the overhaul of non-voting shares regime to make it more flexible."
This modernisation provides legal certainty and structuring opportunities alike. Regarding structuring of shareholdings, key amendments include the overhaul of non-voting shares regime to make it more flexible by lifting most restrictions and limitations, the wider flexibility of voting agreements, the suspension of voting rights and new rules concerning transfer of shares. The possibility has also been given to issue bonus shares and, under certain conditions, shares below par value.
In addition, key amendments also affect corporate governance with the simplification and harmonisation of the procedures for convening general meetings of shareholders or the possibility for the board of directors or managers to transfer the seat of the company within the Grand Duchy of Luxembourg. Real flexibility in structuring management arrangements is also achieved.
The reform has also formalised a simplified liquidation procedure, for all companies with a sole shareholder, which is characterised by dissolution without liquidation as no liquidator needs to be appointed.
Finally, the new company law also introduces a new form of company, the Société par Actions Simplifiées, characterised by its great contractual freedom, in particular with regard to corporate governance rules which can be freely determined by the shareholders.
These new features will no doubt add further flexibility to investment funds set up as investment companies.
State of play on the application of the AIFMD marketing passport to non-EU AIFMs and AIFs
The marketing passport under the AIFMD may be extended to non-EU AIFMs and AIFs once the European Commission has adopted the relevant delegated act following receipt of positive advice and an opinion from ESMA. To date, ESMA has published the opinion and advice on two sets of jurisdictions but has suggested that the Commission may wish wait until the European Supervisory Authority has delivered positive advice "on a sufficient number of non-EU countries" before setting in motion the legislative procedures for extending the passport to AIFMs of non-EU AIFs.
Currently, non-EU alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) must comply with national private placement regimes (NPPR) of each EU Member State where they are marketing to investors in that country. The EU Alternative Investment Fund Managers Directive (AIFMD) stipulates certain minimum requirements that must be met on an initial and on-going basis, and in some cases AIFMs and AIFs may need to comply with additional (often onerous) requirements imposed by the relevant Member State. A marketing passport is automatically available to authorised EU AIFMs managing EU AIFs and the AIFMD provides for a possible extension of it to non-EU AIFMs and AIFs which would mean those AIFs could be freely marketed to professional investors across the EU without being subject to any additional requirements imposed by the relevant Member State. Any extension to the marketing passport to some jurisdictions could lead to the elimination of the NPPRs in some key Member States.
The process for extending the marketing passport will be triggered by the European Commission (Commission) adopting a delegated act after having received positive advice and an opinion from the European Securities and Markets Authority (ESMA). To date, ESMA has published the opinion and advice on two sets of jurisdictions in July 2015 and 2016 and suggested that the Commission may wish wait until ESMA has delivered positive advice "on a sufficient number of non-EU countries" before setting in motion the legislative procedures for extending the passport to AIFMs of non-EU AIFs. The Commission has not adopted the delegated act and indicated in December 2015 that it would take a decision "when a sufficient number of countries have been appropriately assessed."
ESMA's first set of advice was focused on the application of the passport to six non-EU countries (Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States). It concluded that the marketing passport could be extended to Guernsey and Jersey, and Switzerland once certain changes were made to its domestic legislation. ESMA did not reach a definitive view on Hong Kong, Singapore and the United States and concluded that the delay in the implementation of the AIFMD and transposition in some Member States made it difficult to definitively assess the functioning of the passport and of the NPPRs.
In its latest advice in July 2016, ESMA set out the results of its assessment of 12 non-EU jurisdictions, including Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland, and the United States. For each country, ESMA assessed whether there were significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk which would impede the application of the AIFMD passport. ESMA concluded that
The marketing passport could be extended to Canada, Guernsey, Japan, Jersey, Switzerland, Hong Kong and Singapore, although the latter two jurisdictions have regimes limiting the access of UCITS to retail investors in their territories.
There are no significant obstacles regarding market disruption and competition impeding the extension of the passport to Australia, provided that certain regulatory reliefs are extended to all Member States by Australia's corporate regulator.
In relation to the United States, there were no significant obstacles regarding investor protection and the monitoring of systemic risk. There is no significant obstacle for funds marketed by managers to professional investors that do not involve any public offering. However, ESMA considers there to be a competition risk between EU and non-EU AIFMs in the case of funds marketed by managers to professional investors which involve a public offering and it suggested a number of options for further consideration to mitigate this risk.
It could not give definitive advice with respect to the criteria on investor protection and effectiveness of enforcement for Bermuda and the Cayman Islands as both jurisdictions are currently implementing new regimes.
The absence of an AIFMD-like regime makes it difficult to assess whether the investor protection criterion is met for the Isle of Man.
ESMA's latest advice is being considered by the Commission, the European Parliament and the Council of the EU and it is anticipated that assessments of other batches of non-EU countries will follow. If ESMA's suggestion to defer taking any action until further countries have been positively assessed, however, the status quo would be maintained for the near to medium term.
EU/UK regulatory roundup
Keeping track of what is going on in the regulatory world is proving to be a challenge. We have a blog, Regulationtomorrow.com, that tracks global regulatory developments and subscription is free. The following highlight some of the key EU and UK regulatory developments that have recently been reported in the asset management sector.
Academics and experts give evidence on Brexit and financial services
The House of Lords' EU Financial Affairs Sub-Committee has started an inquiry into Brexit and financial services in the UK. The inquiry begins with two evidence sessions focussing on the consequences of the referendum result for financial services and potential future arrangements.
Minutes of the FCA MiFID II implementation roundtable: August 2016
The FCA has published the minutes of its MiFID II implementation roundtable held on 3 August 3, 2016. Among other things the minutes note: (i) the deadline set for the European Securities and Markets Authority (ESMA) to provide draft regulatory technical standards (RTS) on package transactions is set for the end of February 2017; (ii) on investor protection, significant progress has been made on draft guidelines on product governance and an initial 26 Q&As covering best execution, suitability and appropriateness, taping and independent investment advice. Publication is expected at some point after the summer; and (iii) a third FCA consultation paper on conduct of business is expected at the end of September. The FCA plans to release one policy statement across the various FCA consultations on MiFID II and hopes to publish it a few months in advance of the transposition deadline.
IOSCO good practice for CIS fees and expenses seeks to enhance market efficiency
The International Organization of Securities Commissions (IOSCO) has published its final report on good practice for fees and expenses of collective investment schemes. Annex 4 of the report contains a summary table showing the examples of good practice from the earlier 2004 report alongside the revised and expanded examples.
IOSCO consults on good practices for termination of investment funds
IOSCO has published a consultation report on the good practices for termination of investment funds. The purpose of the consultation report is to obtain feedback from stakeholders on a proposed set of good practices on the voluntary termination process for collective investment schemes and other fund structures such as commodity, real estate and hedge funds. The consultation deadline is October 17, 2016.
Delay in publication of FCA interim report on asset management market study
In November 2015, the FCA published the terms of reference for its asset management market study. The aim of the study will be to understand whether competition is working effectively to enable investors to get value for money when purchasing asset management services. The FCA has now announced that it will publish the interim report in Q4 2016. The interim report which the FCA is in the process of finalising, will set out those areas that the regulator believes raise concerns and those where no or few problems have been found. The FCA expects to publish the final report in early 2017.
Benchmarks Regulation published in the OJ
The Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds has been published in the Official Journal of the EU (OJ). The Benchmarks Regulation enters into force on the day following that of its publication in the OJ. Most of its provisions apply from January 1, 2018
ESMA advice on application of AIFMD marketing passport
ESMA has published advice in relation to the application of the passport under the Alternative Investment Fund Managers' Directive (AIFMD) to non-EU alternative investment fund managers and alternative investment funds (AIFs) in twelve countries: Australia; Bermuda; Canada; Cayman Islands; Guernsey; Hong Kong; Japan; Jersey; Isle of Man; Singapore; Switzerland; and United States.
ESMA has also published an updated questions and answers document on the application of the AIFMD. The updated document includes a new question and answer on the impact of the Regulation on over-the-counter derivatives, central counterparties and trade repositories on the AIFMD framework, regarding the valuation of centrally cleared over-the-counter derivatives by AIF managers.
ESMA Call for Evidence on asset segregation and custody services under AIFMD and UCITS V
ESMA has published a Call for Evidence on asset segregation and custody services under the AIFMD and the UCITS Directive. ESMA first consulted on asset segregation under the AIFMD in December 2014. The deadline for responding to the Call for Evidence is September 23, 2016.
FCA guidance on fund suspensions
The FCA has updated its website with guidance on fund suspensions. This is a result of some asset managers experiencing higher than normal levels of redemption requests from investors in their funds, following the result of the UK referendum on membership of the EU. The guidance reminds fund managers of their obligations to investors and outlines the FCA's expectations regarding the suspension of dealings in their funds. Fund managers have a duty to act in the best interests of all investors, and therefore, they must consider how to ensure the on-going fair treatment of all investors in their funds in the context of the current market conditions.
As part of the Capital Markets Union initiative, the European Commission is consulting on regulatory barriers to the cross border distribution of funds between EU countries. This is the first stage of the Commission's work in this area and will lead to a further action plan of legislation and other initiatives to dismantle these barriers.
On June 2, 2016, the European Commission launched a public consultation on cross-border distribution of investment funds. The consultation is part of the Commission's on-going capital markets union initiative and seeks to gather evidence on the barriers fund managers face when offering their products to investors in another EU member state.
Various existing pieces of EU legislation provide for the distribution of funds throughout the EU and the Commission notes the significant growth of the European fund management industry since the first UCITS Directive (Directive 85/611/CEE) entered into force in 1985. The original UCITS marketing passport is now accompanied by a similar marketing mechanism in the Alternative Investment Fund Managers Directive (AIFMD). Rather than replicate or expand the scope the passporting rights under AIFMD or UCITS, the consultation looks to address other regulatory barriers that prevent fund managers from effectively marketing their funds across national borders.
The scope of the consultation is broad both in terms of the range of issues and the types of funds it covers. The focus is not just on UCITS funds but also AIFs, ELTIFs, EuVECAs and EuSEFs. The issues identified by the Commission as potential barriers are equally broad.
Differences in marketing requirements between Member States are identified as a potential problem. EU funds marketed cross-border are usually required to comply with national requirements set by host Member States. Differences in these requirements can lead to significant costs for fund managers. The Commission asks for evidence of the costs related to researching and complying with each EU Member State's financial promotion and consumer protection regime, and providing appropriate materials on an on-going basis.
The Commission is also aware of differences in the regulatory fees imposed by home and host Member States. Respondents are invited to comment on both the fees themselves and any additional costs associated with administering the fees.
The consultation also addresses the need to balance national consumer protection requirements with market access. While specific national requirements may be designed to ensure it is easier for investors to subscribe, redeem and receive related payments from funds, and that they receive the correct information to support them in doing so, variations in requirements between jurisdictions create a significant barrier for foreign fund managers. The Commission intends to assess whether consumer protection concerns really justify the existence of all of these rules.
Despite the EU's limited ability to interfere in national tax regimes, the Commission understand that differences in national regimes can pose a significant challenge for fund managers. The Commission hopes to promote best practice to avoid discriminatory tax treatment but will be restricted in what further action it can take.
The Commission is still in the early stages of assessing how to address the barriers identified, however it is clear that the growth of online platforms will be a central theme in any follow-up actions. This is common theme throughout the Commission's CMU initiative.
The deadline for responses is October 2, 2016. The Commission intends to follow up with a series of legislative and non-legislative initiatives to address the barriers identified in the consultation in 2017.
Richard Sheen
richard.sheen@nortonrosefulbright.com
Imogen Garner
imogen.garner@nortonrosefulbright.com
Simon Lovegrove
Global Director of Financial Services Knowledge, Innovation and Product
simon.lovegrove@nortonrosefulbright.com


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Bachelorette Weekend
I'm flying out today for a girls weekend in Charleston, SC and couldn't be more excited to spend the weekend celebrating the upcoming wedding of one of my nearest and dearest friends. Her wedding is in June and to start her festivities off right we decided to head to Charleston for a bachelorette weekend so we could all let loose and help our friend celebrate what little times remains for her as a single girl!
The young adult genre has become my favorite over the years, and while I still enjoy reading books from other ranges as well, there's just something about the young adult titles that have a special place in my heart. But since there aren't many young adult titles that feature bachelorette parties/weekends or weddings related festivities in general (or at least not that I know of) I decided to branch out today and name a few of my favorite titles that feature these events and rights of passage.
Something Borrowed (Darcy and Rachel, #1) by Emily Griffin
"Something Borrowed" tells the story of Rachel, a young attorney living and working in Manhattan. Rachel has always been the consummate good girl---until her thirtieth birthday, when her best friend, Darcy, throws her a party. That night, after too many drinks, Rachel ends up in bed with Darcy's fiance. Although she wakes up determined to put the one-night fling behind her, Rachel is horrified to discover that she has genuine feelings for the one guy she should run from. As the September wedding date nears, Rachel knows she has to make a choice. In doing so, she discovers that the lines between right and wrong can be blurry, endings aren't always neat, and sometimes you have to risk all to win true happiness. "Something Borrowed" is a phenomenal debut novel that will have you laughing, crying, and calling your best friend.
Some of you may have seen the movie recently released featuring Jinnifer Goodwin and Kate Hudson, and if you have you know how great this story really is! The movie did a pretty good job of transferring the written word to the big screen and I've got to admit it was one of the few instances where I may have actually liked the movie more than the book. I'll admit that this decision may have in fact had more to do with John Krasinsky playing one of the main characters, more so that the film following so closely to the pages of Griffin's debut novel, but regardless it was wonderful. There is a scene in this book where one of the main characters Darcy is being thrown her bachelorette party, and the idea and theme they used for her was awesome! I don't want to give anything away if you haven't had the chance to pick this one up, but I'm hoping to steal the idea for my own bachelorette party if and when that day arrives in the future....just loved it!
I Do (But I Don't) (Crandell Sisters, #1) by Cara Lockwood
"She creates perfect days."
In spite of her incorrigible curly hair, Lauren Crandell is a neat-freak and organizational guru, qualities that make her the perfect wedding planner. But when two weddings in one day go haywire, and hunky firefighter Nick Corona comes to the rescue -- twice -- Lauren realizes there are a few important details in her own life she hasn't been tending to since her divorce. Namely, her sex life.
"She lives lonely nights."
Sweet and sexy Nick seems hell-bent on fanning the flames between them, and Lauren definitely feels sparks flying. But she's scrambling to plan nuptials for her most challenging client yet -- a beautiful, cunning, and certifiable Psycho Bride. With the big day rapidly approaching, a series of misunderstandings, mishaps, and mistaken identities threatens to ruin not one, but two happily ever afters. But with her career and her love life on the line, the wedding planner just might learn that you can't plan "everything, " least of all true love.
This is one of my all time favorite "chick-lit" books, as well as written by one of my favorite authors. Lockwood is clever and witty and her writing is easy to fly right through and have you crossing your fingers that the fun never stops. I literally laughed out loud several times while reading this one. I had tears in my eyes at one point from laughing so hard at the scenarios that Lockwood was painting. This title, like Something Borrowed, was turned into a movie. While this one never made it to the big screen, it was actually a Lifetime movie. Featuring Denise Richards as the main character and Superman's Dean Cain as the leading male, they were actually pretty good matches for what I had invisioned in my head while reading the book. Full of laughs and cringe-worthy moments, this book is definitely a great read to get anyone in the wedding spirit but it may have you crossing your fingers that your wedding doesn't turn out to resemble some of the ones featured within Lockwood's pages.
Dixieland Sushi by Cara Lockwood
Wax on....
Jen Nakamura Taylor thought she left behind her awkward past of growing up half-Japanese, half-white in a small Southern town when she moved north to produce a popular Chicago television show. But when she gets word that her Southern Belle cousin is marrying Kevin Peterson, the very boy Jen loved-with-a-capital-L for years, she realizes she can't run from her past forever. Not only does the news conjure up sticky memories of growing up with a mixed heritage in the South (soy sauce on chicken fried steak, anyone?) but now the very single and very busy Jen has got to find a date for the wedding -- a grand affair that could put Scarlett O'Hara to shame.
Wax off....
Riley -- Jen's cute British friend from work -- seems just the ticket; even his girlfriend thinks it's a good idea. But as Jen and Riley whistle on down to Dixie, sparks start to fly. Add to the fire the grown-up but still charming Kevin Peterson, who appears to have a soft spot for Jen, and, well, whoa. It's going to take everything Jen has (and a lot of help from the Karate Kid-wisdom of her pop culture hero Mr. Miyagi) to survive the meeting of past and present, and of North and Far East and South...where Jen finally learns to come to terms with her heritage, her love life, and herself.
Another one by Lockwood, and like I said I just adore her writing style and the situations she puts her wonderful and unique characters in. This was another title that hit my funny bone and had me flying through the pages quicker than I realized. Between the main character's habit of giving herself advice that was first coined by the Karate Kid's Mr. Miyagi or the crazy situations she gets herself into involving her good friend who their may be more to than she originally though (including chemistry) and her ex-boyfriend who is the soon to be groom marrying her cousin. It's filled with craziness and funny situations and will leave you feeling good when you've finished the last page!
Have you guys read any great titles that feature weddings or wedding related events? Be sure to let me know if there are any you think I should pick up and check out. It's wedding season after all and I'm doing everything I can to get into the spirit of things!
Labels: Cara Lockwood, Crandell Sisters, Darcy and Rachel, Dixieland Sushi, Emily Griffin, I Do (But I Don't), Something Borrowed
Kate @Midnight Book Girl April 27, 2012 at 12:01 PM
I love Something Borrowed (and Something Blue)! I also really liked The Bachelorette Party by Karen McCulluh Lutz, it's kind of raunchy in parts, but it's hilarious!
One More Day!!!
Greetings from Charleston!!!!
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redpajama_set_name: RedPajamaCommonCrawl


The $121 million 360 Market Square is a mixed-use development in downtown Indianapolis featuring 292 luxury apartment units and a Whole Foods Market. Flaherty & Collins was the project developer.
If you happen to read or listen to Freddie Mac officials, the key economic factor driving housing demand is the labor market. In 2017, the Indiana Economic Development Corp. (IEDC) secured 293 commitments from companies across the country to locate or grow in Indiana.
Collectively, this will make for more than $7 billion in new investments and 30,158 new jobs in the coming years, marking the highest annual commitment in IEDC history.
Companies currently expanding and adding thousands of jobs throughout the region have been contributing greatly to the growth of the multihousing market in central Indiana.
More than 2,380 market-rate apartment units were completed in 2017. Construction doesn't appear to be slowing down either, as over 2,200 units were under construction at the beginning of 2018.
Central Indiana has experienced a marked increase in overall multifamily deliveries. Between 2014 and 2017, developers delivered approximately 15,000 new units, compared with 13,500 units over the previous 14 years combined.
A large majority of the projects are greater than 100 units, particularly the market-rate developments. Lately, most of these projects have contained pockets of amenities or are located near amenities.
Downtown Indianapolis was home to one of the more iconic projects completed in 2017. Indianapolis-based developer Flaherty & Collins delivered 360 Market Square, a $121 million mixed-use development consisting of 292 luxury apartment units and a new Whole Foods Market.
Located adjacent to Cummins' new $30 million global distribution headquarters and the new Julia M. Carson Transit Center, 360 Market Square enables residents to take full advantage of its accessibility to various downtown attractions.
Virtually down the block, the largest project under construction in terms of number of units is Phase II of The Residences at CityWay. The $135 million mixed-use development is expected to add 400 units to downtown Indianapolis once it is completed in 2019.
The suburbs are not holding back either, particularly the trifecta of Brownsburg, Avon and Plainfield, which have been holding their own against the hotbed communities of Carmel and Fishers to the north. Both areas have seen several new developments of 100-plus units in the past few years.
While the west side will benefit from several new deliveries in 2018, it lacks the planned projects we are seeing take shape on the north side.
According to Reis and Axiometrics, the multifamily sector in central Indiana has maintained sound real estate fundamentals during this expansionary period. Although rent growth is slowing and the vacancy rate will likely rise 10 to 15 basis points due to a surge in new supply, the most in 20 years, the market still offers plenty of opportunity for investors.
The key is to ensure that any future development is carried out prudently. Indianapolis is fortunate to have investment fighting its way into our neighborhoods. As a community, we should all make sure the investments on the table will feed our community and its residents for years to come, and not provide a broken development to detract from the hard work of central Indiana.
Will we see developers pivot to smaller infill concepts and launch those into our new urban-suburban trend? With a Class A average vacancy rate of 5.9 percent in the fourth quarter of 2017, and Class A asking rent increases through all four quarters of the year, we see opportunity in the market.
Yes, it rhymes, but that is not our fault. Some have noticed the new trend toward urban core development, even in nontraditional urban development areas. Going vertical in Carmel, Fishers or Greenwood with multifamily or mixed-use development was unheard of 10 years ago. It seems like most new multifamily housing has some mixed-use component, or the ability to leverage existing area amenities.
With new development working its way through existing Tier 1 sites (both urban and suburban), what alternative can there be to keep up with the demand for quality Class A space? The answer may be smaller infill developments, less than 100 units.
Indianapolis and its resident energetic and entrepreneurial developers, albeit somewhat unknown, seem to be taking note. In the Broad Ripple Village neighborhood, there are five new developments in various stages of construction that range between 35 and 151 apartment units per project.
For one of our top market makers to take on a project, it may need to be in the 150- to 250-unit range with 20,000 square feet of associated retail and office. But smaller multifamily developers should seize on the opportunity to develop near big projects and capture tenants.
This new urban infill opens up many opportunities for apartment developers throughout the region. With more than 30,000 new jobs planned for the region, look for other neighborhoods throughout central Indiana to attract new multi-housing developments in the near future.
The limited availability of land and sites adjacent to the new suburban-urban core should allow for smaller projects with more variability in design, materials, and layout to penetrate central Indiana.
Now that the grid has been laid out in Indianapolis, we can all help finish the picture.
— By Jonathan Hardy, Advisor, and Steven Heatherly, Senior Market Research Analyst, Bradley Co. This article first appeared in the March 2018 issue of Heartland Real Estate Business magazine.


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Power of Cities Interview
https://www.youtube.com/embed/vI8QTxEbxdw
Mayor of Helsinki, Jan Vapaavuori, and the founder of Blue Zones, Dan Buettner interviewed by Paul Irving, Chairman, Milken Institute Center for the Future of Aging.
By 2030, there will be more people over the age of 60 worldwide than there will be under the age of 10. The United States, like the rest of the world, is experiencing a demographic age shift that is both urban and distinctly diverse. The Milken Institute Center for the Future of Aging's Age-Forward 2030 initiative challenges cities and communities prepare for an older, increasingly diverse, and economically stratified population by integrating population aging into strategies for economic growth, inclusion, and resiliency. Jan Vapaavuori and Dan Buettner are two experts in transforming communities and introducing innovative programs to promote and advance the health of older populations.
Global Conference 2019
The best US cities for growing old, according to economists
The Future of Ageing: Enabling Lifelong Productivity and Engagement, the Milken Institute Centre
Analysis: Motivating Factors Behind Pfizer's Big Split
Learning the Ropes Later in Life: Becoming a 'modern elder' can keep you feeling young


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Mortal Engines (2018) Review
December 6, 2018 Casey	0 Comments 2018 Movie Review, Christian Rivers, Hollywood Movie Review, Mortal Engines
Just when you thought the YA genre is as good as dead (see this year's much-maligned The Darkest Minds for further proof), here comes Mortal Engines — a post-apocalyptic YA tale based on the award-winning 2001 novel of the same name by Philip Reeve.
But what sets this movie apart from most YA movie adaptations out there is the filmmaking team that involved behind the scenes. The same team who brought us The Lord of the Rings and The Hobbit trilogy including Peter Jackson, Fran Walsh and Philippa Boyens — all served as both co-writers and co-producers of this movie. Even though Jackson isn't personally in charge of the directing duties, his longtime protege Christian Rivers is no slouch either. In fact, he has collaborated with Jackson as part of the special-effects team since 1992's Dead Alive, handling multiple roles from storyboarding to visual effects department.
Set during the post-apocalyptic future where cities are operated on wheels, the movie follows a partially-disfigured young woman named Hester Shaw (Hera Hilmar) and her quest to kill Thaddeus Valentine (Hugo Weaving), the man who responsible for the death of her mother Pandora (Caren Pistorius). But her personal vendetta is unexpectedly sidelined when she got entangled in a bigger scheme involving Thaddeus' plot to destroy the world with a weaponised machine using centuries-old technology. Soon, Hester joins forces with an aspiring aviator Tom Natsworthy (Robert Sheehan) and the leader of the rebellious Anti-Traction League, Anna Fang (South Korean singer-turned-actress Jihae) to stop Thaddeus at all cost.
From the technical point-of-view, Mortal Engines looks visually stunning. Dan Hennah's production design, which includes everything from the motorised city of London on wheels to the floating metropolis suspended above the sky with inflated gas bags, are all vividly realised that even the movie's overreliance of CGI is forgivable.
While some of the fight and shootout scenes tend to be ruined by incomprehensible editing, Christian Rivers still does a good job in other action-oriented moments. This is particularly evident during the elaborate opening chase sequence, all thrillingly staged that complemented well with Tom Holkenborg's (Junkie XL) rousing score.
The premise itself is actually intriguing, which blends Mad Max with steampunk influence. The execution of the plot, however, is a mixed bag. It is understandable that the book itself is only 293 pages long and theoretically speaking, the movie's two-hour length seems sufficient enough. But the problem is, there are too many characters and subplots within the worldbuilding-centric storyline to focus on, making the two-hour running time rather streamlined for its own good. Extending the movie's length would be a wiser choice, which helps to provide ample rooms for both characters and story development. Which is why some scenes, such as Stephen Lang's cyborg role as Shrike whose father figure-like relationship with Hera Hilmar's Hester Shaw feels like a missed opportunity.
As for the characters, Icelandic actress Hera Hilmer (TV's Da Vinci's Demons) delivers an adequate performance as the vengeful Hester Shaw. It's just too bad her chemistry with Robert Sheehan's otherwise effective turn as Tom Natsworthy are lacking the necessary sparks between them. Hugo Weaving's role of Thaddeus Valentine is nothing more than your standard-issue antagonist character, while Jihae pulls off a decent performance in her otherwise underwritten role as Anna Fang. What surprises me the most is Stephen Lang's minor role of Shrike, who gives the most lasting impression here.
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Mowgli: Legend of the Jungle (2018) Review →


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Borzonasca es una localidad italiana de la provincia de Génova, región de Liguria, con 2.190 habitantes.

Evolución demográfica

Referencias

Enlaces externos

 Página web oficial de Borzonasca (en italiano)

Localidades de la provincia de Génova

redpajama_set_name: RedPajamaWikipedia


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Access to reliable and affordable energy is essential to economic growth and improved standards of living. ExxonMobil strives to demonstrate leadership in environmental management. We recognize the environmental risks associated with our industry and evaluate potential and actual risks at each stage of a project to mitigate environmental impacts. We comply with applicable environmental laws and regulations, and apply appropriate standards where they do not exist.
Our Operations Integrity Management System (OIMS) establishes a set of expectations that applies across all our operations to address risks inherent to our business, including environmental risks. The OIMS framework contains 11 elements related to leadership, operations and maintenance, community relations, emergency response, incident investigation, and information and documentation, among others. OIMS provides protocols and guidance for mitigating risk in a variety of scenarios. In conjunction with our Corporate Environment Policy, OIMS outlines rigorous operating practices and facility design requirements to reduce environmental impacts and prevent incidents.
We operate according to a guiding principle of Protect Tomorrow. Today. that promotes a company culture mindful of the planet and the need to protect it for future generations. Implemented through OIMS, Protect Tomorrow. Today. provides a set of environmental expectations and globally accepted best practices that are part of our day-to-day operations around the world. It also creates a platform for environmental leadership and continuous improvement in environmental performance.
2019 performance and initiatives
Guided by our Protect Tomorrow. Today. approach, we manage our operations in a manner that maintains high standards of environmental performance. OIMS conforms to recognized environmental standards, including International Organization for Standardization (ISO) 14001 and American Chemistry Council Responsible Care® requirements. In addition to using the OIMS framework, ExxonMobil Fuels & Lubricants Company is ISO 14001-certified at its global network of more than 20 lubricant plants. The ISO management system helps us further manage potential environmental impacts, fulfill compliance obligations and identify opportunities for improvement.
Successful project execution requires a thorough understanding of the environmental and socioeconomic characteristics of areas where we operate. We typically perform an Environmental, Socioeconomic and Health Impact Assessment for new upstream projects. We use our Environmental Aspects Guide to identify and evaluate various potential environmental and socioeconomic risks and impacts throughout the life of an asset or project. Based on the results, we develop management plans to avoid adverse environmental and socioeconomic impacts, reduce the impacts to acceptable levels or remedy the impacts. We integrate stakeholder feedback as part of our assessments.
Environmental management process
The environmental management process helps ExxonMobil understand potential impacts from our operations.
Mitigating emissions in Company operations
ExxonMobil has a robust set of processes to improve energy efficiency and mitigate emissions, including programs focused on reducing methane emissions, flaring and venting. These processes include, where appropriate, setting tailored objectives at the business, site and equipment level, and then stewarding progress toward meeting those objectives. This rigorous approach is effective to promote efficiencies and reduce greenhouse gas emissions in operations while striving to achieve industry-leading performance.
Energy and Carbon Summary Report • April 23, 2021
Proactively engaging on climate-related policy
Energy and Carbon Summary Report • Jan. 5, 2021
Sustainability Report • Jan. 5, 2021
Spill performance
Biodiversity and ecosystem services


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The Beautification of Bermondsey: 'Fresh air and fun'
Posted by Municipal Dreams in London, Parks and open space
1920s, Bermondsey
Excuse me if I begin my blog this week with a lengthy quote. It's just that it seems to me to convey something simple and powerful about the drive and vision of a group of people who dreamed of nothing less than transforming a slum into a garden city.
If elected it will be our main aim to make Bermondsey a fit place to live in. We shall do everything we can to promote health, to lower the death rate, and to increase the well-being and comfort of the 120,000 people who live here. We will not allow our district to continue to be a by-word among the Boroughs and to be vilified by the Daily Press as a horrible, evil-smelling, slum-ridden and unlovely place. We will do what is possible to cleanse, repair, rebuild and beautify it, and to make it a city of which all citizens can be proud. Bermondsey is our home and your home. We will strive to make it a worthy home for all of us. This is our conception of the object and purpose of local government…
Those were the opening words of the Bermondsey Labour Party's address to local electors in November 1922. The party won 38 seats and an overall majority on the council which it retained till the borough's abolition in 1965.
If ever such ambition was needed, it was needed in interwar Bermondsey. It was one of the smaller London boroughs but one of the most densely settled. Of its 1300 acres, 400 consisted of docks and warehousing. In the remainder, industry sat cheek by jowl with terraced housing and courts. In 1922, just 8.6 acres of the borough were public open space.
If such conditions oppressed local residents, they outraged the husband and wife team, Alfred and Ada Salter, who spearheaded local Labour politics. Alfred was the local GP, both were ardent Christian socialists. Their concern for the health and moral well-being of the people joined irresistibly in their fight for social justice.
Of those who had created this Bermondsey – 'one huge slum' as he described it unapologetically – Alfred could only lament:
They did not realise that they had cut off the people from the chiefest means of natural grace. They did not appreciate the curse and cruelty of ugliness.
And it was Ada who would do all in her power – all that local government allowed – to create grace and beauty in Bermondsey. One of the first actions of the new Labour administration was to set up a Beautification Committee and Ada chaired it for eleven years. Its first meeting in January 1923 announced its goal – 'Fresh air and fun' – and its agenda.
Ada Salter, shown with George Lansbury, then First Commisioner of Works in the Labour government, to her left, 1930 © Southwark Local History Library and Archive
That agenda was ambitious. Council officers were to identify any waste ground – private or public – that could be planted with trees and shrubs and ornamented with tubs, rockeries, fountains and statuary.
The council was to provide window boxes free of charge to any resident that requested them and organise horticultural shows and gardening competitions to encourage those with green fingers.
Leisure would be catered for by a permanent bandstand and regular summer concerts. 'Healthful exercise and bodily development' would be promoted by providing new winter gardens and 'other suitable places of public resort which can comprise gymnasia, bowling alleys, fives courts and open air baths'.
Even the borough's public conveniences – an ugly necessity under the jealous eye of the Public Health Department – were to be made easier on the eye by screens of foliage and shrubs. The Committee would also seek powers to restrict unsightly advertising, dumping and constructions – in fact, 'anything offensive to good taste.'
Not all of this was possible. The more elaborate plans for fountains, statues and the like just didn't happen. The Town Clerk was adamant that the council's powers did not allow free window boxes but free plants and compost were apparently permissible. Bermondsey never got its winter gardens though the London County Council did build a lido in Southwark Park in the 1930s. Those draconian powers restricting offences to good taste weren't possible either though the railway companies were persuaded to better maintain the sidings which were a prominent feature of the borough.
Tulip beds, St James's Churchyard, May 1931 © Southwark Local History Library and Archive
St James's Churchyard, ND © Southwark Local History Library and Archive
Still, what was achieved was impressive: (1)
Bermondsey became a place of unexpected beauty spots. Amidst soot-grimed buildings one suddenly came upon splashes of brilliant colour, red dahlias, yellow daffodils They were like vases of flowers in a dusty room.
The Observer claimed that 'outside the Royal Parks it would be difficult to find anywhere such masses of colour'. The Labour councillor who proclaimed in 1928 that 'what was good for the West End was equally good for the East' would have been proud of this literal vindication of principle.
Storks Road, 1935 © Southwark Local History Library and Archive
Storks Road today
Ten thousand trees were planted and seventy of the eighty grimy miles of street in Bermondsey became tree-lined. Most of the trees and shrubs – in the huge numbers that the Beautification Committee's plans demanded – came from Fairby Grange in Kent, the house and gardens purchased by the Salters and given to the council as a convalescent home for nursing mothers and their children.
Keeton's Road, 1932. View from Peek, Frean's factory © Southwark Local History Library and Archive
Keeton's Road today. This housing dates to the 1980s. The area was heavily bombed on 7 September 1940 – the first night of the Blitz with severe casualties in Keeton's Road school which was being used as an evacuation centre. © Southwark Local History Library and Archive
To those who complained of the expense of all this tree planting, the Council simply pointed out that the work – subsidised by a 60 per cent subsidy from the Unemployment Grants Committee – provided work for those who would otherwise be on the dole.
Arthur Carr, chairman of Peek Freans at the opening of the 'Joy Slide', October 29, 1921 © Southwark Local History Library and Archive
The dense, built-up nature of this inner London borough limited what could be provided in terms of additional open space but the existing parks and gardens – mainly former churchyards – were greatly improved in appearance and facilities. The pride and joy here was the large and elaborate covered slide in St James's churchyard which had actually been donated by Peek, Freans, a large local employer, in 1921. Otherwise, the scope was limited and only three small open spaces were acquired and 'beautified' by the council in the twenties.
Opening of Tanner Street playground, May 1929 © Southwark Local History Library and Archive
In fact, it is the intense quality of Bermondsey's vision and the detail which capture the imagination. The Council was helped here by the dedication of two Superintendents of Gardens, Mr Aggett and Mr Johns – such proprieties of title were observed in those days – for whom beautification was both a labour of love and a matter of deep professional pride.
There's no glamour in the dry detail of council staffing but it's worth pointing out that the Beautification Department employed 36 people in 1926 and a further eight who were full-time caretakers of the parks and open spaces.
Local Labour's 1925 manifesto uses a phrase that rings strangely today but the 'mass upliftment' they proclaimed was a two-way street. The socialists of the day were both practical reformers and moralists. They saw no contradiction in the two – betterment was something which both came from and was 'done to' the poor. This was a community which treated morally would act morally. This was the radical respectability of the Salters and of the Labour rank and file in action.
Alfred Salter, planting a Tree of Heaven at the opening of the Tanner Street playground, May 1929 © Southwark Local History Library and Archive
In 1928, Alfred Salter, celebrating six years of Labour rule, stated:
The Party is like this because it is inspired by idealism, because it has a vision, because its efforts for human welfare are part of its religion. A great spiritual motive is working itself out in devoted service and practical achievement.
Trees, window boxes, flower beds and slides, even two new strains of dahlia (Salter's favourite flower) named the Rotherhithe Gem and the Bermondsey Gem and created by Mr Johns, all played their part in this.
As Elizabeth Lebas argues: (2)
In Bermondsey, 'beautification' was not a substitute to political action, but a political action in itself.
And it was, I hope you agree, a rather beautiful form of political action.
(1) Fenner Brockway, Bermondsey Story: the Life of Alfred Salter (1949)
(2) Elizabeth Lebas, 'The Making of a Socialist Arcadia: arboriculture and horticulture in the London Borough of Bermondsey after the Great War', Garden History, vol 27, no 2, winter 1999.
All the historic images are taken, with permission, from the superb collection of photographs held by the Southwark Local History Library and Archive. Most of the direct quotations above are taken from contemporary newspapers and election leaflets held in the library's cuttings collection. A big thank you to library staff for their generous assistance in this and related posts on Bermondsey.
The other major source is the very useful and interesting article by Elizabeth Lebas referenced above.
20 thoughts on "The Beautification of Bermondsey: 'Fresh air and fun'"
wrichard2013 said:
I live in Bermondsey and it is still pretty good – many of the streets have trees planted in those years and the open spaces are moderately well maintained although not the riot of colour they would have been in the 1920s.
Thanks for responding. It's good to hear that Bermondsey (Southwark Council now) are keeping up some of the good work though not as spectacularly as their predecessors.
There's a previous post on Bermondsey's health education campaign which you might be interested in and a couple more on Bermondsey coming up.
thamesfacing said:
A really interesting post with some great insights into social policy. Interested also in planting trends. Dahlias back in fashion again but I hadn't heard about the Bermondsey and Rotherhithe gems.
Thanks for your comments. I'm probably better on social policy than flowers but the Elizabeth Lebas article, if you can get hold of it, is very good on the horticulture.
Ian Hunt said:
OOPS. Sorry. I was sending my wife one your blog posts. Sent it back to you by mistake.
I really appreciate what you are doing. You have incredible energy. Keep them coming!
Attached is an article about the estate we live on, built by Lubetkin's predecssor at Finsbury, ECP Monson.
best wishes, Ian Hunt
No worries. Thanks for your support.
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Carl Palmer said:
Paul, what a great article! Thanks for putting in the research.
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Bermondsey is still a great place to live!
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avidmode said:
Reblogged this on Avidmode and commented:
Such an amazing couple who did so much good for the area. I wonder how they would view their legacy today.
Aye Bermondsey is still an amazing place. I've watched it evolve further over the last 30 years and love the area to bits!
Thanks for a fab blog and to I Live in SE16 for pointing me in this direction.
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My father who lived in Bermondsey at the time always thought that the gas company helped with planting the trees for Ada , as a dead tree would indicate a gas leak. Does anyone else have information about this ?
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Address on the Occasion of the Commemoration of the Fiftieth Anniversary of the European Convention on Human Rights
Address on the Occasion of the Commemoration of the Fiftieth Anniversary of the European Convention on Human Rights Pope John Paul II November 3, 2000 Ladies and Gentlemen, 1. I am pleased to welcome you today on the occasion of the Ministerial Conference being held under the Presidency of Italy to commemorate the Fiftieth Anniversary of the signing in Rome on 4 November 1950 of the European Convention on Human Rights. I greet the Secretary General of the Council of Europe, Mr Walter Schwimmer, the President of the Parliamentary Assembly, Lord Johnston, and its Secretary General, Mr Bruno Haller. 2. After the Second World War, the Council of Europe adopted a new political vision and embodied a new juridical order, enshrining the principle that respect for human rights transcends national sovereignty and cannot be subordinated to political aims or compromised by national interests. In doing so, the Council helped to lay the foundation for the moral recovery needed after the ravages of the War, and the European Convention on Human Rights proved a vital element of that process. The Convention was a truly historic document, and it remains a unique legal instrument, seeking to proclaim and safeguard the fundamental rights of every citizen of the signatory States. It was a concrete and creative response to the Universal Declaration of Human Rights which in 1948 had emerged from the tragic experience of the War and was deeply rooted in the twofold conviction of the centrality of the human person and the unity of the human family. As such, the Convention represented an important moment in the maturing of the sense of the innate dignity of the human person and the awareness of the rights and duties which flow from this. It is significant too that, after their liberation from an alien ideology and totalitarian forms of government, the new democracies of Eastern Europe turned to the Council of Europe as the focus of unity for all the peoples of the continent, a unity which cannot be conceived without the religious and moral values which are the common heritage of all the European nations. Their desire to become parties to the European Convention on Human Rights reflects the will to safeguard the fundamental liberties which had for so long been denied them. In this respect, my conviction has always been that the peoples of Europe, East and West, deeply united by history and culture, share a common destiny. At the heart of our common European heritage-religious, cultural and juridical-is the notion of the inviolable dignity of the human person, which implies inalienable rights conferred not by governments or institutions but by the Creator alone, in whose image human beings have been made (cf. Gen 1:26). 3. Through the years, the Holy See has been involved in the Council of Europe, seeking in its own distinctive way to accompany and aid the Council's ever more extensive work in the field of human rights. Conscious of the unique role which the European Court of Human Rights plays in the affairs of Europe, the Holy See has been especially interested in the jurisprudence of the Court. The Judges are the guardians of the Convention and its vision of human rights, and I am happy to have the occasion today to welcome the President of the Court, Lucius Wildhaber, with the other honourable Judges, and to wish you well in your noble and demanding task. The Fiftieth Anniversary of the Convention is a time to give thanks for what has been achieved and to renew our commitment to making human rights ever more fully and widely respected in Europe. It is therefore a time to recognize clearly the problems that must be addressed if this is to happen. Fundamental among these is the tendency to separate human rights from their anthropological foundation -that is, from the vision of the human person that is native to European culture. There is also a tendency to interpret rights solely from an individualistic perspective, with little consideration of the role of the family as the fundamental unit of society (Universal Declaration of Human Rights, art. 16). And there is the paradox that, on the one hand, the need to respect human rights is vigorously affirmed while, on the other, the most basic of them all-the right to life-is denied. The Council of Europe has succeeded in having the death penalty removed from the legislation of the large majority of its member States. While rejoicing in this noble achievement and looking forward to its extension to the rest of the world, it is my fervent hope that the moment will soon come when it will be equally understood that an enormous injustice is committed when innocent life in the womb is not safeguarded. This radical contradiction is possible only when freedom is sundered from the truth inherent in the reality of things, and democracy divorced from transcendent values. 4. For all the problems now evident and the challenges which lie ahead, we must be confident that the true genius of Europe will emerge in a rediscovery of the human and spiritual wisdom intrinsic to the European heritage of respect for human dignity and the rights which stem from it. As we move into the third millennium, the Council of Europe is called to consolidate the sense of a common European good. Only on this condition will the continent, East and West, make its specific and uniquely important contribution to the good of the entire human family. Praying fervently that this will be so, I invoke upon you, your families and your efforts in the service of the peoples of Europe the abundant blessings of Almighty God.


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Although "inspired by true events," "The Woman King" clearly isn't tethered to them, using the underlying story of 19th-century female warriors in an African kingdom as the jumping-off point for a rousing action vehicle, augmented by plenty of melodrama. That combination yields a strong showcase for the stars, featuring a cast and backdrop that serves to refresh its old-school formula.
Regal as always, Viola Davis provides the movie with its rock-solid core as General Nanisca, the leader of the Agojie, known as the Dahomey Amazons, a unit of women who swear off marriage and motherhood to pursue martial arts and defend the kingdom. It's an egalitarian streak within a society where the king (John Boyega) still possesses a sprawling harem.
The point of entry into this warrior culture comes by way of Nawi ("The Underground Railroad's" Thuso Mbedu, with another mighty performance against a vast canvas), an independent-minded, headstrong young woman who refuses to marry for money, finally prompting her frustrated father to drop her off at the palace.
There, she's taken under the wing of Izogie (Lashana Lynch, adding to an action resume that includes "Captain Marvel" and "No Time to Die"), and trained to undergo the brutal regimen that will eventually admit her into this corps of elite troops.
The boot camp that follows – which will surely serve as a source of inspiration for modern-day workout programs – proceeds in concert with preparation for potential war against a rival kingdom, the Oyo Empire, that has extorted tribute from the Dahomey for years. Nanisca, meanwhile, urges the king to depart from his participation in the slave trade, arguing that selling captured foes to the Europeans has created "a dark circle" as they increasingly intrude upon their lands.
Directed by Gina Prince-Bythewood ("Love & Basketball"), the sweeping contours of the story are, quite simply, a lot to digest, especially with the various subplots and Nanisca's back story that gets tossed into the mix. (The script is by Dana Stevens, who shares story credit with actor Maria Bello.)
Shot in South Africa, the film helps bridge some of the expository gap by opening with a brutal action sequence, demonstrating just how fierce Nanisca and her loyal soldiers can be. It's the first of several such encounters, and although the scenes are carefully shot to mitigate gore, the level of violence and form of warfare are such that the PG-13 rating seems questionably generous.
Nanisca worries that her warriors "do not know an evil is coming," a tease for the pending battle against the Oyo. But "The Woman King" perhaps excels most in portraying this fascinating subculture given the time and place, playing like a celebration of African traditions while incorporating a decidedly modern tone, and still servicing the escapist demands of a Friday-night audience.
Prince-Bythewood has accomplished that last goal with brisk pacing and the sheer muscularity of the exercise, with a significant assist from Terence Blanchard's epic score. With its heavily female and almost entirely Black cast, the movie could give a welcome boost to other projects that have historically struggled in terms of studio support.
Somehow, the film manages to feel like a throwback to the action movies of old while featuring people who were seldom allowed to occupy prominent roles back then. If the finish is a bit too busy to be as rousing as intended, by then, "The Woman King" has made the most of its formidable arsenal.
"The Woman King" premieres September 16 in US theaters. It's rated PG-13.


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Solidarity Funds for Refugee Women Group in Berlin-Brandenburg
Berlin und Brandenburg, Germany
Women in Exile's activism is essential right now: conditions in the lagers (camps) are worsening. No one knows when this crisis will end, but WiE important work to support refugees cannot slow down.
E. Ngari from Women in Exile e.V. |
This solidarity fund supports refugee women living in Berlin and Brandenburg and who work with the self-organized group Women in Exile. These women are severely affected by the shutdown of vital services caused by the COVID-19 outbreak.
Starting a new life far from home isn't easy, especially if you have to leave because of hardships in your homeland. And it's doubly difficult when you don't have the prospect of staying in a host country like Germany. Refugee women are among the most vulnerable in Berlin-Brandenburg. On a regular basis, they face multiple forms of discrimination, including racism, sexism and classism. The COVID-19 crisis has made life even harder and more isolating.
Now more than ever, refugee women and the group Women in Exile need your solidarity.
Your donation goes directly toward Women in Exile eV's work, enabling them to continue doing the essential outreach needed to empower and support refugee women.
The need for Women in Exile's activism is greater now than ever before: conditions in the lagers (camps) are worsening. Locked up, people live side-by-side with others who might be sick. This puts people's physical and mental health at risk and intensifies post-traumatic stress and depression. No one knows when this crisis will end, but Women in Exile's important work to support refugees cannot slow down.
Because all planned public solidarity events had to be canceled, Women in Exile has quickly developed new ways of staying connected to the women who need their support. The group has adapted to empower and inform refugee women by calling them, listening, offering advice, and passing on critical information. This requires purchasing Internet access / cell data to stay connected.
Our goal is to raise € 10,000 to fund Women in Exile and their community. We need your solidarity during this crisis. Any amount is welcomed and appreciated.
ABOUT WOMEN IN EXILE
Women in Exile eV is a self-organized refugee women's group working in solidarity with women without refugee backgrounds. They do essential community organizing to create safer and empowering spaces for refugee women living in camps in Berlin and Brandenburg, including through workshops and political actions. They also connect refugee women to local services and individuals who provide legal advice, health services and welcome them into society.
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This campaign is organized by aequa ' s #CloseTheCamps Berlin team in cooperation with Women in Exile & Friends, with support from these legends.
WomenRefugees
Updated at 24. April 2020