Der aktuelle Stand im EU-Normgebungsverfahren -
Der Europäische Rat hat am 6. November 2023 seine mit Spannung erwartete finale Fassung des Beschlusstextes zur Änderung der AIFMD- und der OGAW-Richtlinie (AIFMD II) in...more
BaFin has updated and expanded its "Questions and Answers" (Q&A) on the Sustainable Finance Disclosure Regulation (SFDR) and the Regulatory Technical Standards (RTS).
In addition, BaFin published guidance on how the...more
8/23/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
BaFin ,
Consumer Financial Products ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Guidance Update ,
National Competent Authorities (NCA) ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance ,
UCITS
As noted in our earlier OnPoint, on 25 November 2021, the European Commission (the Commission) adopted a package of measures that aimed to deliver on several key commitments in the 2020 Capital Markets Union action plan,...more
5/31/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets Union ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment ,
Liquidity Risk Management Rule ,
MiFID II ,
Reporting Requirements ,
UCITS
This OnPoint summarizes the panel discussion at Dechert’s annual investment funds conference that took place in Luxembourg in the last quarter of 2022. At the conference, we discussed the Regulation on the Markets of Crypto...more
1/27/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Trading System (ATS) ,
Broker-Dealer ,
CFTC ,
Cryptoassets ,
Digital Ledger Technology ,
Enforcement Actions ,
EU ,
European Commission ,
European Parliament ,
European Securities and Markets Authority (ESMA) ,
FinCEN ,
FSOC ,
Howey ,
Investment Funds ,
MiFID ,
Prospectus Regulation (PR3) ,
Rulemaking Process ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Stablecoins
ESMA published on February 2, 2022, a supervisory briefing (ESMA35-43-2900) setting out its expectations under the MiFID II framework for firms that use tied agents (the Briefing). ...more
What is the law/regulation?
As part of a number of regulatory initiatives being implemented in the European Union, under its action plan for financing sustainable growth, proposed amendments to AIFMD and the UCITS Directive...more
9/5/2020
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Conflicts of Interest ,
Corporate Governance ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Management Companies ,
Popular ,
Proposed Amendments ,
Publicly-Traded Companies ,
Risk Assessment ,
Risk Factors ,
Risk Management ,
Sustainability ,
UCITS
BaFin, the German financial regulator, has recently begun to review performance fee calculation clauses in fund documents filed by non-German UCITS for marketing in Germany in a more systematic manner. In a number of...more
Law amending Financial Market Laws to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013 as amended by Regulation (EU) 2017/2401 published in the Federal Law Gazette -
The Law amending Financial Market Laws to...more
2/6/2019
/ Amended Rules ,
Asset Management ,
BaFin ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Germany ,
Investment Funds ,
Marketing ,
MiFID II ,
MiFIR ,
Popular ,
Retail Investors
German Federal Ministry of Justice and Consumer Protection published draft bill implementing the Directive (EU) 2017/828 as regards the encouragement of long-term shareholder engagement (“ARUG II”) -
The Directive (EU)...more
11/9/2018
/ Asset Management ,
BaFin ,
EU ,
European Securities and Markets Authority (ESMA) ,
Executive Compensation ,
Germany ,
Investment Funds ,
Investment Management ,
MiFID II ,
MiFIR ,
Portfolio Managers ,
Say-on-Pay ,
Second Shareholder Rights Directive (ARUG II) ,
Shareholder Rights ,
Shareholders ,
UCITS
European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders -
ESMA and EBA published joint guidelines regarding the...more
7/6/2018
/ Asset Management ,
BaFin ,
CRD IV Directive ,
EU ,
European Securities and Markets Authority (ESMA) ,
Germany ,
Investment Funds ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
New Guidance
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the FCA’s approach to authorisation; action taken on closet tracking funds; proposed EU...more
3/22/2018
/ Asset Management ,
Broker-Dealer ,
Collective Investment Schemes ,
Cross-Border Transactions ,
Distribution Rules ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Stability Board ,
Investment Funds ,
Member State ,
MiFID II ,
Surveys ,
UK
A compact summary of the most recent regulatory developments relevant to the UK asset management industry.This issue includes details of proposed changes to the Financial Services Register to accommodate the Senior Managers...more
3/14/2018
/ Asset Management ,
Certification Requirements ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FinTech ,
Legal Entity Identifiers ,
Libor ,
MiFID II ,
Secured Overnight Funding Rate (SOFR) ,
Senior Management Regime (SMR) ,
Senior Managers ,
SMCR ,
Sterling Overnight Index Average (SONIA) ,
UK
BaFin Publishes Circular on Solvency II -
Bafin published a revised draft circular on 7 December 2016 addressing Solvency II entities regulated by the BaFin which will enter into force on 1 January 2018. The draft...more
12/21/2016
/ Asset Management ,
BaFin ,
CFD Trading ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Germany ,
Investment Funds ,
Investment Management ,
Rules of Professional Conduct ,
Solvency II ,
Transparency
Implementation of the European Transparency Directive 2013/50/EU in Germany -
All market participants investing in German stocks and other equity shares with voting rights traded on an exchange will be subject to new...more
10/9/2015
/ AIF ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
BaFin ,
EU ,
EU Transparency Directive ,
European Securities and Markets Authority (ESMA) ,
Germany ,
Investment Adviser ,
Investment Funds ,
UCITS
Finance Ministry Proposes Changes to German Fund Taxation -
The draft bill proposed by the Finance Ministry for discussion purposes contains significant changes to the German tax environment regarding funds and...more