2014 In Review: A Year Of Continued Dynamism And Growth

Changes in EU regulation and further consolidation across the financial services sector have continued to drive growth in financial services during 2014 as total number of licences topped the 800 mark.

Investment services registered high levels of growth particularly with the issue of 17 new Category 2 licences, an indication of the strong expansion taking place in the asset management industry. During the year, 22 managers were issued with new or revised licences to operate in full compliance with the Alternative Investment Fund Managers Directive. A number of others had their licences converted to operate under the de minimis provisions of the Directive. Six licences were issued in other categories, including the first licence to a Category 4b depositary under the new Rules. Nine licences across all categories were surrendered.