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2016-09-28T00:00:00.000Z

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Wrong Sean Tuffy?

Mr. Sean M. Tuffy

Senior Vice President

BBH

Email: s***@***.com

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BBH

Background Information

Employment History

Head of Regulatory Intelligence

Brown Brothers Harriman & Co.

Senior Business Anaylst

State Street Corporation

Web References (24 Total References)


BBH's regulatory guru highlights industry challenges | Global Custodian

www.globalcustodian.com [cached]

Sean Tuffy is head of regulatory intelligence at Brown Brothers Harriman, and is also known throughout the industry as a leading market commentator and a social media extraordinaire. Global Custodian caught up with Sean at Sibos to discuss buy-side regulations and challenges facing sub-custodians.

...
Sean Tuffy- Our business is primarily asset servicing so from our asset manger clients, MiFID II is the biggest event that is happening.


It may or may not be regulation-lite for depositary lite | PE-Connect

pe-connect.com [cached]

"On the full-scope depositary side, Ireland is well-ahead of the game, and certainly ahead of competing jurisdictions such as Luxembourg," says Sean Tuffy, senior vice president at Brown Brothers Harriman (BBH) in Dublin.

...
"This is the biggest challenge for Ireland in regards to building up a depositary lite industry," explains Sean Tuffy of BBH.


PE-Connect

pe-connect.com [cached]

Just 17 per cent were planning to appoint a depositary-lite. “Firms, by and large, are appointing full-scope banks to act as depositary-lite or depositary under AIFMD so they can migrate business from the former to the latter once the private placement regime expires,� explains David O’ Keeffe, chief executive officer at SMT Trustees in Dublin, a subsidiary of SuMI Trust. Irish service providers certainly seem well placed to provide both depositary-lite and full depositary services to AIFMs. “On the full-scope depositary side, Ireland is well-ahead of the game, and certainly ahead of competing jurisdictions such as Luxembourg,� says Sean Tuffy, senior vice president at Brown Brothers Harriman (BBH) in Dublin. “Ireland has had the concept of the trustee for many years now, servicing UCITS funds and non-UCITS funds such as Qualifying Investor Funds (QIFs) and their successor, the Qualifying Investor Alternative Investment Funds (QIAIFs).

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Although fund administrators are always careful to establish depositary lites as wholly separate businesses, with different reporting lines and boards of directors, they remain vulnerable to the insinuation that a depositary-lite reporting on the valuation work of a sister company will be loath to report malpractice to the regulator. Thirdly, in Ireland in particular, depositary lites face the further disadvantage that Ireland, while a world-leading fund administration centre, is not a world-leading fund-raising centre. “This is the biggest challenge for Ireland in regards to building up a depositary lite industry,� explains Sean Tuffy of BBH. “ESMA has made it clear that asset managers must appoint a depositary-lite in the jurisdiction or jurisdictions where the fund is being distributed or the AIFM is domiciled.


Sean Tuffy, senior VP ...

www.globalcustodian.com [cached]

Sean Tuffy, senior VP investor services at Brown Brothers Harriman suggested that companies may decide to move their fund to an onshore EU country which would likely be Luxembourg or Ireland.

"Right now the trouble is that there are more questions than answers," said Tuffy.


Sean Tuffy is head of ...

www.globalcustodian.com [cached]

Sean Tuffy is head of regulatory intelligence at Brown Brothers Harriman, and is also known throughout the industry as a leading market commentator and a social media extraordinaire. Global Custodian caught up with Sean at Sibos to discuss buy-side regulations and challenges facing sub-custodians.

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